OnLine Answer Insurance Expanded to $750,000 FAME Exposure

The Finance Authority of Maine (FAME) is pleased to announce that, beginning April 1, 2017, FAME lender partners can opt for up to $750,000 in loan insurance through OnLine Answer (OLA). Lenders can process applications for loan insurance on OLA, FAME’s secure web application, and receive a decision in seconds. This expansion allows lenders to use the OLA system instead of applying for larger exposure loans through FAME’s traditional paper application. This is the fourth and largest loan insurance enhancement FAME has launched in the past six months in response to extensive customer feedback actively sought by the agency. The maximum FAME OLA exposure per borrower is now doubled from $375,000 to $750,000. Commercial Loan Insurance (CLI) maximums are now available for:

• Pro-rata term loans and lines of credit:
  • 75% maximum CLI up to $500,000 FAME exposure
  • 60% maximum CLI on FAME exposure between $500,001 and $750,000
  • 60% maximum CLI on start-ups (businesses open less than one year) up to $500,000 FAME exposure
  • Pro-rata refinance of existing debt up to 40% CLI up to $500,000 FAME exposure (Leveraged insurance is not available for refinancing existing debt)
  • Leveraged term loans up to 25% CLI up to $250,000 FAME exposure
  • Leveraged lines of credit up to 20% CLI up to $250,000 FAME exposure (FAME’s aggregate exposure per borrower in OLA is capped at $750,000)

Last fall, FAME launched three new enhancements to FAME’s loan insurance programs that help lenders obtain loan insurance decisions faster, more easily and at a lower cost. These enhancements are:

• 3 and 5-year fee options for term loan insurance;
• 3-year fee option for line of credit loan insurance; and
• Leveraged insurance in the OnLine Answer (OLA) application process.

Learn more about FAME’s OLA from this detailed explanation of the program.

Direct Loan Will Help Address Maine’s Nursing Shortfall

At its March 16, 2017 monthly board meeting, the members of the Finance Authority of Maine (FAME) approved direct loan financing of $400,000 for Beal Education, LLC (“Beal College”) of Bangor for working capital and equipment purchases to help the institution establish a new school of nursing. FAME’s actions are expected to help create six new jobs and retain an additional thirty-five jobs. Beal College’s new nursing program seeks to address the expected workforce shortage of nurses in Maine in the coming years. According to labor statistics, forty-three percent of Maine’s nursing workforce is at or approaching retirement age, to the point where the state will lose approximately 3,000 nurses from its workforce within the next eight years. One solution is to train new nurses to help fill this gap. The college plans to begin offering Registered Nurse Associate’s Degree classes in the Fall of 2017. Beal College has entered into a strategic partnership with Eastern Maine Medical Center. The Bangor-area hospital will donate the equipment necessary to set up a nursing lab at the school, and will provide clinical rotations for students and classroom space as needed. Founded in 1891 as the Bangor Business College, Beal College is a licensed and accredited junior college located in Bangor. It offers a unique twelve-month school year with six individual terms. The current student population is approximately 320, the majority of which is enrolled in health care and social services degree programs. “FAME is pleased to assist Beal College’s plans to establish a nursing degree program in order to address the expected shortage of nurses in the state, thereby helping to meet the workforce training and educational needs of Maine students and our economy,” stated FAME CEO Bruce Wagner. “We wish the school all the best with its future plans for continued success.” For the past ten years, Beal College has been a leader in its efforts to promote financial education and debt management. Beal has participated in FAME’s Salt^® program for the past five years. The Salt program is a web and counseling-based tool that instructs students and graduates on strategies to manage money and student debt. Beal College is an ardent supporter of the program. Beal students engage in the Salt curriculum at a rate nearly four times the national average. FAME’s assistance with establishing the nursing program further extends their dedication and support of Beal College. “We are grateful for FAME’s assistance with establishing our new nursing program,” said Sheryl DeWalt, CPA and Beal College President. “This financing will help us address a critical nursing workforce shortage in order to meet the higher education and workforce needs of Mainers.” The FAME Direct Loan helps new or existing businesses with flexible gap financing. Offered for maximum terms of five years at an interest rate of Prime plus 2%, the loans range from less than $500,000 up to $1 million dollars for projects involving substantial public benefit.

The new “Alfond Leaders” program aims to attract and retain STEM employees for Maine companies to stimulate economic growth in key industries

The Harold Alfond Foundation announced today that it is unveiling a statewide program called Alfond Leaders, a student loan repayment program designed to provide student loan debt relief for Maine residents who are employed by a Maine-based business in the STEM-related fields of science, technology, engineering, and math. The Alfond Leaders program, to be administered by the Finance Authority of Maine (FAME), will assist Maine employers in attracting and retaining talented STEM professionals by providing student loan debt relief of up to $60,000 per recipient. The grants will be awarded through a competitive application process with the goal of selecting approximately 150 Alfond Leaders over the next three years. The announcement was made by Harold Alfond Foundation Chairman Greg Powell at the historic Hains Building, located at 173 Main Street in downtown Waterville. First District Congresswoman Chellie Pingree; Second District Congressman Bruce Poliquin; Colby College President David A. Greene; Finance Authority of Maine Chief Executive Officer Bruce Wagner; CGI Senior Vice President Ned Hammond; and Melissa Smith, Chief Executive Officer of WEX, Inc., and Chair of the Alfond Leaders Advisory Committee, took part in announcing the collective effort by all these parties to improve the economy by reducing student loan debt and encouraging STEM employment opportunities. Governor Paul R. LePage and U.S. Senator Angus S. King shared videotaped messages with the crowd who attended to celebrate the event. “I am honored to stand here today with so many distinguished guests – including our 1st District congresswoman, 2nd District congressman, and the leaders of FAME, Colby College, CGI, and WEX – to announce the Alfond Leaders program,” said Powell. “The program will help support Maine’s transition from traditional manufacturing and natural resource industries to an economy where one in seven jobs over the next decade will be in science, technology, engineering, and math.” “It’s no accident that we are unveiling this statewide program from this renovated, downtown building in the city of Waterville,” added Powell. “Thanks to the leadership of Colby College, the investment of global tech company CGI, and the commitment of hundreds of other businesses and individuals, Waterville is now officially on the road to a renaissance. By attracting and supporting a vibrant STEM workforce, Alfond Leaders wishes to support and replicate the revitalization unfolding in this city to other cities and towns across Maine.” “FAME works at the nexus of economic and workforce development, this is exactly the type of innovative program that will help Maine move forward in the global economy,” said Bruce Wagner, CEO of FAME. “There is a lot of energy and strategic action occurring to both grow the number of workers in Maine, as well as the percent of those with a higher education credential. This is the right kind of program to stimulate progress in that direction.” Colby President David A. Greene agreed, “The Alfond Leaders program is just what Maine needs. It will encourage recent college graduates to make Maine their home and innovative companies working in the science and technology sector to grow their businesses here. This program will accelerate our efforts in Waterville to strengthen the local economy and expand job opportunities. It is another brilliant and generous move by the Harold Alfond Foundation, which has an unparalleled commitment to Maine’s people and institutions.” The Alfond Leaders program will provide student loan debt reduction payments of up to $60,000 per recipient, to a select group of qualified individuals. Applicants will be recruited from across the nation and internationally, and current Maine residents are eligible and encouraged to apply. An Alfond Leaders Advisory Committee will assist in the selection of applicants and will recommend a slate of candidates. WEX CEO Melissa Smith, Chair of the Committee, said, “I’m honored to serve as the Chair of the Alfond Leaders Advisory Committee. The Committee’s work will help guide the selection of Alfond Leaders to help fill specific needs in occupations that are in short supply of qualified professionals, as well as help to meet needs in certain geographical regions of Maine. When the Maine economy is strong, it benefits all employers and their employees, and I look forward to being part of that effort. And, as a global organization headquartered in Maine, being able to attract and retain highly-skilled professionals to fill our STEM jobs is critical to our continued growth and success.” In addition to Smith, the Advisory Committee includes:

• Betsy Biemann, Chief Executive Officer of Coastal Enterprises, Inc.
• Chris Claudio, Co-founder and Chief Executive Officer of Winxnet
• John Dorrer, Senior Advisor, Georgetown University, Center on Education and the Workforce
• Chris Emmons, Designee of Educate Maine and President and Chief Executive Officer of Gorham Savings Bank
• Chuck Hewett, Executive Vice President and Chief Operating Officer of The Jackson Laboratory
• Dana Humphrey, Ph.D., P.E., University of Maine
• Ben Shaw, Founder, Director and Chief Executive Officer of Vets First Choice
• Bruce Wagner, Chief Executive Officer of FAME

“CGI is proud to support the Harold Alfond Foundation’s vision for job creation in Waterville and IT industry growth across the state of Maine,” said Ned Hammond, CGI Senior Vice- President, U.S. Global Infrastructure Services and Onshore Delivery. “Supporting STEM employees is a vital part of our commitment to building a skilled workforce that can contribute to technological innovation while revitalizing communities that are evolving for the digital age. The Alfond Leaders program is a big step forward for students, Maine communities and companies like ours that are competing to hire and retain STEM recruits nationwide.” Who is eligible?

• Maine residents or persons who will become Maine residents upon being hired by a Maine-based employer;
• A person employed, or who will be employed, by a Maine-based employer in a designated STEM occupation;
• An applicant must have a higher education degree or certificate;
• An applicant must have outstanding student loan debt;
• Candidates must submit an application, including a written essay and resume, a statement of intent to live and work in Maine for ten years; an employment certification by a Maine-based employer; and disclosure of the amount, source, and terms of the student loan indebtedness.
• Those selected to become Alfond Leaders will receive debt reduction payments made on their behalf, paid in two disbursements after five and ten years, respectively, of qualifying employment.

To learn more about the program or to apply, please visit AlfondLeaders.org. To learn more about the Harold Alfond Foundation, please visit www.haroldalfondfoundation.org. To learn more about Colby College, please visit www.colby.edu. To learn more about CGI, please visit www.cgi.com.    

Bond financing will help students and help to save and improve Maine lives

The board of directors of the Finance Authority of Maine (FAME) recently approved bond financing for two Maine schools and two health care companies, totaling approximately $97.3 million. The move will help to improve the general health and well-being of Maine students and businesses. At its monthly meeting on January 19, 2017, the FAME Board approved financing for Husson University; Thornton Academy; MaineHealth; and LifeFlight of Maine, LLC. “FAME is pleased to support the growth and success of these Maine educational institutions and companies, and the related Maine jobs,” stated FAME Board Chair Raymond Nowak. “We wish them all well with their plans for growth and success in the coming years.” Husson University, a private college located in Bangor, was approved for $10.3 million in financing to refinance a portion of the costs of construction of student apartments, replacement of a maintenance facility, and renovation of certain residence halls. Thornton Academy, a private elementary and secondary school in Saco, was approved for financing of $23.5 million to finance and refinance the costs of certain capital improvement projects, including the acquisition of land for construction of new dormitories and business offices, and renovations to existing facilities, including classrooms, a gymnasium, a cafeteria, and athletic fields. MaineHealth, a non-profit health care company that owns Maine Medical Center and a variety of other hospitals and medical service providers throughout the state, was approved for $61 million in financing to help with costs associated with completion of an electronic medical records system. Finally, LifeFlight of Maine, which provides critical care transport and training statewide, was approved for $2.5 million to finance a portion of purchasing, medically reconfiguring, upgrading, and equipping a new helicopter. The company also will use the financing to upgrade its facilities at Sanford, Auburn, and Rockland, and miscellaneous other projects. “We are grateful for FAME’s assistance on this important project,” said Thomas Judge, Executive Director of LifeFlight. “As a private non-profit charity with a distinctly public mission, this financing is essential to helping us better serve the people of Maine.”   FAME’s Revenue Obligations Securities Program provides tax-exempt bond financing to eligible borrowers without any recourse or obligation on the part of the state. FAME acts as a conduit for borrowers in order to access favorable interest rates and to help stimulate the economy and create and retain Maine jobs. 

Maine-owned company purchases competitors and plans to retain 115 Maine jobs

The Finance Authority of Maine (FAME) recently approved commercial loan insurance on three loans made by Camden National Bank totaling approximately $8 million to Casco Bay Vending of Lewiston to help finance the acquisition of the two largest vending operations in Maine, Canteen Service Company of Bangor, and the vending division of Pine State Trading Company of Gardiner. The move will help to retain 115 existing jobs in Maine. Casco Bay Vending will now become the largest vending operation in the state. It provides vending services, including traditional and intelligent solutions, to businesses throughout the state. “FAME is pleased to partner with Camden National Bank to support the growth of this Maine company and the retention of good paying Maine jobs,” stated FAME Chief Executive Officer Bruce Wagner. “We wish Casco Bay Vending well with its plans for growth in the coming years.” “We are grateful for FAME’s assistance on this important project,” said Theodore Morton, principal with Casco Bay Vending. “This financing will allow us to create a strong, viable entity and move forward with our plans to increase our operations in the state.” FAME’s Commercial Loan Insurance Program insures a portion of a loan to a business made by a participating financial institution. For a business, it may mean the difference between obtaining a loan or never getting the opportunity to start a business.

Ellsworth Nurse Shares Story of How Refinancing Student Loan Debt is Helping Her Regain Independence  Since childhood, Nichole Austin of Ellsworth, Maine, dreamed of becoming a nurse. When the time came to pursue her dream, she went to college and graduated with a Bachelor of Science in Nursing in 2011. Right out of college, she was able to secure well-paying nursing jobs and, over the last five years, has been able to continue to advance her career. She is now a labor and delivery room nurse at Maine Coast Memorial Hospital in Ellsworth. Although working in her chosen field and making good money, Austin, like many in Maine and across the country, is confronted with paying off her student loan debt. Her student debt is unusually high and totals over $100,000 and her monthly payments are equal to what it costs to rent an apartment or pay a mortgage here in Maine. Austin says: “I didn’t understand the long-term financial impact of choosing a private college and the cost of private student loans to help pay for it. I don’t regret my decision, but wish I had done more initial research so I would have had a clearer picture of the loan costs after graduation. I didn’t know how student loans were going to impact me. Living with student loan debt, despite having a good paying job, has definitely limited how I can live my life,” she concluded. In an effort to help Maine residents understand the consequences of taking on student loan debt, as well as how to refinance or consolidate their student loans, the Finance Authority of Maine (FAME), in partnership with a network of local Maine lenders, recently unveiled an online resource: TheLoanforME.com. Designed to be Maine’s Student Loan Resource, the website assists individuals seeking to refinance or consolidate their student loan debt, as well as helping families become informed borrowers when they need to close the gap between the cost of higher education and what they have saved and might obtain through financial aid, grants, and scholarships. Since the online resource was launched last June, the tools have already helped nearly 1,000 Mainers become more informed borrowers to help minimize their student loan debt and lower their overall costs of borrowing. As the end of the year approaches and recent Maine college graduates complete their grace period and begin the student loan repayment process, FAME wants to ensure that Mainers are aware of their local options for refinance and consolidation of their education loans. TheLoanforME.com includes new refinancing and consolidation options for existing student loan debt offered by six Maine lenders. Austin recently worked with FAME and Seaboard Federal Credit Union to refinance her higher, variable interest rate loans with a lower, fixed interest rate loan for the same term as her original loan. The process allowed her to:

• Cut her interest rate from roughly 8.8% to approximately 4.75%*
• Lower her monthly payments by almost $400 (from $1200 to $822)
• Remove her parents as co-signors

FAME’s new and free TheLoanforMe.com refinancing/consolidation resource tool offers valuable information, including:

• Things to consider and steps to take before refinancing or consolidating student loans
• Informational videos
• Tips to consider when selecting a lender
• A refinancing example
• Access to six local lenders with online applications
• Frequently asked questions
• Support from FAME Student Loan Specialists during the process.

“We’ve been helping Maine families for decades become better informed about borrowing and finding affordable solutions to help reduce student loan borrowing up front,” said Martha Johnston, Director of Education at FAME. “The Loan For ME can now help people with existing student loan debt explore ways to lower monthly payments and have more dollars in their pockets to help build their lives.” Austin concluded: “FAME has been extremely helpful throughout this entire process. I felt like I had someone in my corner and a real advocate to help me understand what I was facing. Refinancing has been invaluable. My original loans made me feel like I could never get to the end. Now I feel like I have some control. Gaining my independence and being able to live on my own was really important to me.” *Rates are determined by lender and consider applicants’ credit and other factors; rates may be fixed or variable. This fall, FAME announced its statewide Invest in ME goal that by 2030, all Maine families are saving for college and Maine will have one of the lowest average student loan debt rates in the nation. Today, FAME assists Mainers with refinancing or consolidating their student loan debt ranging from $10,000 and upward. About 64 percent of Maine college students graduate with student loan debt, and the average student loan debt per student in Maine is $30,908, putting Maine 7^th-highest[1] in that regard when compared to other states. To get involved, please visit InvestinME2030.com to find action items that Maine people can deploy to make progress on this goal throughout the state. [1] Institute for College Access and Success, Student Debt and the Class of 2013-2014

Enables borrowers to better track their loans and manage payments

The Finance Authority of Maine (FAME) announced today that it has launched a new online tool designed to help private student loan borrowers manage their loan payments and improve financial wellness. FAME’s Private Loan Repayment Counseling Tool is the first of its kind and provides borrowers with important strategies for tracking their loans and managing payments, as well as important tips on budgeting and saving. The tool stresses the importance of communicating with loan servicers, particularly during times of financial hardship. “This free resource will be available to all private loan borrowers, regardless of where they attended college or which private loan they borrowed,” stated Mary Dyer, FAME’s Financial Education Officer. “Borrowers who utilize the tool will also have access to additional financial education modules on topics such as smart spending, credit cards, identity theft and investing.” The tool is one of several new resources that FAME has developed to encourage Maine students to borrow responsibly and to take control of their student loan payments. Private loan borrowing for higher education purposes is increasing in the United States. Almost 1.4 million undergraduates borrowed private loans in 2011-12, the last academic year such information was available. FAME cautions students and families to exhaust all of their federal aid options before considering private loans. Private loans are not eligible for income-based repayment or loan forgiveness options that are featured with federal student loans. FAME recently created Leaving College, a publication that focuses on borrowers who are withdrawing from school or graduating, encouraging them to take the necessary steps to avoid student loan delinquency and default. FAME also has developed an online module as part of a new refinance/consolidation program offered by Maine lenders and guaranteed by FAME. The module is required of all borrowers before they can apply for the loan, and educates them on the pros and cons of loan refinance. FAME also recently launched TheLoanforME.com to help students and families make informed borrowing decisions and to help them navigate the complex world of student loans.

Forefront Brick South, LLC Plans Events Center

The Finance Authority of Maine (FAME) recently approved a $500,000 direct loan to Forefront Brick South, LLC to help finance property improvements and working capital related to the redevelopment of a vacant building into an events center at Thompson’s Point in Portland. Forefront Brick South, LLC plans to develop and eventually operate a 35,000 square foot events center at Thompson’s Point. The events center is part of a comprehensive $120 million mixed-use development project on the thirty-acre waterfront site. This particular project, which helps to rejuvenate a former railyard, is expected to create ten jobs. FAME partnered with Portland Development Corporation on the financing for this project. “FAME is pleased to support this exciting and worthwhile development,” stated FAME Chief Executive Officer Bruce Wagner. “We are happy to help finance this development at Thompson’s Point and the creation of an events center with good-paying Maine jobs.” “We are grateful for FAME’s assistance on this important project,” said Christopher Thompson, principal with Forefront Partners I, LP. “This financing will allow us to proceed with renovation of the Brick South historic rail building into a multi-use event center, which will showcase the building’s historic character and provide much-needed event space for a variety of event types, from weddings and trade shows to corporate events, arts events and performances, and more. It will offer a custom-created catering kitchen, bar, breakout rooms and support space, and will provide the type of venue that is much-needed in the Portland market.”

Inaugural Poet Richard Blanco Speaks to Crowd of 300

The Finance Authority of Maine (FAME) celebrated another year of successful business and educational partnerships at its annual meeting and awards event, Showcase Maine, on Thursday, November 17, 2016, at Portland’s Holiday Inn By The Bay. Showcase Maine is FAME’s annual celebration of its successful partnerships with Maine’s business, lending, and higher education communities. The evening featured a reception, including a showcase of exhibits by Maine businesses and educational organizations that partner with FAME; a dinner and awards presentation; and a keynote speech by award-winning poet and part-time Maine resident Richard Blanco. Blanco was the fifth inaugural poet in U.S. history—the youngest, first Latino, immigrant, and gay person to serve in such a role. Born in Madrid to Cuban-exiled parents and raised in Miami, he is the author of three poetry collections and two memoirs: The Prince of Los Cocuyos: A Miami Childhood and For All of Us, One Today: An Inaugural Poet’s Journey. Blanco divides his time between Bethel, Maine and Concord, Massachusetts. “FAME always enjoys celebrating the successes of the past year with our partners in Maine’s business and higher education communities,” said Ray Nowak, FAME Board Chair. “We were pleased to showcase some of Maine’s business and educational success stories, and to honor our partners who help to make bright Maine’s economic and educational future.” This year’s award recipients included:

• Beal Education, LLC, d/b/a Beal College (Business at Work for Maine Award): Founded in 1891 as the Bangor Business College, Beal College is a licensed and accredited career college located in Bangor. It offers a unique year-round school year with six individual terms. The majority of students are enrolled in medical/health care, criminal justice, business and welding associate degree programs. FAME partnered with Bangor Savings Bank to support the acquisition of the college by Sheryl DeWalt, who has expanded the college’s offerings and enrollment.
• Maine Youth Transition Collaborative (Education at Work for Maine Award): Maine Youth Transition Collaborative is comprised of public and private partners from across the state. It works with young people, the state, and community members to ensure that youth transitioning from the foster care system to adulthood have the resources and personal connections they need to be successful. FAME honored the organization’s work on issues vital to a young person’s economic self-sufficiency, such as postsecondary education and employment.
• Camden National Bank (Lender at Work for Maine Award—over $1.5 billion in assets): Over the past year, Camden National Bank partnered with FAME on 70 loans totaling over $27 million. This in turn helped to create 191 Maine jobs and retain an additional 1,034 jobs. In addition to being a top partner in bringing business to FAME, Camden National has grown remarkably in recent years and is actively committed to the communities in which it operates.
• Machias Savings Bank (Lender at Work for Maine Award-under $1.5 billion in assets): Machias Savings Bank was recognized in the category for lenders with less than $1.5 billion in assets. This past year, FAME partnered with Machias Savings on 46 loans to Maine companies totaling over $6 million. This helped to create 73 Maine jobs and retain an additional 209 jobs. Machias Savings is actively committed to the communities in which it operates.

Prior to the dinner and awards ceremony, the FAME Board met for its monthly meeting and elected officers for the 2017 year. Raymond Nowak of Brunswick was re-elected to serve as chair; James Violette, Jr. of Waterville was re-elected as vice-chair; and Richard Roderick of Cape Elizabeth was elected as treasurer.

Improved Commercial Loan Insurance Programs Make It Easier and Faster to Do Business in Maine

The Finance Authority of Maine (FAME) is pleased to announce new and improved commercial financing options and fees. The changes result from input by FAME’s lending partners and the agency’s desire to better serve its customers. The changes take effect today. Last year, FAME embarked on a collaborative process with its lender partners to discover what programs and enhancements would help them better serve their customers, Maine businesses. The results of that work are three new enhancements to FAME’s loan insurance programs that help lenders obtain loan insurance decisions faster, more easily, and most often at a lower cost. Beginning November 1, 2016, FAME lender customers can opt to use:

• NEW 3- and 5-year fee options for term loan insurance;
• New 3-year fee option for line of credit loan insurance;
• Leveraged insurance in the OnLine Answer (OLA) application process.

“FAME listened and responded to what our lending partners had to say regarding how we might improve our loan insurance offerings,” stated Bruce Wagner, FAME Chief Executive Officer. “We are pleased to announce these changes, which should help our lending partners obtain financing from us faster, more easily, and most often at a lower cost.”

Commercial Loan Insurance Now Available in One, Three and Five Year Fee Options

A lender now can choose the amount of time they want to insure a loan, and pay FAME fees once, up-front for these multiple year options. FAME historically only offered an annual insurance fee paid at each renewal. As of November 1, 2016, FAME is adding three- or five-year options for term loan insurance and a three-year option for loan insurance on lines of credit. These options are available for insurance offered both through the traditional and OnLine Answer (OLA) application processes. Fees for multi-year options are offered at a discount to the annual option. The lending institution may add these fees to the principal amount of the loan, at the time of loan closing, if desired.

Leveraged Insurance Option Now Available for OnLine Answer (OLA)

Since its inception in 2006, only pro-rata insurance has been available through OLA. Starting November 1, 2016, lenders can apply for leveraged loan insurance on term loans of up to 25% of the original loan balance (20% on lines of credit), up to $250,000 of FAME exposure. FAME’s aggregate exposure per borrower in OLA will continue to be $375,000. This can be a combination of pro-rata and leveraged insurance, with a $250,000 limit on leveraged insurance. Interested lenders should contact a FAME loan officer or examine FAME’s new fee schedule by visiting www.FAMEmaine.com/business for assistance with determining whether leveraged or pro-rata insurance is right for them.