Maryland Administrative Code

.05 Eligible Property. Properties that are financed by mortgage loans insured by the Fund shall meet property eligibility requirements at the time of loan closing as follows: A. Be single family properties with not more than four units; B. Be located in the State; C. Have clear a…

.06 Eligible Borrowers. A person can be an eligible borrower subject to the following general requirements: A. The person shall be legally able to enter into contractual obligations; B. The borrower may not own any other real property at the time the insured mortgage loan closes,…

.07 Eligible Mortgage Loans. A. Mortgage loans shall meet the general eligibility requirements of this regulation. B. Security. (1) Mortgage loans shall be secured by a first lien against the mortgaged property. (2) Mortgage loans insured by the Fund shall be secured by real prop…

.08 Eligible Lenders. A. A lender shall meet the eligibility requirements of §B or C of this regulation in order to be approved for mortgage insurance issued by the Fund under the Fund master policy for primary mortgage insurance. B. The Fund will approve mortgage lenders that ex…

.09 Primary Mortgage Insurance Conditions. A. Application. (1) A lender shall submit an application in the form prescribed by the Maryland Housing Fund which shall contain a complete credit package and any other documentation required by the Fund. If documentation is incomplete, …

.10 Default Procedures. A. Notice of Delinquency. Notice of delinquency shall be submitted by a lender or its servicing agent to the Fund in writing within: (1) 45 days if the first payment due under the loan is not paid when due; or (2) 10 days after the account is in default fo…

.11 Termination of Insurance. Maryland Housing Fund insurance coverage may be terminated by the Fund at its discretion under the following conditions: A. The lender requests in writing cancellation of the insurance; B. A claim is satisfied by the Fund; C. The mortgage loan is pai…

.12 Forward Insurance Commitments. A. General. (1) The Fund may provide forward insurance commitments for permanent loans financing single family properties located in projects based upon a master appraisal for the project. (2) The Fund may limit the number of single family units…

.13 Arrangements with Other Insurers. A. The Fund is authorized to enter into reinsurance and coinsurance arrangements, as approved by the Secretary. B. The amount of any reinsurance or co-insurance may decrease the amount of the Fund reserves pledged to the Fund pool insurance p…

.14 Premiums and Types of Coverage. A. Premiums for Primary Mortgage Insurance and Coverage for Public and Private Lenders. (1) The Maryland Housing Fund may insure permanent single family mortgages originated by public and private lenders that have been approved by the Maryland …

.15 Claims. A. Filing. (1) A claim may not be settled by the Fund until the lender has: (a) Implemented the actions prescribed by the Fund to cure a defaulted mortgage loan; and (b) Submitted to the Fund an application for settlement of a claim. (2) A lender shall submit its clai…

.16 General Provisions. A. Waiver. The Secretary may waive or vary particular provisions of these regulations to the extent that the waiver is not inconsistent with the Act or with agreements to which the Fund may be subject if: (1) Conformance to the requirements of any federal,…

.01 General. This chapter describes the policies, procedures, and authorizations for selling single-family properties owned by the Department to eligible nonprofit organizations on terms defined in the regulations, for the purpose of resale to purchasers who will occupy the prope…

.02 Objectives. The basic objectives of the Program are to: A. Provide for the sale of single-family properties owned by the Department as a result of the Department's acquisition at foreclosure sale or by deed in lieu of foreclosure following a borrower default under the several…

.03 Definitions. A. In this chapter, the following terms have the meanings indicated. B. Terms Defined. (1) “Act” means Housing and Community Development Article, §§3-205, 4-805, and 4-909, Annotated Code of Maryland. (2) “Area of operation” means the geographic area the nonprofi…

.04 Purchase and Loan Transaction. A. Offer to Purchase. (1) An eligible nonprofit organization approved for participation in the Program as described in Regulation .05 of this chapter may make an offer to purchase an eligible property, as defined in Regulation .03B of this chapt…

.05 Eligible Nonprofit Organizations. A. A nonprofit organization may apply for approval to participate in the Program by submitting the following documents for review by the Division: (1) An application in the form required by the Division; (2) A certification in the form requir…

.06 Program Administration. A. An action or decision required or permitted to be taken or made by the Department under Housing and Community Development Article, §§3-205, 4-805, and 4-909, Annotated Code of Maryland, or this chapter, except for waiver under Regulation .07 of this…

.07 Waiver. The Secretary may waive or vary particular provisions of this chapter to the extent that the waiver is not inconsistent with the Act if, in the written determination of the Secretary, the application of a regulation in a specific case or in an emergency situation woul…

.08 Power of the Department. A. The Department may: (1) Assign a mortgage for value; (2) Release a mortgage; (3) Foreclose a mortgage; (4) Acquire property securing a loan in default; (5) Encumber, sell, or otherwise dispose of property acquired in connection with a loan in defau…

.01 General. These regulations set forth the policies, procedures, and authorization for: A. Issuance of mortgage insurance and credit enhancement under the general reserve established in COMAR 05.06.01.04A(5); and B. Agreements with mortgage lenders and mortgage insurers to shar…

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

.03 Eligible Property. A property financed by mortgage loans insured by the Fund shall: A. Be a residential property or type of property permitted under the Act; B. Have clear and merchantable title acceptable to the Fund; C. Conform to all applicable federal, State, and local bu…

.04 Eligible Borrower. A. A borrower shall establish to the satisfaction of the Fund the capacity to meet the financial obligations of the loan. B. A borrower shall have maintained a credit standing and history of financial management that is acceptable to the Fund.

.05 Mortgage Loan. A. A mortgage loan shall be secured by a lien against the mortgaged property. B. Real property securing a loan shall meet the requirements of the Fund. C. An escrow account for payment of taxes, insurance, homeowner association fees, condominium fees, or other …

.06 Eligible Lenders. A. The Department, or any agency of the Department, is an eligible lender approved for mortgage insurance issued by the Fund. B. All other lenders shall meet the eligibility requirements of §C or D of this regulation in order to be approved for mortgage insu…

.07 Mortgage Insurance. A. Application. If required by the Fund, a lender shall submit an application, in the form prescribed by the Fund, which shall contain a complete credit package and any other documentation required by the Fund. If documentation is incomplete, the credit ev…

.08 Premiums and Types of Coverage. A. Premiums for mortgage insurance shall be determined by the Fund from time to time for various programs and types of mortgage insurance. B. Premiums may be set at different levels for different categories of loans and loan programs depending …

.09 Default Procedures. A. The insured lender shall follow the procedures contained in the mortgage insurance policy upon default of an insured mortgage. B. Mortgage Assignment. The Fund may require a lender at any time to assign a delinquent mortgage to the Fund and file a claim…

.10 General Provisions. A. Waiver. The Secretary may waive or vary particular provisions of this chapter to the extent that the waiver is not inconsistent with the Act or with agreements to which the Fund may be subject if: (1) Conformance to the requirements of any federal, Stat…

.01 General. These regulations set forth the policies, procedures, and authorization for issuance of loan insurance and credit enhancement under the business reserve established in COMAR 05.06.01.04A and 05.06.06.04A.

.02 Definitions. A. In this chapter, the following terms have the meanings indicated. B. Terms Defined. (1) “Act” means Housing and Community Development Article, Title 3, Subtitle 2, Annotated Code of Maryland, as amended. (2) Business Project. (a) “Business project” means a pro…

.03 Eligible Property. A. Real property financed by loans insured by the Fund shall: (1) Have clear and merchantable title acceptable to the Fund; (2) Conform to all applicable federal, State, and local building, zoning, environmental, health, and housing codes; (3) Be insured wi…

.04 Eligible Borrower. A. A borrower may be an individual, partnership, or any other type of legal entity. B. A borrower shall establish, to the satisfaction of the Fund, the capacity to meet the financial obligations of the loan. C. A borrower shall have maintained a credit stan…

.05 Eligible Lenders. A. The Department, or any agency of the Department, is an eligible lender approved for insurance issued by the Fund under this chapter. B. All other lenders shall meet the eligibility requirements of §C or D of this regulation in order to be approved for ins…

.06 Insurance. A. Application. A lender shall submit an application, in the form prescribed by the Fund, which shall contain a complete credit package and any other documentation required by the Fund. B. Underwriting and Appraisal. An application for insurance received from an ap…

.07 Premiums. A. Premiums for insurance shall be determined by the Fund from time to time for various programs and types of insurance. B. Premiums may be set at different levels for different categories of loans and loan programs depending on the risk factors, which may include t…

.08 Default Procedures. A. The insured lender shall follow the procedures contained in the insurance policy or agreement upon default of an insured mortgage. B. The Fund may require a lender at any time to assign a delinquent loan to the Fund and file a claim in the full amount o…

.09 General Provisions. A. Waiver. The Secretary may waive or vary particular provisions of this chapter to the extent that the waiver is not inconsistent with the Act or with agreements to which the Fund may be subject if: (1) Conformance to the requirements of any federal, Stat…

.01 General. These regulations prescribe the policies, procedures, and authorizations for a program for financing or refinancing the acquisition, construction, and rehabilitation of local government infrastructure.

.02 Objective. A. The objective of the program is to provide an accessible and uncomplicated mechanism for local governments to secure financing or refinancing for the acquisition, construction, and rehabilitation of public infrastructure projects, including streets, bridges, bui…

.03 Definitions. A. The terms appearing in the Act have the meanings defined there and, in addition, the meanings used in these regulations. B. Terms Defined. (1) “Act” means Housing and Community Development Article, Title 4, Subtitle 2, Annotated Code of Maryland, as amended. (…

.04 Eligible Participants. A local government is eligible to participate in the program provided it: A. Possesses the legal capacity and all necessary legal authority to incur the obligations of the loan; B. Submits an application to the Department which identifies how the local …

.05 Eligible Projects. A. A project shall provide one or more of the physical elements which are the basis of a public service system. Eligible projects include, but are not limited to: (1) Water production, treatment, storage, and distribution systems; (2) Sewer collection and t…

.06 Eligible Uses and Costs. A. Proceeds of loans may be used to finance the costs associated with the planning, development, acquisition, construction, reconstruction, rehabilitation, or improvement of a project, including, without limitation, the following: (1) Costs of apprais…

.07 Loan Terms, Limits, and Requirements. A. Interest Rate. (1) The Administration shall establish or determine an interest rate or rates for the loans and corresponding local obligations, and other charges and fees, if any, that together with other moneys made available for thos…

.08 Application and Processing Procedures. A. Applications for participation may be accepted on a continuing basis by the Administration. B. The form of the application shall be prescribed by the Administration and shall include all supporting documentation specified in the appli…

.09 Loan Procedures. A. Loan Closing. Upon meeting all of the conditions stipulated for approval and the prerequisites to loan disbursement or settlement, the Administration's counsel shall prepare the required legal documents for closing prescribed by the Administration. The doc…

.10 Fees; Program Guidelines. A. Amounts and time of payment of any fees as may be required by the Administration shall be as provided in a fee schedule set forth and revised from time to time by the Administration. B. The Administration may establish from time to time detailed p…

.11 Books and Accounts. A. Local governments shall maintain such books, accounts, and records, and shall file with the Administration such financial and other reports as the Administration may from time to time require. All of these books, accounts, and records shall be open to t…