Section 4-805 - Powers of Department. - Maryland Statutes

§ 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. 
 

[An. Code 1957, art. 83B, § 2-612; 2005, ch. 26, § 2.]