An Act to Enable Mortgage Portability and Promote Housing
Maine Legislature, Session 132, LD 0381
Committee: Housing and Economic Development
Sponsors: MARTIN, SMITH
Amends: 9-A MRSA §9

Legislative Document
No. 381
S.P. 147
In Senate, February 4, 2025
An Act to Enable Mortgage Portability and Promote Housing 
Affordability in the State
Reference to the Committee on Housing and Economic Development suggested and 
ordered printed.
DAREK M. GRANT
Secretary of the Senate
Presented by Senator MARTIN of Oxford.
Cosponsored by Representative SMITH of Palermo and
Senators: BENNETT of Oxford, CYRWAY of Kennebec, HARRINGTON of York, 
Representatives: LANCE of Paris, SOBOLESKI of Phillips, WADSWORTH of Hiram, 
WOOD of Norway.
Be it enacted by the People of the State of Maine as follows:
Sec. 1.  9-A MRSA §9-316 is enacted to read:
§9-316.  Portability of supervised loans secured by a mortgage
1.  Mortgage porting; defined.  For the purposes of this section, "mortgage porting" 
means the process by which a mortgagor transfers the terms, outstanding balance and 
interest rate of an existing supervised loan secured against a single-family dwelling or a 
dwelling that consists of no more than 4 units that is the principal residence of the 
mortgagor to another principal residence. 
2.  Eligibility for mortgage porting.  A mortgagor is eligible for mortgage porting 
from a supervised lender if: 
A.  The mortgagor has maintained the mortgagor's existing supervised loan in good 
standing; 
B.  The mortgagor meets the supervised lender's appraisal and underwriting criteria; 
and 
C.  The transfer is executed within 6 months from the sale of the previous principal 
residence of the mortgagor.  
3.  Supervised lender requirements.  The following provisions apply to supervised 
lenders engaged in mortgage porting. 
A.  Upon approval of mortgage porting, the supervised lender shall transfer the terms, 
outstanding balance and interest rate of the existing supervised loan. 
B.  Upon request of the mortgagor, a supervised lender may grant an extension of the 
supervised loan repayment period. 
C.  Any additional funds required by the mortgagor to purchase the new principal 
residence must be financed at current market rates, except that the supervised lender 
shall provide an option for a blended interest rate. 
D.  A supervised lender may charge a one-time mortgage porting fee as long as the fee 
is disclosed in advance to the mortgagor.
E.  A supervised lender shall disclose the terms, conditions and fees for mortgage 
porting in writing to the mortgagor. 
4.  Rulemaking.  The administrator may adopt rules as necessary to implement the 
requirements of this section. Rules adopted pursuant to this subsection are routine technical 
rules as defined in Title 5, chapter 375, subchapter 2-A.
SUMMARY
This bill authorizes mortgage porting, which is the process by which a mortgagor 
transfers the terms, outstanding balance and interest rate of an existing mortgage loan 
secured against a single-family dwelling or a dwelling that consists of no more than 4 units 
that is the principal residence of the mortgagor to another principal residence. The bill 
provides that a mortgagor is eligible for mortgage porting from a lender if the mortgagor 
has maintained the mortgagor's existing mortgage loan in good standing; the mortgagor 
meets the lender's appraisal and underwriting criteria; and the transfer is executed within 6 
months from the sale of the previous principal residence of the mortgagor.  The bill requires 
that, upon approval of mortgage porting, a lender must transfer the outstanding balance, 
interest rate and terms of the existing mortgage loan to the new mortgage loan and also 
requires that any additional funds needed to purchase the new principal residence must be 
financed at current market rates, although a lender must provide the option for a blended 
interest rate for the new mortgage loan.