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Maryland

Federal Court Inspects Maryland’s Restrictions on Inspection Fees

November 15, 2019 By Nanci Weissgold and Anoush Garakani

A&B Abstract: Maryland’s inspection fee statute has been interpreted by the Maryland Court of Appeals and the Maryland Office of the Commissioner of Financial Regulation (“OCFR”) to apply both at the time of origination and throughout the servicing of a residential mortgage loan.  More recently, a lower federal district court decision came to a different […]

Filed Under: Consumer Loan, Mortgage Loans, State Law Tagged With: Case law, Inspection Fees, Maryland, Mortgage Servicing

Maryland Clarifies New Net Worth Requirements for Mortgage Servicers

July 28, 2019 By Nanci Weissgold

A&B Abstract: Effective October 1, 2019, the Maryland Commissioner of Financial Regulation will impose new net worth requirements on licensees. Importantly, Maryland servicing licensees without GSE approvals may not use a line of credit to satisfy the net worth requirements. However, mortgage servicers may include mortgage servicing rights in the calculation of tangible net worth.  […]

Filed Under: Licensing, Mortgage Loans, State Law Tagged With: GSE servicing, Maryland, tangible net worth

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