Md. Code Regs. 05.03.06.10

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

Section 05.03.06.10 - Operations and Administration

A. Forms and Documentation.

(1) The application and the loan shall be made upon form documents prescribed by the Administration.

(2) If application is being made for a forward commitment of permanent take-out financing by a developer, sufficient information and documentation shall be provided to determine the extent, if any, to which the project will change the type of use or increase the intensity of the existing use of the property.

B. Delegation of Authority. An action or decision required or permitted to be taken or made by the Department under the Act or these regulations, except for actions when the Secretary is designated, may be delegated by the Secretary.

C. Allocation of Funds. The Secretary from time to time may designate use of any portion of the moneys available under the Fund for a particular purpose consistent with the Act and the General Bond Certificate.

D. Operational Manuals. The Administration may establish, from time to time, operational handbooks or manuals governing matters relating to the Fund including descriptive statements of procedures which do not affect directly the rights of, or the procedures available to, the public.

E. Loan Servicing. The Administration may enter into servicing agreements with loan servicers acceptable to the Administration for the servicing of loans made under this chapter.

F. Power of the Administration. With respect to loans made under this chapter, the Administration may do any of the following:

(1) Assign a mortgage or deed of trust for value;

(2) Release a mortgage or deed of trust;

(3) Foreclose a mortgage or deed of trust;

(4) Acquire property securing a loan in default;

(5) Encumber, sell, or otherwise dispose of property acquired in connection with a loan in default;

(6) Obtain and seek enforcement of a deficiency judgment;

(7) Forbear; or

(8) Restructure the loan.

Md. Code Regs. 05.03.06.10

Regulation .10A amended effective January 2, 1994 (20:25 Md. R. 1941)