Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 4-241
Current as of: 2023 | Check for updates
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Terms Used In Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 4-241
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
Except as required to qualify for insurance or guaranty by the federal government, a residential mortgage loan may not be assigned to or assumed by a person not qualified under the appropriate Administration program if the residential mortgage loan is:
(1) a new loan that the Administration purchases or in which the Administration purchases an interest;
(2) a loan made with the proceeds of purchase by the Administration of a residential mortgage; or
(3) a loan made with the proceeds of a loan from the Administration to a mortgage lender.