Code of Maryland Regulations
Title 09 - MARYLAND DEPARTMENT OF LABOR
Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION
Chapter 09.03.06 - Mortgage Lending
Section 09.03.06.14 - Payoff and Accounting Statements-Releases

Universal Citation: MD Code Reg 09.03.06.14

Current through Register Vol. 51, No. 19, September 20, 2024

A. Within 5 business days after written request by the borrower, a licensee shall provide the borrower or the borrower's designee with a written statement of the dollar figure which will repay a loan in full.

B. Upon written request by the borrower, a licensee shall provide, within a reasonable time, but not in excess of 45 days, an accounting statement to the borrower, setting forth:

(1) All payments made on the loan;

(2) All amounts credited to principal and interest; and

(3) Any other charges.

C. If a loan is being serviced by a different entity than the licensee, this regulation applies when the servicer of the loan is in receipt of a written request from the borrower for a payoff or accounting statement.

D. Within 30 days from the date a loan is repaid in full, a licensee shall:

(1) Prepare and forward to the borrower documents sufficient for the borrower to obtain a release of the lien securing the loan; or

(2) Prepare and deliver to the appropriate city or county land records office documents which are sufficient to release the lien securing the loan.

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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