- A. The insured lender shall follow the procedures contained in the mortgage insurance policy upon default of an insured mortgage.
- B. Mortgage Assignment. The Fund may require a lender at any time to assign a delinquent mortgage to the Fund and file a claim in the full amount of the insurance.
- C. The right of the Fund to pursue a borrower for deficiency or loss exists in every case to the extent allowed by law and may be enforced at the discretion of the Fund.
- D. The Fund may refuse payment of a claim on the basis of fraud, misrepresentation, or material error or omission with respect to any claim.
Authority: Housing and Community Development Article,§3-207(a), Annotated Code of Maryland
Effective date: November 3, 2008 (35:22 Md. R. 1956)