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W W W. M A I N E B I Z . B I Z 25 N OV E M B E R 3 0 , 2 0 1 5 Second, this is the first time ever that the federal government has put both the Truth in Lending Act and the Real Estate Settlement Procedures Act together in a single standardized set of closing documents for every residential transaction nationwide. at happened in October. So the closing documents have grown from 105 pages to 120 pages because this is consumer-friendly and we want you to know everything. I did present to our two U.S. Senators and Representatives last March a complete package of a simulated closing, and they were horrified. eir first reaction was, 'Well those signatures are bank- required,' and I said 'No, I think there are six signatures that are bank-required for the loan itself. Everything else is federal or state documentation.' All of the software that drives all of the banks' back-office work had to be rewritten. We buy this from vendors, and they were unable to meet the original deadline of July 1, so that was extended. It was not just a matter of getting a patch in the mail that you put into your system. It was a mat- ter of training all the employees, the staff, the attorneys that do the clos- ings, the abstractors who do the title search, the home inspection people, and the appraisers. e whole system in theory now will benefit consumers. Going forward, consumers should feel comfort that if there's any change in the documents as you get down to the closing you have to have three days to look at all those changes. ere's a period of time when you have to get full disclosure of all your costs. ey can't give it at closing anymore, which was a common practice. In the go-go [real estate] days they'd change the deal when you got to the table. You're all set to go, you sold your house contingent on another, so people went along and they'd end up, we think in many cases, paying much higher com- missions. People feel very intimidated by that process. e bottom line is we've standardized this so that in the long run it should benefit consumers. Third is regulatory relief. Right now it's one-size-fits-all for regula- tory examinations. So, for example, one of our smallest banks in the state of Maine, I believe, has eight or nine employees. It's Bar Harbor Savings & Loan. It has no branches and just the main office. It is very success- ful in its market. So I was up to visit their CEO and they were having their examiners come in. I believe they had eight examiners there for three weeks. Drummond Woodsum attorneys Ron Ward, John Kaminski, Rick Shinay, Gary Vogel, Ted Kelleher and Lisa Magnacca excel at bringing the most complex development projects to closing in Maine. We represent owners, contractors, investors and lenders on all aspects of a development project be it large or small. We specialize in mixed use retail and development, affordable housing development and historic tax credit projects. 1 9 6 5 - 2 015 YEARS OF SERVICE TO OUR CLIENTS AND COMMUNITIES A T T O R N E Y S A T L A W DrummondWoodsum Learn what the Drummond Woodsum Real Estate Practice Group can do for you at: dwmlaw.com 800.727.1941 Building Maine's Future ready for a first-rate banking experience? you've got friends at the first. 145 Exchange Street • Bangor, ME • 207.974.5001 When you talk about your financial needs with The First, you'll meet people who are professional, practical, and trained to be real problem-solvers. Whether you need to talk personal banking, your financial future, business lending, home mortgages or mobile and online solutions, we'll show you how we can tailor our easy-to-understand products and services precisely to your needs. Our Bangor Management Team: Courtney Brehaut, AVP, Branch Manager; Cynthia Fogg, VP, Senior Mortgage Loan Officer; Ben Sprague, VP, Business Relationship Officer; Nazrin Dixon, First Advisors, AVP, Relationship Manager. A Division of The First Bancorp • 800.564.3195 • www.TheFirst.com Bangor • Bar Harbor • Blue Hill • Boothbay Harbor • Calais • Camden • Damariscotta • Eastport Ellsworth • Northeast Harbor • Rockland • Rockport • Southwest Harbor • Waldoboro • Wiscasset C O N T I N U E D O N F O L L OW I N G PA G E »

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