Maine Bankers Association News

MBA will recognize past chairmen of its two formative organizations from 1893 to present during the Annual Convention in September.

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Click here for the list of SBAM/MACB/MBA Past Chairmen 1893 - Current

Click here for the list of MBA (of Augusta) Past Chairmen 1900 - 2008

 

Read The Maine Banker e-newsletter July 31, 2014

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The Maine Banker e-newsletter July 31, 2014

 

An Avalanche of Regulation is an infographic that outlines the compliance pressures faced by the highly regulated banking industry.

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2014 Regulation Burden Infographic

 

Read the Maine Banker e-newsletter July 16. 2014

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The Maine Banker e-newsletter July 16, 2014

 

National Housing Scorecard for June 2014

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Click here to read the full report.

 

Read the Maine Banker e-newsletter July 2, 2014

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The Maine Banker e-newsletter July 2, 2014

 

Read the Maine Banker e-newsletter June 19, 2014

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The Maine Banker e-newsletter June 19, 2014

 

Read the Maine Banker e-newsletter June 3, 2014

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The Maine Banker e-newsletter June 3, 2014

 

Read the Maine Banker e-newsletter May 20, 2014

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The Maine Banker e-newsletter May 20, 2014

 

William N. Lund, Superintendent, BCCP Releases the 17th Periodic Report on the Bureau’s Foreclosure Diversion Program

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Click here to read the full report.

 

Read The Maine Banker e-newsletter May 7, 2014

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The Maine Banker e-newsletter May 7, 2014

 

Read The Maine Banker e-newsletter April 23, 2014

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The Maine Banker e-newsletter 4.23.14

 

The Pan Atlantic SMS Group Omnibus Poll Spring 2014. Click here to access the full report.

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53rd Omnibus Poll Spring 2014 

 

Maine Foreclosure Report 4Q2013 from BoFI

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Click here to read the full Maine Bureau of Financial Institutions 4Q2013 Foreclosure Report

 

Read the Maine Banker e-newsletter April 9, 2014

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The Maine Banker April 9, 2014

 

Read the Maine Banker e-newsletter 03.26.14

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The Maine Banker E-Newsletter March 26, 2014

 

Read The Maine Banker e-newsletter - March 12, 2014 edition

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The Maine Banker e-newsletter March 12, 2014

 

Annual Report of the Maine Courts' Foreclosure Diversion Report Released

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Click here to read the full report.

 

BCCP Releases 16th Periodic Foreclosure Report

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Click here to view the report.

 

Read The Maine Banker e-newsletter - February 26, 2014 edition

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The Maine Banker e-newsletter 2.26.14

 

A new ABA publication makes clear it’s time for credit unions to pay taxes. Click here to access the publication.

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http://www.aba.com/Tools/Economic/Documents/CU14FieldGuide.pdf

 

The Financial Crimes Enforcement Network (FinCEN) has issued guidance explaining how banks can serve marijuana businesses “in a manner consistent with their obligations to know their customers and to report possible criminal activity.” Click for more ...

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The FDIC, OCC, CFPB and Fed have yet to weigh in on this sticky issue. Read the guidance.

 

Read The Maine Banker e-newsletter - February 11, 2014 edition

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The Maine Banker - February 11, 2014

 

Banking and Marijuana FAQs The ABA has come out with frequently asked questions to help bankers explain why they cannot serve marijuana businesses with deposit accounts and payment cards. Click here to read the FAQ.

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Frequently Asked Questions: Marijuana and Banking

 

Read The Maine Banker e-newsletter - January 28, 2014 edition

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The Maine Banker e-newsletter 1.28.14

 

Annual Report of the Superintendent of the Bureau of Financial Institutions to the Legislature

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Read the full report

 

Read The Maine Banker e-newsletter - January 14, 2014 edition

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The Maine Banker E-Newsletter 1.14.14

 

Boston Fed President Eric Rosengren says that despite recent improvements in economic conditions, “we remain far from where we need to be.” Click for full text and charts ...

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Link to Full Text, Charts: 

http://www.bostonfed.org/news/speeches/rosengren/2014/010714/index.htm

 

State Issues Consumer Protection Alert Following Data Breach Announcement by Target - click to read

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State News Release - Target

 

An article written by Daniel Wagner for Slate Magazine is bringing some long overdue attention to the relationship between credit unions and their regulators. Click here to read ...

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http://www.slate.com/articles/news_and_politics/moneybox/2013/12/credit_unions_lobbyists_and_risk_a_center_for_public_integrity_investigation.html

 

Maine Economic and Public Policy Issues Report 2013

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"December 11, 2013

Attached is a copy of our recently completed 2013 Pan Atlantic SMS Group Omnibus Poll pertaining to Maine economic and public policy issues. This latest poll was conducted with a randomly selected stratified sample of 400 “likely” Maine voters between November 25th and November 30th. The overall margin of error for this poll is ± 4.9% at the 95% confidence level.Pan Atlantic SMS Group provides a range of market research and marketing consulting services to business, non-profit, and public sector clients in Maine, New England, and beyond. 

I hope that you will find these results to be of interest. We conduct statewide surveys on a regular basis, and of course, will keep you copied with future polls for your information and use. If you have any questions relating to this poll or other market research issues, please contact me at 871-8622 x 109.   Click here to read the full report.

Sincerely,


Patrick O. Murphy
President

Pan Atlantic SMS Group Omnibus Poll - The Benchmark of Maine Public Opinion"          

 

2013: Q3 - Periodic Report of the Bureau of Consumer Protection’s Foreclosure Diversion Program

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Click here for the full Foreclosure Assistance & Referral Program - 15th Periodic Report

 

Critical Insights on Maine Fall Tracking Survey - Click here for access to the full survey.

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CI Maine Tracking Survey - Fall 2013

 

The most recent “Making Maine Work” report by the Maine Development Foundation and the Maine State Chamber of Commerce sets a goal to recruit 65,000 new workers by 2020 to fill the gap created by retiring Baby Boomers. Here is a link to the report:

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http://www.mdf.org/publications/Making-Maine-Work-Growing-Maines-Workforce/699/

 

Foreclosure Report 3rd Quarter 2013

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Completed Foreclosures Exceed Initiated Foreclosures in the Third Quarter of 2013.  Click here to read the full report.

 

MBA Joins All State Banking Associations Requesting QM Delay.

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A letter sent yesterday urged CFPB Director Richard Cordray to delay the mortgage rules scheduled to take effect in January for six to twelve months. In part, the letter stated that “The impending implementation ... threatens to destabilize the mortgage finance system in our states, limiting credit to many otherwise qualified borrowers,” they said. “We are not seeking to change the QM rule, but we do request a delay so banks can comply without disrupting lending to our customers.”  Click here to view the CFPB letter.

 

Maine’s banks are among the largest employers in most Maine counties, as evidenced by the Maine Department of Labor’s recently released list of top 25 employers by county. Click to get the complete list.

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Top 25 Private Employers in Maine by Average Monthly Employment by County (1st Quarter 2013)

 

LA Times article, "...smaller community bankers are finding it increasingly tough to survive, in part because they must commit more of their limited resources to complying with new regulations stemming from the global near-meltdown.."

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http://www.latimes.com/business/la-fi-too-small-to-succeed-20130918,0,1014175.story

 

Maine’s Superintendent of Financial Institutions has released the 2nd Quarter 2013 Foreclosure Report for Maine chartered institutions.

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The report can be accessed at http://www.maine.gov/pfr/financialinstitutions/press/2nd%20Qtr%202013%20Foreclosure%20Report.pdf.

 

ABA Survey: Most Bank Customers Pay Little or No Fees

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65 percent pay less than a gallon of gas; 55 percent pay nothing at all.  Click here for the full 2013 survey report.

 

Federal Reserve issues "Beige Book" of Current Economic Conditions. Click to access the full 5th edition of 2013.

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On July 17 the Federal Reserve issued the “Beige Book” of Current Economic Conditions by Federal Reserve Districts. This is the fifth edition of 2013. First District-Boston showed economic activity continuing to expand at a moderate pace, with commercial real estate improving or holding steady and residential real estate showing increases in sales and prices. Click here for a complete copy of the publication.

 

Suggestions for Parents of Graduating High School Seniors

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Suggestions for Parents of Graduating High School Seniors
 

Pan Atlantic SMS Group 51st OMNIBUS POLL™ “The Benchmark of Maine Public Opinion” Spring 2013

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Click here for the full report.
 

FDIC releases year-end state profiles. Maine banking assets grew 8%in 2012 and of note, Maine banks saw a 13.7% decline in past due loans over the past year.

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Click here for the full FDIC 4th quarter report.
 

Foreclosures Initiated and Loans in Process of Foreclosure Decline Significantly During 4th Quarter 2012.

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Bureau of Financial Institutions’ Superintendent Lloyd P. LaFountain III announced today that foreclosures initiated during the 4th quarter 2012 declined by 50% from 104 in the 3rd to 52 in the 4th quarter. Foreclosures Initiated for the calendar year also declined from 375 in 2011 to 325 in 2012, with the resulting percentage of foreclosure initiations to outstanding mortgages dropping from .73% to .57%, a decline of 16 basis points. This is the lowest percentage of 4th quarter foreclosure initiations since calendar year 2008.  Click here for the full report.
 

Jumpstart's Financial Literacy Finale. The finals for the JumpStart Maine’s annual high school financial literacy competition is today, March 1st.

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MBA pledged and will award a check to today’s winning team to help pay their trip to the national competition later this spring.

 

 

Banking: A Threat Assessment for 2013 by Chris Pinkham ... published in the Jan/Feb Maine Banker

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Click here to read the full article or click through our newest Maine Banker e-magazine on our Home Page.
 

Superintendent Lloyd LaFountain has released the 2012 Annual Report for state-chartered financial institutions. See the full report at ...

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http://www.maine.gov/pfr/financialinstitutions/reports/index.htm

 

Maine Technology Institute launches statewide campaign working with Maine community banks to reach and grow Maine technology-based businesses ...

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http://www.mainetechnology.org/news-events/mti-news/post/maine-technology-institute-launches-statewide-campaign-working-with-maine-community-banks-to-reach-and-grow-maine-technology-based-businesses
 

The 3rd Quarter FDIC State Profiles have been released. This publication provides a quarterly data sheet summation of banking and economic conditions in each state ...

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Click here for Maine’s data.
 

The Federal Deposit Insurance Corporation (FDIC) releases the results of a study of community banking in the United States ...

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as well as a series of supervisory and rulemaking measures relating to community banks, as the outcome of its yearlong Community Banking Initiative (CBI).  FDIC Chairman Martin Gruenberg said, "Today's release is an important step to better understand and respond to the challenges community banks face in the financial marketplace. This will be an ongoing effort. We will continue to look for other opportunities to enhance our research and analysis as well as identify other steps to improve the examination and rulemaking process for community banks, while maintaining our supervisory standards."  The initial findings can be found at www.wfdic.gov/cbi/

 

United Way of Western Connecticut in partnership with Newtown Savings Bank has created the Sandy Hook School Support Fund that will be able to provide support services to the families and community that have been affected.

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See details for giving:  https://newtown.uwwesternct.org/

 

... gauging how well Maine is doing in the foreclosure arena (is) a difficult question to answer ...

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even for the financial and real estate professionals who are involved in it on a daily basis.

http://www.mainebiz.biz/APPS/PBCS.DLL/ARTICLE?AID=%2F20121210%2FCURRENTEDITION%2F312069991

 

MBA urging Pingree and Michaud to support H.R. 5817 eliminating some privacy notices and providing some regulatory relief without impacting consumers.

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While the vote has been delayed until next week, there is some hope that relief from one small piece of the industry’s regulatory burden may be on the House calendar.  Recall this is the standalone bill eliminating the requirement that all financial institutions send annual privacy notices even when no changes have been made. Representatives Pingree and Michaud co-sponsored the original bill and had been supporters until Tuesday the payday lenders association amended the language to exclude themselves.  This raises some issues however, our simple message remains:  eliminating the requirement would remove an additional expense for banks and help to make the privacy notices more meaningful to consumers.  HR 5817 - Privacy Notices, House Memo

 

ABA and ICBA write to express strong support for a two-year extension of the Transaction Account Guarantee (TAG) program

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Click here to read the full Senate Joint Letter re: TAG
 

Business Loans Grow for Ninth Consecutive Quarter

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“Banks continue to make the loans that help drive our economy forward. Business loans achieved double-digit growth, increasing 13.5 percent year-over-year. In addition, loan growth has become more broad-based, with an uptick in real estate lending and auto loans signaling that consumers have become increasingly more confident in their finances,” says James Chessen, ABA chief economist.   http://banksandtheeconomy.blogspot.com/

 

Superintendent LaFountain has released the 2nd Quarter 2012 foreclosure survey results

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The report is located at http://www.maine.gov/pfr/financialinstitutions/press/ForeclosureReportSecondQtr2012.pdf
 

1st Quarter Survey of Maine Banks and Credit Unions Shows Few Changes From Fourth Quarter 2011.

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Bureau of Financial Institutions' Superintendent Lloyd P. LaFountain III announced today that the first quarter 2012 survey covering first residential mortgage loans held by Maine's 32 state-chartered banks and credit unions continued to show mixed performance.  Click here for the full report issued by the Bureau.
 

Maine Home Sales Up 32.02% In May 2012

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Sales of single-family existing homes in Maine continue in solidly positive territory, according to the Maine Real Estate Information System, Inc.  Realtors sold 1,035 homes statewide during the month of May, a jump of 32.02 percent from last year.  The median sales price (MSP) rose 7.42 percent to $178,000.  Click here for the full report.
 

Maine Home Sales Rise 8.71% in April

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The Maine Association of REALTORS reports healthy gains in sales of single-family existing homes and median sales prices statewide during April 2012.  Click here for the full April 2012 report.
 

Maine Home Sales Up 13.16 Percent in March 2012

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Sales of single-family existing homes in Maine increased by double-digits again in March.  According to the Maine Real Estate Information System, Inc., statewide home sales increased 13.16 percent, comparing March 2012 to March 2011.  Click here for the full MaineHousing report
 

Maine Home Sales Up 29% in February 2012

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 Buyers of single-family existing homes in Maine showed up in increasing numbers last month, leading to double-digit sales gains.  Click here for the full MaineHousing February 2012 Press Release.

 

Maine Home Sales Up 2% in January 2012

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Single-family existing home sales continue to climb in the state of Maine.  The Maine Real Estate Information System, Inc. (MREIS) reports 547 homes sold during January 2012, a 2.05 percent increase compared with January 2011.  Click here to read the full release.
 

Maine Real Estate Sales Up 4% in December 2011

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Sales of Maine’s single-family existing homes increased 4.34 percent during the month of December, according to statistics released by the Maine Real Estate Information System, Inc. (MREIS).   Click here for the full report.
 

Bureau of Financial Institutions Promotes Advantages of Free and Low-Cost Accounts for the ‘Unbanked’

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Bureau of Financial Institutions Superintendent Lloyd P. LaFountain III announced this week that his agency is encouraging the ‘unbanked’ to protect their money in the New Year by looking into the advantages of low or no-cost accounts at Maine banks and credit unions.  Click here to read the full announcement
 

New Home Foreclosure Starts Drop at Maine Banks and Credit Unions per Quarterly Bureau Report

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Superintendent Lloyd P. LaFountain III announced this week that the Bureau of Financial Institutions’ third quarter survey covering first residential mortgage loans held by Maine’s 32 state-chartered banks and credit unions continued to show mixed performance. As such, there still is no clear trend or indication that the bottom has necessarily been reached.  Click here for the full report.

 

Maine Home Sales Increase 9.6% in November 2011

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Sales of single-family existing homes in Maine jumped 9.6 percent in November 2011 compared with November 2010, according to the Maine Real Estate Information System, Inc. (MREIS).  This is the fifth consecutive month of Maine home sales increases.  Click here for the full report.
 

Maine Bankers Association kicks of Coats for Kids sponsorship on December 3!

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Maine Bankers Association sponsored the December 3 Coats for Kids Day by making a generous donation to the Salvation Army.  Bank volunteers provided hot chocolate and cookies throughout the day at six of the Coats for Kids live broadcast locations throughout Maine.   The following member banks are collecting Coats for Kids at their branch locations:

Bath Savings Institution
Camden National Bank
First Fed Savings & Loan Assn. of Bath
Franklin Savings Bank
Gorham Savings Bank
Katahdin Trust Company
     (Bangor and Hampden locations)
Kennebec Federal Savings
Machias Savings Bank
Mechanics Savings Bank
Norway Savings Bank
Rockland Savings Bank
Saco & Biddeford Savings Institution
Sanford Institution for Savings
The First, N.

Visit our facebook page  for photos!

 

Maine Home Sales Up 6.78% in October 2011

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Maine’s real estate market continues to show signs of improving.  Click here  to see the complete October 2011 MaineHousing Report.

 

Maine Home Sales Up 7.56% in September

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 Maine real estate sales continue to climb: Single-family existing home sales increased 7.56 percent comparing September 2011 to September 2010.  Click here for the full MaineHousing article.
 

Seriously Delinquent Mortgage Loans Decrease at Maine Banks and New Mortgage Loan Starts Rise but Foreclosure Activity Continues to Increase

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Seriously Delinquent Mortgage Loans Decrease at Maine Banks and Credit Unions and New Mortgage Loan Starts Rise, but Foreclosure Activity Continues to Increase. Click here to see the full BoFI press release

 

September 21, 2011: Maine single-family existing home sales increased 14.74 % during August

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Maine Real Estate Sales increase by double digits.   Click here  for the full August 2011 MaineHousing report.

 

All non-financial institution lenders must renew licenses prior to 12/31/2011.

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All Maine Licensed Mortgage Loan Originators intending to originate Maine loans in 2012 must renew their license through the Nationwide Mortgage Licensing System and Registry (NMLS) between November 1, 2011 and December 31, 2011. The BCCP letter provides important information about the 2012 NMLS Renewal Process including the reminder that all records must be up-to-date at the time of renewal.

 

Merchants Reminded About Violating Discount Rules with Debit and Credit Cards

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Effective on September 28, 2011, Maine’s revised Truth-in–Lending Laws (Title 9-A M.R.S.A.§ 8-509(1)) need to be understood by retailers to avoid violating the surcharge and discounting rules.  While a merchant’s may offer discounts to consumers to encourage them to use alternative forms of payment in lieu of debit or credit cards; a seller in a sales transaction may not impose a surcharge on a cardholder who elects to use a credit or debit card in lieu of payment by cash, check or similar means.

  • A surcharge is an increase in the “regular” price to a card holder that is not imposed on a customer paying by cash or check.
  • A discount, on the other hand, is a reduction made from the “regular” price and, by definition, does not result in a surcharge.

 

Merchants should clearly display the amount of the regular price and the amount of the discounted price.  See the July 12, 2011 Notice from the Bureau of Consumer Credit Protection and the Bureau of Financial Institutions.

 

Maine’s Office of Securities Releases Annual List of Top Investor Traps

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Maine’s Office of Securities is conducting a public awareness campaign to highlight the most prevalent investor traps and scams of 2011.  Click here for the full article.

 

Bureau of Financial Institutions Reports Mixed 1Q2011 Results from Home Foreclosure Survey of Maine Banks and Credit Unions

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Completed Foreclosures and Delinquent Mortgage Loans Decrease, but Overall Foreclosure Inventory Continues to Increase.  For the full 2011 Foreclosure Report, click here.

 

Critical Insights on MaineTM Poll Results

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The most recent Critical Insights on MaineTM Poll conducted of 600 registered Maine voters from May 5-9, 2011 highlights economic concerns of Maine residents.  Click here  for the poll in its entirety.

 

SMS Omnibus PollTM Results: Mainers’ Use of Online Banking

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The most recent Pan Atlantic SMS Group Omnibus PollTM conducted April 25-May 2, 2011, included a section of questions on the use of online banking.  Click here  for the full report on the online banking questions and demographic information on respondents.

 

MBA's Chris Pinkham discusses the Mortgage Market on Maine Watch 3.31.2011

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Click on the following link to see the full interview: http://video.mpbn.net/program/1326765646/
 

SNL Maine Bank Performance 4Q10

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Click here to review the complete Maine Bank Performance 4Q10 comprehensive report from SNL.  
 

MBA Press Release for Debit & Credit Card Holders

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Beginning during the week of February 7 to 11, 2011, banks in this association became aware of an increased number of unauthorized transactions occurring in their bank’s debit cards. An unknown number of card numbers may have been compromised during an intrusion of a retailers’ computer system.  This breach appears to be limited to only card numbers and NOT personal data (such as SS# or DOB) has been compromised.

  1. ACCOUNT BALANCE IS PROTECTED - Consumers do not have to worry about losing any money due to this breach because they have zero liability for unauthorized transactions confirmed as part of a breach provided the unauthorized transactions are reported within the timeframe required by individual institutions. (See Specific Rules Below)
  2. MONITOR - Banks are asking consumers to monitor their accounts for fraudulent transactions and report any unauthorized transactions to their bank immediately.

  • UNDERSTAND that when each financial institution receives an alert about potential data breach by a merchant, the bank will make its own decision as to whether or not to re-issue cards based on each banks monitoring system.   Financial Institutions will notify consumers if their cards will need to be replaced.   You should call your bank, if you have any questions or concerns about this most recent breach. 
  • What should I do to protect myself?

  • Review your bank statement or credit card statement thoroughly as soon as you receive it.
  • Notify your financial institution of any unauthorized transactions immediately. This can make a difference and limit your inconvenience.
  • What are the specific rules? (From the Maine Bureau of Financial Institutions)
  • Credit card protections -Credit card customers are protected by Regulation Z, a federal law that limits consumer’s losses to $50 per card.  In most cases, consumers who report fraudulent charges against their credit card are not held liable for those transactions. Consumers must dispute unauthorized charges within 60 days of the date an unauthorized charge appears on their statement.
  • Debit card protections - When information contained on a debit card has been compromised by way of data breach, federal law provides that the consumer has sixty (60) days from when the bank or credit union sent the statement on which the unauthorized transaction appears, for the consumer to notify the bank or credit union about the unauthorized transaction. If the consumer fails to notify the bank or credit union of the unauthorized transaction within this time, the consumer is liable for the unauthorized transactions on their account. It is always very important for consumers to check their bank statements carefully. However, they should be especially vigilant now because of the recent Hannaford data breach.
  • Additional information from State of Maine: http://tinyurl.com/4sm2ayl

    Chris Pinkham                                                                   Kathy Keneborus
    This e-mail address is being protected from spambots. You need JavaScript enabled to view it                                     This e-mail address is being protected from spambots. You need JavaScript enabled to view it
    (207) 791-8401                                                                   (207) 791-8406

     

    Maine Home Sales for December, Full Year

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    The press release from Maine Association of Realtors reflecting Maine home sales statistics for December 2010 and the full year 2010.

     

    Home Foreclosures and Delinquent Mortgage Loans Decrease at Maine Banks and Credit Unions And New Mortgage Loan Activity Increases During Third Quarter

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    AUGUSTA, MAINE – Bureau of Financial Institutions Superintendent Lloyd P. LaFountain, III announced on Monday that third quarter 2010 data shows an overall decrease in home foreclosure activity at state-chartered banks and credit unions in Maine.  Especially promising is the reduction in new delinquencies and foreclosure starts, both leading indicators of future foreclosures.

    However, an increase in seriously delinquent first mortgages suggests that the foreclosure problem will persist into 2011.  Foreclosure activity at Maine banks and credit unions remains lower than in many other states and it does not pose a threat to the stability of Maine-chartered financial institutions. 

    In other encouraging news, the number of new first mortgage loans initiated in the third quarter increased by 24% from the prior quarter and, for the first time in 2010, exceeded the originations for the comparable quarter of 2009.  The growth in originations is attributed to the record low interest rates which have spurred increased refinancing activity.  Also contributing to the higher originations was the expiration of the federal housing tax credit which led to higher home sales by requiring a mortgage closing by September 30, 2010.

    The most recent data covers July through September 2010.  It pertains to residential real estate lending and was obtained from the 32 financial institutions (banks and credit unions) that have been state-chartered in Maine from the end of 2006 through September 2010.  The Bureau has been surveying state-chartered banks and credit unions regarding foreclosure activity since October 2006.  The survey does not include data from entities not regulated by the Bureau, which include federally-chartered banks, federally-chartered credit unions and mortgage companies licensed to do business in Maine.  

    According to third quarter survey results, the 32 state-chartered financial institutions held 83,008 mortgage loans at the end of September, consisting of 47,774 first mortgage loans and 35,234 junior lien mortgage loans (including home equity lines of credit).  Of the 83,008 loans, 265 (216 first mortgages and 49 junior lien mortgages) were in process of foreclosure (IPF), or one loan for every 313 mortgages (one for every 221 first mortgages).  At the end of the second quarter of 2010, 297 loans were in IPF status.  As a percentage of total mortgages, IPF loans remain relatively low, 0.32% at the end of the third quarter (down marginally from 0.36% at the end of the second quarter of 2010). 

    IPF

    12/06

    12/07

    12/08

    9/09

    12/09

    3/10

    6/10

    9/10

    # Loans

    1st REM

    62

    120

    148

    200

    226

    226

    234

    216

    47,774

    Jr. REM

    20

    35

    65

    71

    79

    63

    63

    49

    35,234

    All REM

    82

    155

    213

    271

    305

    289

    297

    265

    83,008

    1st REM

    0.15%

    0.26%

    0.31%

    0.43%

    0.48%

    0.48%

    0.49%

    0.45%

     

    Jr. REM

    0.08%

    0.12%

    0.17%

    0.19%

    0.22%

    0.18%

    0.17%

    0.14%

     

    All REM

    0.12%

    0.20%

    0.25%

    0.32%

    0.37%

    0.35%

    0.36%

    0.32%

     

     

    image003Beginning with the 2008 first quarter survey (January-March, 2008), data on the number of foreclosures initiated in the current quarter was requested.  During the third quarter of 2010, foreclosure proceedings were started on 52 first mortgages, 0.11% of all outstanding first mortgages, or one for every 919 first mortgages.  This represents the third consecutive quarter of noticeable decrease from the prior quarter and the lowest level since June 2008.  Foreclosure proceedings initiated on junior mortgages also continued on a downward trend.

     

     

     

    Foreclosures Initiated

    3/08

    9/08

    12/08

    9/09

    12/09

    3/10

    6/10

    9/10

    # 1st REM

    45

    62

    59

    76

    103

    85

    67

    52

    % 1st REM

    0.09%

    0.13%

    0.12%

    0.16%

    0.22%

    0.18%

    0.14%

    0.11%

    FC Start/1st REM

    1,060

    794

    813

    616

    455

    556

    706

    919

     

     

     

     

     

     

     

     

     

    # Jr. REM

    26

    26

    20

    22

    20

    25

    22

    16

    % Jr. REM

    0.07%

    0.07%

    0.05%

    0.06%

    0.05%

    0.07%

    0.06%

    0.05%

    FC Start/Jr. REM

    1,424

    1,449

    1,877

    1,669

    1,833

    1,436

    1,640

    2,202

     

    The Bureau also requests data on completed foreclosures (FC).  As seen in the table below, the number of FC more than doubled in 2008 and increased further in 2009, to 175.  This trend has continued through the first three quarters of 2010, with 132 FC this year vs. 89 for the comparable period of 2009.  After declining slightly in the second quarter, the number of first mortgages foreclosed in the third quarter of 2010 was the highest recorded to date.  The number of junior lien mortgages foreclosed decreased for the second consecutive quarter.  The total number of FC reached their apex in the first quarter of 2010 and has declined in each of the second and third quarters.  Although FC remain elevated, the number remains low in relation to the total of outstanding mortgagesonly one for every 1,437 mortgages and one for every 1,028 first mortgages.  


    FC

    2006

    *

    2007 **

    2008

    **

    9/09

    12/09

    2009

    **

    3/10

    6/10

    9/10

    1st REM

    50

    52

    119

    33

    37

    126

    45

    41

    46

    Jr. REM

    2

    15

    40

    22

    5

    49

    31

    19

    12

    All REM

    52

    67

    159

    55

    42

    175

    76

    60

    58

    % of Prior Quarter-end Loans

    1st REM

    0.12%

    0.12%

    0.24%

    0.070%

    0.079%

    0.27%

    0.096%

    0.087%

    0.097%

    Jr. REM

    0.01%

    0.05%

    0.11%

    0.059%

    0.014%

    0.13%

    0.085%

    0.053%

    0.033%

    All REM

    0.07%

    0.09%

    0.19%

    0.065%

    0.049%

    0.21%

    0.091%

    0.072%

    0.070%

    *Annual percentage is based on number of loans outstanding at 12/31/06;
    **Annual percentage is based on average number of loans outstanding in the year.

     More information on the status of residential real estate lending by Maine’s financial institutions is available in the Bureau’s 2010 Annual Report to the Legislature, which can be found at www.maine.gov/pfr/financialinstitutions.  The Bureau’s 2011 Annual Report, which will be available in mid-January 2011 at the same website, will include a more detailed discussion of the foreclosure survey and residential real estate lending.

    The Bureau of Financial Institutions is part of the Department of Professional and Financial Regulation, which encourages sound ethical business practices through impartial regulation of insurers, financial institutions, creditors, investment providers, and numerous professions and occupations for the purpose of protecting the citizens of Maine. Consumers can reach the Bureau through the Department’s website (www.maine.gov/pfr); by calling 1-800-965-5235 or by writing to Bureau of Financial Institutions, 36 State House Station, Augusta, Maine 04333.

     

     

     

    Senators Snowe and Collins Address Interchange Fees

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    Senators Snowe and Collins have addressed Interchange Fees in a letter to Fed Chairman Bernanke on December 10th prior to Fed issuing proposed regulations. 

     

    October – Bureau of Consumer Credit Protection Issues Quarterly Foreclosure Report - See the Full Report

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    “The past several months brought an unusually high level of activity for the Bureau’s foreclosure prevention program.  Maine homeowners have been receiving mortgage default notices from their lenders at an unprecedented rate, resulting in more mailings of information from our office than at any previous time.  And since our mailings highlight the availability of the agency’s toll-free hotline and our no-cost housing counselor referral service, calls to our Bureau’s hotline are occurring with greater frequency than at any time since establishment of the hotline in June, 2009.”  Read the full report: http://www.maine.gov/pfr/consumercredit/LegislativeReports.htm

     

    Maine Median Home Prices Up 1.74% in September - Unit Home Sales Decrease 21%

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    See the complete September 2010 MaineHousing Report  for all the details. 

     

    Voter Information Lookup

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    October 25, 2010 - VOTER INFORMATION LOOKUP - The State of Maine Voter Information Lookup Service is now live.  Everyone can find what will be on their ballot based on your home address. This information includes the location of your voting place and the candidates that will appear on your ballot.  Check out voter information lookup.

     

    August - Home Sales Median Prices Increase, Volume Decreases

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    August home prices increased 4.27% and reached $169,750, compared with August 2009. Unit home sales in Maine decreased 9.52% during the same period.  Click here for the August 2010 Maine Housing Report.

     

    Bureau of Financial Institutions Announces 2nd Quarter 2010 Foreclosure Report.

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    Sept 17 - Bureau of Financial Institutions announced that in the second quarter 2010, Maine state-chartered banks and credit unions had a decrease in completed home foreclosures for the second consecutive quarter, a decrease in the number of delinquent mortgage loans.   Read full Bofi Press Release here.

     

    Suspicious Telephone Calls Claiming To Be From the FDIC

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    The FDIC has received numerous reports of suspicious telephone calls where the caller claims to represent the FDIC and is calling regarding the collection of an outstanding debt.  http://www.fdic.gov/news/news/SpecialAlert/2010/sa10131.html

     

    Maine’s Top Securities Regulator Releases Agency’s Annual List of Investor Traps

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    Maine’s Top Securities Regulator Releases Agency’s Annual List of Investor Traps.  Click here to read full August 10 press release.
     

    Maine real estate sales decline in July.

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    Maine real estate sales decline in July: tax credit expiration cited as factor.  Click here to see the July.  Click here  for the full July 2010 Maine Housing Report.

     

    Home Foreclosures Continue to Increase but ...

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    Home Foreclosures Continue to Increase but Delinquent Mortgage Loans Decrease at Maine Banks and Credit Unions.  Click here for complete article from Maine.Gov.

     

    MACB IS NOW MAINE BANKERS ASSOCIATION

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    MACB IS NOW MBA; JIM CONLON IS THE NEW CHAIRMAN

    At the 117th Annual Meeting June 24 in Bar Harbor, the members of the Maine Association of Community Banks voted to change the name of their organization to the Maine Bankers Association.  Mark Mickeriz of Sanford Institution for Savings accepts the past chairman’s plaque from incoming chairman Jim Conlon of Bangor Savings Bank.  The name change is effective immediately, and over the next several weeks the Association will work to update the website, email addresses, forms, signs and printed materials to reflect the new name.

     

    Savings Bank of Maine Recapitalized by SBM Financial Inc.

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    Gardiner-based Company Infuses $60 Million of New Capital/Adds Senior Management and Board of Directors With Deep Maine Roots.  Click here to read the full news release.
     

    Maine to Join Nationwide Mortgage Licensing System

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    May 18 - Maine to Join Nationwide Mortgage Licensing System - Beginning on October 1st, all mortgage loan originators doing business with Maine consumers must obtain licenses from the Nationwide Mortgage Licensing System (NMLS).  All employees of federally regulated financial institutions are exempt because they are already supervised by the bank or credit unions’ prudential regulator.  The Bureau of Consumer Credit Protection will manage the procedures include background checks, professional education requirements and successfully passing a national and a state-specific test.

     

    Governor Baldacci Addresses Directors' Forum

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    May 12th -  GOVERNOR BALDACCI ADDRESSES 34TH ANNUAL DIRECTORS’ FORUM. Over 180 attendees welcomed Governor John Baldacci at the Directors’ Forum on Wednesday.  The Governor began by thanking Maine’s bankers for supporting the Maine economy by continuing to be responsible lenders.  He covered a number of topics from his recent visit to the rating agencies in NYC to the state’s fiscal condition, and he also raised questions about how to support small business lending. 

     

    Maine Home Sales Up 46% in March 2010

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    Statewide median sales price increases nearly 10% since March 2009.

    Click here to read the March 2010 MREIS Housing Report.

     

    MACB Comments on BofI/BCCP Notice

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    MACB Comments on BofI/BCCP Notice
    On February 24, 2010 the Bureau of Financial Institutions and the Bureau of Consumer Credit Protection issued a Notice of Joint Agency Rule-making Proposal regarding Regulation Z-2. MACB submitted comments on the proposed rulemaking.

    Read the comment letter