In This OLA E-News Update
Expanded OLA for You!
OLA Commitment Fee Reinstated
Save the Date - Annual Meeting - George Mitchell, Guest Speaker
Contact Us
We Heard You - We Doubled Coverage through OnLine Answer (OLA)!
OLA Insurance Expanded to $750,000 FAME Exposure

Beginning April 1, 2017, FAME lender partners can opt for up to $750,000 in loan insurance through OnLine Answer (OLA). This is the fourth and largest loan insurance enhancement FAME has launched in the last six months in response to it's Voice of the Customer research.

The maximum FAME OLA exposure will be  doubled from $375,000 to $750,000.
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 loan insurance through the traditional paper application.

Commercial Loan Insurance (CLI) maximums are now available for:
  • Pro-rata Term and Line of Credit Loans
  • 75% maximum CLI up to $500,000 FAME exposure.
  • 60% maximum CLI for FAME exposure between $500,001 and $750,000.*
  • 60% maximum CLI for start-ups (businesses open less than one year) up to $500,000 FAME exposure.
  • Use of projections on cash flow analysis limits availability to $500,000 FAME exposure.
*Note: If a second loan insurance request is submitted within 90 days of a prior application which would result in aggregate FAME loan insurance exposure over $500,000, then the application will be pended and a FAME loan officer will reach out to the lender. The lender can chose from two options if this occurs: 1) Both loans could be insured for up to 60% FAME exposure; or 2) The first loan could remain at 75% FAME exposure and the second loan would have a blended rate so that FAME's overall exposure does not exceed a combined exposure of 60%. 
  • 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 related entity (borrower/guarantor)  in OLA is capped at $750,000. This can be a combination of pro-rata and leveraged insurance with a $250,000 limit on leveraged insurance.
Commercial Loan Insurance - Update to Commitment Fee on OLA
Last fall, FAME launched three new enhancements to FAME's loan insurance programs that help lenders obtain loan insurance decisions faster and more easily.
  • 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
At the time, the commitment fee was waived on applications processed via OLA until March 31, 2017.

OLA commitment fees will be applied to applications beginning April 1, 2017.

FAME Loan Insurance Fee Schedule
Loan insurance fees stated below are calculated on the portion of FAME exposure, not the loan amount. (Fees as of 4/1/2017)
Loan Insurance Fees for term loan and lines of credit processed through OnLine Answer (OLA)

FAME Exposure
Commitment Fee
Annual Insurance Fee
3-Year Insurance Fee**
5-Year Insurance Fee**
OLA Leveraged Term

OLA Leveraged Line

OLA Pro-rata Term

OLA Pro- rata

**Once the multi-year term is over, the insurance will automatically continue on an annual basis unless the insurance is cancelled or the lender reapplies for an additional multi-year term.  
Showcase Maine - FAME's Annual Meeting  |  SAVE the DATE
November 14, 2017
Guest Speaker: Sen. George Mitchell
Contact Us - We appreciate hearing from you        


Charlie Emmons, Senior Commercial Loan Officer, 207-620-3510

Roxanne Broughton , Commercial Loan Officer, 207-620-3547
Sally Garand , Commercial Loan Officer, 207-620-3532
Matt Lindquist, Commercial Loan Officer, 207-620-3527

PO Box 949, 5 Community Drive
Augusta, Maine 04332-0949

207-623-3263 or 1-800-228-3734
TTY: 207-626-2717

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The Finance Authority of Maine (FAME) does not discriminate in the administration of any of its programs or in its employment practices on the basis of race, color, national origin, age, gender, religion, physical or mental disability, political affiliation, marital status or sexual orientation. FAME is an equal opportunity employer, provider and lender.