Md. Code Regs. 05.03.02.22

Current through Register Vol. 51, No. 24, December 2, 2024

Section 05.03.02.22 - 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 the Program. Copies of these guidelines shall be available for examination at the offices of the applicable mortgage lenders, servicers, and developers and at the Administration's principal office. The Administration, upon request, shall make copies available to the public without charge.

B. Fees. The Administration may charge any commitment fees, application fees, nonusage fees, or other fees, charges, or penalties to applicants, mortgage lenders, servicers, developers, or other individuals or entities that participate in the Program. The Administration may restrict the fees and charges that mortgage lenders, servicers, developers, or other Program participants obtain from mortgagors or applicants.

C. Delegation. In addition to authorized officers identified in Regulation .03B(4) of this chapter, the Secretary may delegate to any other official or employee of the Department or Administration the authority to execute or approve any program documents or loan documents.

D. Designation of Proceeds. The Secretary may from time to time designate use of any portion of the proceeds available under the program for any purpose of the program consistent with the Act and the applicable bond certificates.

E. Waiver. The Secretary may waive or vary particular provisions of these regulations if in the written determination of the Secretary the waiver or variance is:

(1) Not inconsistent with the Act and is not contrary to the provisions of any applicable bond certificate and application of the regulations in a specific case or in an emergency situation would be inequitable or contrary to the purposes of the Act; or

(2) Necessary to comply with the regulations of the Code or any federal agency.

F. Reconsideration. An applicant, developer, mortgage lender, or servicer dissatisfied with any decision of the Administration may request reconsideration by writing to the Director of the Program. An initial decision or reconsideration of a decision is not a contested case within the meaning of the Administrative Procedure Act or COMAR 05.01.01.

G. Books and Records. Mortgage lenders, servicers, and developers shall maintain complete books, accounts, and records regarding all transactions under the Program. These shall be maintained and available for inspection by the Administration or other representatives of the State until at least 3 years after the termination of all contractual relationships with the Administration. The Administration may make any examination that it considers necessary to monitor compliance with the program documents or other documents, the Act, any applicable provisions of the Code, the applicable bond certificate, and these Regulations.

H. Requirements of the Code. The requirements of the Code, which shall be determined by the Administration in its sole discretion, shall take precedence over the requirements of this chapter in the event of any conflict or omission.

Md. Code Regs. 05.03.02.22

Regulations .22 adopted as an emergency provision effective April 23, 1980 (7:10 Md. R. 949); adopted permanently effective September 5, 1980 (7:18 Md. R. 1737)
Regulations .22 adopted effective July 30, 1984 (11:15 Md. R. 1329)