Maryland Administrative Code

.09 Default. A. If a defaulted mortgage loan is owned directly by the Administration, the mortgage loan may be foreclosed, restructured, forborne, or otherwise treated, as described in §§B—G of this regulation. B. Foreclosure. (1) Mortgage loans which are in default may be: (a) F…

.10 Transfers and Assumptions. A. Nonmonetary Transfers. (1) The Administration may approve nonmonetary transfers of interest in property that is security for a mortgage loan made under the Program if the requirements of the Code and the applicable mortgage insurers can be satisf…

.11 Loan Purchase Program — Approval of Mortgage Lender. A. A mortgage lender may apply to be approved to participate as an eligible lender under the Program to originate mortgage loans for purchase by the Administration. B. An eligible mortgage lender shall certify at the time o…

.12 Loan Purchase Program—Purchasing Loans. A. Conditions Related to Particular Bond Issues. (1) Conditional Obligation to Purchase. (a) From time to time the Administration issues tax-exempt or taxable mortgage revenue bonds to finance mortgage loan purchases. (b) Any obligation…

.13 Loan Servicing. A. In General. (1) For new loans originated by mortgage lenders and purchased by the Administration, the Administration may: (a) Require loans to be serviced by a master servicer or servicers selected by the Administration, or serviced by the Administration; o…

.14 Direct Mortgage Loans Made by the Administration — Processing of Mortgage Loans. A. The Administration may make a direct mortgage loan to a household with income at the limits established in Regulation .04D(1) of this chapter: (1) For an eligible residence located in an eligi…

.15 Project Development—Commitments to Developers. A. With the approval of the Secretary, the Administration may provide forward commitments to developers for the financing of mortgage loans to families of limited income meeting the requirements of Housing and Community Developme…

.16 Project Development—Eligible Developers. To be eligible for a forward commitment, a developer: A. Shall demonstrate experience, acceptable to the Administration, in the development of eligible residences and satisfactory prior experience, if any, in the Program or other progr…

.17 Project Development—Eligible Projects. A. Developments of eligible residences or portions of the developments may be approved as eligible projects. The Administration may limit the number of eligible residences it will finance in any development of which the project is a part…

.18 Project Development—Project Application Process. A. Approval of a project shall be initiated by submission of an application on forms prescribed by the Administration. B. Preliminary Application. Developers may submit the following items for preliminary eligibility review by …

.19 Administration Initiatives and Special Programs. A. The Administration, in its discretion, may set aside Program funds for initiatives and special programs, whereby funds may be made available under special terms set by the Administration. B. The Administration, in its discre…

.20 Nondiscrimination; Drug and Alcohol Free Workplace. A. A mortgage lender, servicer, master servicer, developer, or mortgage insurer may not discriminate on the basis of race, color, religion, national origin, sex, marital status, physical or mental disability, sexual orientat…

.21 Issuance of Bonds and Notes. A. Timing of Issuance. The Administration may obtain funds to make or purchase mortgage loans from any source authorized by law, particularly by issuing bonds or notes payable from revenues from the mortgage loans. The timing of any bond or note s…

.22 Program Operation. A. Guidelines. The Administration may establish from time to time detailed Program guidelines containing underwriting standards, loan processing requirements, and other requirements or matters relating to the financing and servicing of mortgage loans or to …

.01 General. These regulations prescribe the policies, procedures, and authorizations for making emergency assistance mortgage loans to households of limited income.

.02 Scope. A. The Program is designed to provide short-term financing for eligible homeowners who, because of an involuntary loss of income due to unemployment or other extraordinary hardship, are unable to make current mortgage payments on their homes and are likely to have to f…

.03 Definitions. A. The following terms have the meanings indicated. B. Terms Defined. (1) “Act” means Housing and Community Development Article, Title 4, Subtitle 8, Annotated Code of Maryland, as amended. (2) “Adjusted annual income” means 100 percent of the projected annual gr…

.04 Eligible Residences. A. An eligible residence: (1) Shall be the primary residence of the borrower; (2) Shall be a single family dwelling unit located in the State, including a townhouse or condominium; (3) Shall be real property owned by the borrower in fee simple or under a …

.05 Eligible Borrowers. A. At the time of application, an eligible borrower: (1) Shall be likely to have to forfeit title to an eligible residence defined in Regulation .04 if the borrower does not receive a loan through the Program; (2) Shall be unable to keep payments on the bo…

.06 Eligible Uses. A. The proceeds of a loan made through the Program may be used to: (1) Make up to 36 payments of principal and interest on the superior mortgage loan or loans as follows: (a) Up to 12 of the payments may be payments which are overdue and unpaid at the time the …

.07 General Loan Terms and Requirements. A. Loan Amount. The loan amount may not exceed the lesser of: (1) An amount which, when added to the outstanding balance of the superior mortgage lien or liens, does not exceed 100 percent of the value of the eligible residence as determin…

.08 Loan Terms Governing Disbursement of Loan Proceeds and Repayment of the Loan. A. Disbursement of Loan Proceeds. (1) For a period of up to 6 months from the date of the loan closing, the Program may disburse loan proceeds to the mortgagees or other parties as may be owed payme…

.09 Applications. A. To apply for a loan, an applicant shall; (1) Submit a completed application in such form as the Department may require; (2) Supply a copy of the latest State income tax return, if appropriate, for each member of the household, or other available verification …

.10 Loan Closings. A. The Program shall establish procedures for closing the loans either by the Department directly or by an authorized agent. B. Loan closings shall be scheduled at a time and place acceptable to the Program and the borrower, and conducted in a manner acceptable…

.11 Default. A. In the event of default, as provided in the legal documents, or in the event of a prospective default, the Department may: (1) Modify the rate of interest; (2) Defer payment of principal, interest, or both, or forgive interest; (3) Modify the term of the loan; (4)…

.12 Financial Counseling. A. Each borrower shall participate in a financial counseling program acceptable to the Department unless, in the written determination of the Program, a financial counseling program is not available for the borrower or the Program otherwise determines th…

.13 Program Operation and Administration. A. Forms and Documentation. The application and the loan documents shall be made upon standard forms prescribed by the Program. B. Program Fund Allocations. (1) It is the intent of the Department that Program funds be distributed Statewid…

.14 Waiver. The Secretary may waive or vary particular provisions of these regulations to the extent that the waiver is not inconsistent with the Act if: A. Conformance to the requirements of any federal, State, or local programs in connection with a loan necessitates waiver or v…

.15 False Statements. A borrower who knowingly makes or causes to be made any material statement or material misstatement of fact, whether in the nature of an understatement or overstatement of financial condition or any other fact material to the Department's action, shall be su…

.01 General. This chapter prescribes the policies, procedures, and authorizations for making mortgage loans to pay for settlement expenses for purchasing a home.

.02 Objective. The objective of the Downpayment and Settlement Expense Loan Program is to provide financing for settlement expenses for eligible home buyers who lack the resources to purchase a home.

.03 Definitions. A. In this chapter, the following terms have the meanings indicated. B. Terms Defined. (1) “Act” means Housing and Community Development Article, Title 4, Subtitle 3, Annotated Code of Maryland, as amended. (2) “Administration” means the Community Development Adm…

.04 Eligible Borrowers. A. An eligible borrower: (1) Shall be one or more members of a household who are purchasing, and shall hold title to, an eligible residence in Maryland; (2) Shall be 18 years old or older, unless married to a joint borrower who is 18 years old or older; (3…

.05 Eligible Residences. A. An eligible residence shall: (1) Be a newly constructed or existing dwelling of not more than four residential units, one of which shall be occupied by the borrower; (2) Be located in the State; (3) Be real property that will be purchased by the borrow…

.06 Loan Purposes. A loan may be used to pay up to 100 percent of the following types of settlement expenses: A. Fees or premiums for title examination, title insurance, or similar expenses; B. Fees for preparation of a deed, settlement statement, or other documents; C. Payments …

.07 Loan Terms and Requirements. A. Loan Amount. (1) The Program shall determine limits on loan amounts from time to time. (2) In making the determination under §A(1) of this regulation, the Program may consider factors including the following: (a) Regional costs of affordable ho…

.08 Fees. A. The Program may set a maximum fee that mortgage lenders can charge borrowers to process the application for a loan. The fee may be financed as part of the loan. B. At loan closing, the borrower may be charged not more than customary and usual amounts for settlement c…

.09 Program Operation. A. The Program shall establish procedures to operate the Program. B. The Program may: (1) Provide for a process by which mortgage lenders are certified to originate, sell, and service the loans; (2) Enter into servicing agreements with mortgage lenders or o…

.10 Default. In the event of default, as provided in the legal documents, the Department may: A. Modify the rate of interest; B. Defer payment of principal, interest, or both; C. Modify the term of the loan; D. Modify the loan in any other way in order to promote repayment of the…

.11 Waiver. The Secretary may waive or vary particular provisions of these regulations to the extent that the waiver is not inconsistent with the Act if: A. Conformance to the requirements of any federal, State, or local programs in connection with a loan necessitates waiver or v…

.12 Program Administration. A. An action or decision required or permitted to be taken or made by the Department pursuant to the Act or these regulations, except for waiver under Regulation .11, may be taken by the Director of the Division of Housing Finance of the Department, or…

.13 False Statements. A borrower who knowingly makes or causes to be made a false statement or report, whether in the nature of an understatement or overstatement of financial condition or any other fact material to the Department's action, shall be subject to immediate accelerat…

.14 Severability. The provisions of these regulations are severable. A judgment by any court of competent jurisdiction finding or declaring that any provisions of these regulations or the application of any provision to any person or circumstance is invalid does not affect the va…

.01 General. These regulations prescribe the policies, procedures, and authorizations for making home equity mortgage loans, with principal and interest repayment deferred, to elderly homeowners of limited income.

.02 Objective. The objective of the Program is to provide an eligible borrower with a line of credit, secured by the borrower's home, which is based on the equity in the home and the age of the borrower. The loan proceeds are to be used for housing-related expenses and other pers…

.03 Definitions. A. The following terms have the meanings indicated. B. Terms Defined. (1) “Act” means Housing and Community Development Article, Title 4, Subtitle 8, Annotated Code of Maryland, as amended. (2) “Borrower” means an applicant who receives a loan through the Program…

.04 Eligible Borrowers. A. Each individual borrower and each joint borrower, shall meet the following requirements: (1) Be at least 65 years old; (2) Have a total household income which does not exceed the limits established by the Department from time to time; (3) Have the legal…

.05 Eligible Homes. A. The home shall meet the following requirements: (1) Be the primary residence of the individual borrower, or at least one of the joint borrowers; and (2) Be real property owned by the individual borrower, or all of the joint borrowers, in fee simple or under…

.06 Eligible Uses. A. The proceeds of the loan may be used to pay the following costs and expenses: (1) Necessary home repair, home maintenance, adaptation, or modification; (2) Ongoing housing expenses, including: (a) Payoff of the existing mortgage or mortgages, (b) Property ta…

.07 Loan Terms and Requirements. A. Each loan shall be made subject to the requirements of this regulation. B. Equity in the Home. The equity in the home shall be determined by subtracting any existing indebtedness on the home from the value of the home. At the time of applicatio…