Maryland Code, COMMERCIAL LAW 12-1205
Current as of: 2023 | Check for updates
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Terms Used In Maryland Code, COMMERCIAL LAW 12-1205
- 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
(a) A reverse mortgage loan that is not insured under 12 U.S.C. § 1715z-20 is not subject to the provisions in 12 U.S.C. § 1715z-20, or in any regulations or guidance adopted under 12 U.S.C. § 1715z-20, that:
(1) Limit origination fees to $6,000 as adjusted under 12 U.S.C. § 1715z-20(r);
(2) Impose maximum claim amounts or other loan limit restrictions; or
(3) Require government insurance for the loan.
(b) A lender or an arranger of financing is not subject to the federal regulatory approval requirements of 24 C.F.R., Part 202 when making or arranging a reverse mortgage loan that is not insured under 12 U.S.C. § 1715z-20.