Maryland Statutes
Subtitle 8 - Maryland Home Financing Program
Section 4-805 - Powers of Department

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.

Structure Maryland Statutes