Md. Code Regs. 05.06.06.11

Current through Register Vol. 51, No. 22, November 1, 2024

Section 05.06.06.11 - Termination of Insurance

Maryland Housing Fund insurance coverage may be terminated by the Fund at its discretion under the following conditions:

A. The lender requests in writing cancellation of the insurance;

B. A claim is satisfied by the Fund;

C. The mortgage loan is paid in full;

D. A renewal premium is not paid after receipt of written notice from the Maryland Housing Fund;

E. Failure of the lender to comply with these regulations, the servicing manual provided by the Fund, or the Fund's primary or pool insurance policy, as applicable;

F. Modification of mortgage terms without the Fund's prior approval; or

G. Other action with respect to a defaulted mortgage loan without the Fund's prior approval.

Md. Code Regs. 05.06.06.11