Section 4-805 - Powers of Department.
§ 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.]