§ 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.

HISTORY: An. Code 1957, art. 83B, § 2-612; 2005, ch. 26, § 2.