Md. Code Regs. 05.03.05.10

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

Section 05.03.05.10 - Program Administration

A. Forms and Documentation. The application and the loan documents shall be made upon standard forms prescribed by the Program.

B. Application Fee. The Program may require an application fee for processing the loan.

C. Program Fund Allocations. It is the intent of the Department that Program funds be distributed Statewide to eligible applicants and borrowers. At the discretion of the Department, the Program may:

(1) Make Program funds available on a first come, first served basis;

(2) Give priority to a loan applicant or borrower whom the Program, in its discretion, determines:

(a) Is in imminent danger of losing title to the home or having to vacate the home for medical or safety reasons,

(b) Has no alternative source of funds to alleviate the problem, and

(c) Whose problem can be alleviated by a Program loan;

(3) Give priority, among eligible loan applicants, to those with less income or fewer assets, or both; or

(4) Use Program funds in a combination of § C(1)--(3), above.

D. Procedures. The Department shall establish procedures for operating the Program which may include:

(1) Internal operating procedures for making loans directly; or

(2) Procedures for directing financial institutions to make loans on behalf of the Department.

E. Delegation of Authority. An action or decision required or permitted to be taken or made by the Department pursuant to the Act or these regulations, except for actions where the Secretary is designated, may be taken by the Director of the Division of Housing Finance of the Department, or the Director's designee.

Md. Code Regs. 05.03.05.10

Regulations .10 adopted as an emergency provision effective May 16, 1989 (16:11 Md. R. 1212); emergency status expired November 15, 1989
Regulations .10 adopted effective December 11, 1989 (16:24 Md. R. 2616)