WILLIAM DONALD SCHAEFER, Governor Ch. 476

(1)  SECURED, IN WHOLE OR IN PART, BY ANY INTEREST IN
RESIDENTIAL REAL PROPERTY IN MARYLAND; AND

(2)  IN EXCESS OF $75,000.

(B) OTHER THAN THE REQUIREMENTS OF SUBSECTION (A) OF THIS
SECTION, A MORTGAGE LENDER MAY NOT BE IS NOT REQUIRED TO MAKE AN
INDEPENDENT INVESTIGATION TO OBTAIN INDEPENDENT EVIDENCE OF THE
COMMERCIAL PURPOSE.

11-522.

(A)  (1) IN THIS SECTION, "APPROVED SERVICER" MEANS A
MORTGAGE LENDER AS DEFINED UNDER § 11-501(J)(1)(III) OF THIS
SUBTITLE THAT IS A FEDERALLY APPROVED SELLER-SERVICER.

(2) "OUT OF STATE SERVICER" MEANS A MORTGAGE LENDER
AS DEFINED UNDER § 11-501(J)(1)(III) OF THIS SUBTITLE THAT HAS
ITS PRINCIPAL PLACE OF BUSINESS OUTSIDE THIS STATE.

(B)  A MORTGAGE LENDER THAT ENGAGES IN THE BUSINESS OF
SERVICING MORTGAGE LOANS FOR OTHERS THE LENDER OR ASSIGNEE OF THE
MORTGAGE LOAN OR COLLECTING OR OTHERWISE RECEIVING MORTGAGE LOAN
PAYMENTS DIRECTLY FROM BORROWERS FOR DISTRIBUTION TO ANOTHER
PERSON OTHERS THE LENDER OR ASSIGNEE OF THE MORTGAGE LOAN IS NOT
SUBJECT TO THE LICENSING AND BONDING REQUIREMENTS OF THIS SECTION
SUBTITLE IF THE SERVICER IS:

(1)  AN APPROVED SERVICER; OR

(2)  AN OUT OF STATE SERVICER.

(C)  AN APPROVED SERVICER OR OUT OF STATE SERVICER THAT
SERVICES MORTGAGE LOANS ORIGINALLY MADE IN THIS STATE SHALL:

(1) REGISTER WITH THE COMMISSIONER ON OR BEFORE EACH
JANUARY 1; AND

(2) FILE ANNUALLY WITH THE COMMISSIONER INFORMATION

SATISFACTORY TO THE COMMISSIONER. THAT THE MORTGAGE LENDER SHOULD
BE EXEMPT FROM THE LICENSING AND BONDING RETIREMENTS OF THIS
SUBTITLE.

(D)  AN APPROVED SERVICER EXEMPT FROM THE LICENSING AND
BONDING REQUIREMENTS OF THIS SUBTITLE SHALL BE EXEMPT FROM THE
PROVISIONS OF § 11-515(A)(1) OF THIS SUBTITLE TO THE EXTENT THE
APPROVED SERVICER IS SUBJECT TO EXAMINATION BY:

(1) THE FEDERAL HOME LOAN MORTGAGE CORPORATION;

(2) THE FEDERAL NATIONAL MORTGAGE ASSOCIATION; OR

(3) THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION.

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