Md. Code Regs. 05.03.03.10

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

Section 05.03.03.10 - 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 to the Department and the Office of the Attorney General.

C. Title. The Program shall require a title binder or property and judgment report, which shall be updated for the closing. The binder or report shall be in a form, and prepared by a company, acceptable to the Program, and the contents of the binder or report shall be acceptable to the Program. The Program may require additional evidence that title to the eligible residence is vested in the borrower and is subject only to exceptions and encumbrances acceptable to the Program.

D. Charges and Fees. The borrower is responsible for paying closing costs. Payment may be made directly by the borrower or may be financed by the Program loan in accordance with Regulation .06A(3), above.

Md. Code Regs. 05.03.03.10

Regulations .10 (Emergency Mortgage Assistance Program) adopted effective April 30, 1990 (17:8 Md. R. 975)