Code of Maryland Regulations
Title 09 - MARYLAND DEPARTMENT OF LABOR
Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION
Chapter 09.03.06 - Mortgage Lending
Section 09.03.06.09 - Loan Processing
Universal Citation: MD Code Reg 09.03.06.09
Current through Register Vol. 51, No. 19, September 20, 2024
A. A mortgage lender:
(1) May not cause or permit
any loan to be characterized as a commercial loan if there are circumstances
known to the licensee which indicate that any portion of the loan proceeds will
not be used for commercial purposes;
(2) Which cannot guarantee acceptance of a
borrower's application into a particular loan program, shall disclose that fact
to the applicant in writing;
(3)
Shall keep an applicant generally informed of the progress of the processing of
a loan application in the event that problems arise in the processing or
underwriting of a loan which may delay closing; and
(4) Shall comply with all State and federal
laws and regulations applicable to a particular loan.
B. If a mortgage lender elects to make a loan under Commercial Law Article, Title 12, Subtitle 9 or Subtitle 10, Annotated Code of Maryland, the lender shall make that election in writing in the:
(1) Agreement, note, or other evidence of an
extension of closed end credit; or
(2) Agreement governing a revolving credit
plan.
Disclaimer: These regulations may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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