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§ 4-805. Powers of Department

MD House & Comm Dev Code § 4-805 (2019) (N/A)
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The Department may:

(1)    contract for services related to the Program;

(2)    contract with private mortgage servicers to perform on behalf of the Department functions the servicers ordinarily perform, including foreclosure and employment of counsel;

(3)    require payment of a nonrefundable application fee;

(4)    purchase or commit to purchase from mortgage lenders notes or mortgages that meet the requirements of this subtitle, any regulations adopted under it, and appropriate Program directives; and

(5)    without approval or execution by the Board of Public Works:

(i)    assign a mortgage for value;

(ii)    release a mortgage;

(iii)    foreclose a mortgage;

(iv)    acquire property that secures a loan in default;

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

(vi)    sell a loan at a discount or on other terms acceptable to the Department;

(vii)    transfer to the Fund money received on the sale of a loan under item (vi) of this item; and

(viii)    repurchase or pay the cost of servicing a loan that has been sold under item (vi) of this item with money in the Fund and on terms acceptable to the Department.

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