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TITLE 5 BANKING
DELAWARE ADMINISTRATIVE CODE
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2200 Licensed Lenders
2203 Schedule of Charges
5 Del.C. §§2218(a) and 2231
Effective Date: April 11, 2014
1.0 Itemization of Charges
1.1 Each licensee shall maintain itemizations of the current charges that the licensee uses in consumer
transactions. The itemization shall identify all charges that the licensee may collect from its customers for a
particular type of transaction. Separate itemizations must be prepared for revolving transactions, closed-end
transactions, short term consumer loans as defined in 5 Del.C. §2227, title loans as defined in 5 Del.C. §2250,
and real estate secured transactions. Each itemization must be dated as of the most recent change in any
charge and may contain value ranges to reflect the different costs of credit that may vary with risk or rate. Each
itemization shall clearly identify the specific type of loan to which it applies.
1.1.1 For closed end transactions, separate itemizations must be prepared for short-term consumer loans as
defined in 5 Del.C. §2227 and title loans as defined in 5 Del.C. §2250.
1.1.2 For real estate secured transactions, separate itemizations must be prepared for revolving loans and
closed-end loans.
1.2 Each licensee shall furnish every applicant with a copy of the appropriate itemization of charges when the
application is made.
1.2.1 An explanation of the contents of the appropriate itemization satisfies this requirement for telephone
applications.
1.2.2 Website screens containing the appropriate itemizations satisfy this requirement for electronic
applications. The applicant must affirmatively acknowledge receipt of the appropriate screens before
completing an application.
1.2.3 A Good Faith Estimate issued in accordance with the Federal Real Estate Settlement Procedures Act, as
amended, satisfies this requirement for real estate secured transactions covered by that statute.
1.3 Each licensee that provides short term consumer loans as defined in 5 Del.C. §2227 or title loans as defined in
5 Del.C. §2250 shall prominently post its itemization of charges for those loans:
1.3.1 in plain view in an area easily accessible to its customers at the entrance to every office open to the public;
and
1.3.2 on any internet website it maintains related to those loans.
2.0 Licensee Compensation
2.1 A licensee may receive any form of compensation that is allowed under 5 Del.C. Ch. 22 and not prohibited by
any applicable federal statute or regulation.
2.2 Compensation cannot exceed any maximum allowed by any applicable State or federal statute or regulation.
2.3 Charges for fees paid to a third-party cannot exceed the amount paid to that party for the particular service
provided.
2.4 All forms of compensation that a licensee receives from a customer must be specified in the licensee’s
agreement with that customer for a licensee to receive payment.
2.5 A licensee may not receive any compensation for mortgage loan modification services as defined in 5 Del.C.
§2245 prior to the execution of a written contract that describes in detail all such services that the licensee will
perform and all compensation that the licensee will receive for those services. Any compensation that a
licensee receives in advance of the completion of all such services may not exceed $250, and a licensee’s total
compensation for such services must be limited to an amount that is customary and reasonable for those
services in this State.
3.0 Charges for Revolving Credit
A licensee may collect the following charges for revolving credit as allowed by of 5 Del.C. Ch. 22, Subch. II:
3.1 interest, including interest at variable rates;
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DELAWARE ADMINISTRATIVE CODE
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3.2 a periodic charge for privileges made available to the borrower;
3.3 transaction charges;
3.4 a minimum charge for each scheduled billing period during which there was an outstanding unpaid balance;
3.5 fees for services rendered in good faith by the licensee or its agents in connection with the loan;
3.6 reimbursement for expenses incurred in good faith by the licensee or its agents in connection with the loan;
3.7 late or delinquency charges;
3.8 attorney fees incurred by the licensee as a result of a default by the borrower;
3.9 court, alternative dispute resolution, or other collection costs (including collection agency fees) incurred by the
licensee as a result of a default by the borrower; and
3.10 returned check charges and charges for the denial of electronic account debits limited to the amount specified
in the licensee’s agreement with its customers. A customer may be assessed only one such charge per item.
4.0 Charges for Closed End Credit
A licensee may collect the following charges for closed end credit as allowed by 5 Del.C. Ch. 22, Subch. III:
4.1 interest, including interest at variable rates;
4.2 fees for services rendered in good faith by the licensee or its agents in connection with the loan;
4.3 reimbursement for expenses incurred in good faith by the licensee or its agents in connection with the loan;
4.4 late or delinquency charges;
4.5 charges for deferred installment payments;
4.6 attorney fees incurred by the licensee as a result of a default by the borrower;
4.7 court, alternative dispute resolution, or other collection costs (including collection agency fees) incurred by the
licensee as a result of a default by the borrower;
4.8 deferral charges; and
4.9 returned check charges and charges for the denial of electronic account debits limited to the amount specified
in the licensee’s agreement with its customers. A customer may be assessed only one such charge per item.
5.0 Charges for Real Estate Secured Credit
In addition to the charges allowed under §§3.0 and 4.0 of this regulation, a licensee may collect the following
charges for credit secured by residential real estate. For each separately identified charge paid to a third party,
the name of the party ultimately receiving the payment must be disclosed together with the total amount paid to
that party. Average charges for fees paid to third parties are permissible provided they are calculated in
accordance with the Federal Real Estate Settlement Procedures Act, as amended, and the regulations
thereunder.
5.1 Rate Lock Fee: The fee for the commitment of a specific interest rate to be held for a specified period of time.
5.2 Origination Charge: All fees, other than points, received as compensation for loan origination services. All loan
origination charges, including but not limited to, processing, application, administration, underwriting,
document preparation, wire, lender inspection, mortgage broker fees, and fees for loan handling, shall be
included in the origination charge.
5.3 Points: The fee charged or credit received for the specific interest rate chosen.
5.4 Appraisal Fee: The fee charged for a written report as to the value of the security tendered.
5.5 Credit Report Fee: The fee charged for all credit reports obtained from credit reporting agencies.
5.6 Tax Service Fee: The fee charged for certification of the current tax status of the security tendered, and for lifeof-loan monitoring of tax and improvement lien payments as they become due.
5.7 Flood Certification Fee: The fee paid for determining whether the security tendered is or will be located in a
special flood hazard area. The fee may also include the cost of life-of-loan monitoring.
5.8 Funding Fee: The fee charged by a governmental agency to originate and guarantee a mortgage loan.
5.9 Odd Days Interest: The interest that accrues on the principal balance of the loan between the date of
settlement or disbursement and the date of the first loan payment.
5.10 Mortgage Insurance Premium: The premium due at settlement for mortgage insurance to protect the lender or
investor from losses due to future default of the mortgage loan.
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5.11 Homeowner’s Insurance Premium: The premium due at settlement for homeowner’s hazard insurance,
exclusive of amounts collected in escrow reserves.
5.12 Credit Related Insurance Premium: The premium due at settlement for credit life, health or disability insurance.
All such insurance must be elective, and all such premiums are subject to the limitations contained in Title 18 of
the Delaware Code and applicable Insurance Commissioner Regulations.
5.13 Escrow Reserves: The amounts collected for reserves, including but not limited to, homeowner’s insurance,
mortgage insurance and property taxes. Escrow item calculations and cushions shall be subject to the
limitations specified in the United States Real Estate Settlement Procedures Act, as amended, and the
regulations thereunder.
5.14 Title Insurance Premium and Title Services Fees: The premium for lender’s title insurance and related
endorsements. At the request of the borrower, such amount may include owner’s title insurance and related
endorsements in addition to lender’s coverage. The fees for title services include the cost of the title
commitment, certificate, search, examination, binder and direct compensation paid to the agent and the
underwriter.
5.15 Attorneys Fee: The legal fees paid to an attorney who is not an employee of the licensee, its parent entity, or
other affiliate, for services to secure or close the loan. The services may include the preparation of deeds,
mortgages, notes and other services rendered to the borrower as part of the transaction.
5.16 Government Transfer Taxes and Recording Fees: The taxes and fees paid to local and state governments for
the transfer of real estate and for the recording of documents associated with the transaction.
5.17 Property Survey Fee: The fee to obtain a drawing that delineates the exact boundaries of the security
tendered, including lot lines and placement of improvements on the property.
5.18 Inspection Fees: The fee for a written report as to the physical condition of the security tendered, including but
not limited to, pest inspections, lead-based paint inspections, radon inspections, structural inspections and
inspections of heating, plumbing or electrical equipment. Inspection fees may include fees for insurance or
warranty coverage, provided such insurance or coverage is itemized separately.
5.19 Prepayment Charges: The fee imposed in connection with the payoff and termination of a revolving credit plan
or closed end loan.
5.20 Incidental Closing Fees: The fee for any other necessary and appropriate settlement service such as an
assumption fee. Such fee must be actually incurred and specifically identified and itemized.
6.0 Disbursements to Mortgage Loan Brokers
A licensee shall disburse funds to a mortgage loan broker only in accordance with the broker’s agreement with its
customer.
7.0 Miscellaneous
Notwithstanding the provisions of this regulation, licensees who make mortgage loans pursuant to the rules,
regulations, guidelines and/or loan requirements established by State of Delaware or federal governmental or
quasi-governmental entities (including, without limitation the Federal Housing Administration, the Department
of Veterans Affairs, the Farmers Home Administration, the Government National Mortgage Association, the
Federal National Mortgage Association, and the Federal Home Loan Mortgage Corporation or their
successors) may charge any fees permitted under a lending program conducted or supervised by any such
entity.
3 DE Reg. 653 (11/01/99)
17 DE Reg. 994 (04/01/14)
Malcolm Crane joined Fairway Independent Mortgage Corporation in 2018 as Branch Manager with over 10 years of experience in the mortgage industry. Throughout his career Malcolm has originated over $500 million in residential loan volume and is recognized as one of the top VA originators in the country. Click to Read More
The staff was very prompt, effective and efficient with their correspondence and always thorough with their request which made everything move along nice, fast and very smooth.
- Charlene G.
Owings Mills, MD Jun 15, 2020
Great experience
- ESTELLE M.
Temple Hills, MD Apr 27, 2020
The process was explained well by Malcolm
- Howard D.
Columbia, MD May 31, 2020
I appreciate the time that you guys spent helping me understand the process of buying a house Man it’s so many different things like working around my schedule knowing I work long hours and everything in closing a deal thank you Malcolm!
- Robert M.
Baltimore, MD Jun 19, 2020
Malcolm always kept us up to date on the loan status. He explains each step thoroughly and shares what he expects is coming next.
- Joseph L.
Baltimore, MD Apr 11, 2020
We've used Malcolm on many of our loans. He has always been a true professional in his field of work. We also consider him as a
Friend.
- Roxane B.
Winter Garden, FL May 6, 2020
Effortless and expedient service
- Montii O.
Waldorf, MD May 6, 2020
Professionalism, Responsiveness, Transparency
- Lewis M.
Silver Spring, MD Jun 4, 2020
all the team was professional during the process.
- WILFRIED P.
Temple Hills, MD Apr 24, 2020
The people that worked with me. The whole team attitudes were great. They took time with me. Thank you
- Loretta M.
Baltimore, MD Apr 18, 2020
Malcolm patiently explained every step of the process. He was thorough and efficient. I would definitely recommend Malcolm.
- Robert K.
Fredericksbrg, VA Apr 29, 2020
Malcolm is the consummate professional. He is always readily available to handle any questions or concerns that you may have during the process. His attention to detail was second to none, and as a U.S. Veteran focus and detail are paramount. We highly recommend Malcolm and his team!
- Antonio M.
Charlotte Hall, MD May 28, 2020
Excellent service, I will always go Malcolm and his team for these services.
- Alexander H.
Chantilly, VA Jul 1, 2020
Him and his team was very helpful throughout the process and made sure I was up to date
- Alejandro J.
Baltimore, MD Jun 14, 2020
Malcolm is great! Malcolm is honest and very helpful for any situation. If you are a person who is on the fence to apply for a loan or look in to refinance....don't wait longer...call Malcolm immediately.
- Matthew D.
Middletown, MD Jun 22, 2020
Malcolm and team helped me and my wife close our dream home in 17 days! With me being a first time buyer, clear and transparent communication was key for me and thats what he provided. Malcolm was very knowledgeable, easy to reach and was with us from start to finish to make sure our loan was closed. I always felt comfortable and confident throughout the process and that’s because of Malcolm’s guidance. Im referring all of my friends and family to Malcolm because of the amazing experience.
- Mark D.
Rosedale, MD Jun 16, 2020
He did exactly what he said he would do and he was there to answer questions
- Richard S.
Baltimore, MD Jul 4, 2020
Great communication, constant updates and avaible for calls at any time.
- Paul D.
Dumfries, VA Jun 19, 2020
Very professional, patience..
- Anthony P.
Baltimore, MD Jun 9, 2020
Malcolm and his team worked quickly to get us squared away, and were very responsive to questions and concerns.
- Michael C.
Bethesda, MD May 30, 2020
They were very patient with me
- Anago C.
Washington, DC Jun 7, 2020
It was a smooth process. I was approved on time to move to my new home to get family settled. Malcom and team were on top of the how process.
- Agyemang A.
Columbia, MD Apr 19, 2020
The efficiency and speed of the approval process was phenomenal. Also the pleasant attitude and accessibility of Malcolm and Lindsay helped to minimize the stress and worry that is oftentimes associated with buying a new home. They were both were very patient and always willing to answer any questions or concerns. Overall it was a wonderful experience! Thank you!
- Johnny N.
Marriottsville, MD Apr 11, 2020
Everyone was very personable and had pretty reasonable response time.
- Ashley M.
Hyattsville, MD Apr 29, 2020
Everyone was very professional. They were available and answered all my calls and questions in a timely manner. We were able to complete the whole process in a couple of weeks. Great team.
- Kai S.
Woodbridge, VA Jun 9, 2020
Malcom is great!
- Katherine W.
Glen Arm, MD Jun 21, 2020
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- Katharine L.
Dumfries, VA Jun 19, 2020
My experience with Malcolm and his team was easy and smooth. I really couldn’t ask for better people to work with. From my interest rate, keeping me informed of the process, down to the people; I am pleased and happy. Now I’m a new homeowner!
- Brittany G.
Baltimore, MD May 9, 2020
Malcolm and his team provides excellent customer service! He is an expert at accessing your refinancing needs and recommending the most optimal solution. I have worked with him for several years and would gladly recommend him to friends and family. Thank you greatly Malcolm for your quality service!
Freda
- Freda P.
Gainesville, VA May 17, 2020
From my first inquiry up to, and including the closing experience, every individual that I encountered in this organization even with their external providers, exuded a level of professional excellence in the part that they played throughout my Refinance process; this confirmed my belief that the Crane organization cares very much about its Customers in the way they involve individuals and contractors to deliver nothing but the BEST Services to Clients!
- David O.
Haymarket, VA Mar 29, 2020
This is the second time we have worked with Malcolm on a mortgage and he is the quintessential professional. He is responsive, sets out the process and timeline in a very precise, clear, manner and stays fully engaged through the entire process. I would not hesitate for a second to recommend friends and family to contact Malcolm for any mortgage needs.
- Richard L.
Columbia, MD Apr 7, 2020
Malcolm answered all my questions and was super patient with me. I would recommend him to anyone.
- Seana M.
Jefferson, MD Jun 5, 2020
Malcom and his staff were very attentive and answered all my questions in a timely manner. Very professional too! Thanks!
- Karen M.
Purcellville, VA May 5, 2020
They did them most important thing I needed them to do and that’s close the deal.
- Willie B.
Edgewood, MD Apr 18, 2020
Malcolm is consummate professional. When we work together I never doubt if everything will go smoothly and I know the effort to put clients first is mutual.
- Laurel M.
Kensington, MD Jun 7, 2020
Malcolm Crane did an amazing job. He’s very knowledgeable and was there day or night to answer any questions. We closed two weeks earlier than expected which was amazing!
- Laura A.
Germantown, MD May 19, 2020
Working with Malcolm and his support staff was just an awesome experience. They were part of my dream team and made this process run a lot smoother than I had expected. Malcolm was always available to take my call/emails/texts no matter that day or time. He even returned my call while vacationing in Cabo for his birthday! Malcolm and his staff were very pleasant, professional and timely - they definitely got the job done.
- Rosenza B.
Baltimore, MD Apr 9, 2020
Timely communication, knowledgeable expert and quick delivery of service.
- Joshua R.
Baltimore, MD Jun 23, 2020
Malcom made the refinance process extremely easy, i trusted him to guide me in the right direction, he saved me a great deal of money on my mortgage. He’s honest and extremely knowledgeable about the right route to take during this process, i would recommend him to anyone , truly great experience
- Jamie D.
Bel Air, MD Mar 24, 2020
Malcolm and his team was very informative, easy to contact, and ensured that this process was as painless as possible for me.
- Carina F.
Fort Washington, MD Apr 26, 2020
Malcolm was always available and ready to answer any of my questions. He and his team made the process easy and expedient.
- Tierra L.
Randallstown, MD Mar 29, 2020
Everything from day one made this a great experience. Just the knowledge and experience that was brought to the table made the process exceptional smooth. I highly recommend Malcolm and his team to everyone.
- Wanda S.
Pasadena, MD May 16, 2020
Malcolm and his team effectively communicated with us as well as our agent. His knowledge and advice to us was superb
- Leslie S.
Owings Mills, MD Jul 2, 2020
Malcolm and his team were awesome! He’s very responsive. Great with communicating the processes and really care about his clients.
- Linzy J.
Parkville, MD Mar 27, 2020
Malcolm and his team from start to finish were very thorough and explained each step of the process. I would highly recommend Malcolm and his team to anyone looking to purchase a home.
- Damion S.
Owings Mills, MD Jul 4, 2020
We were very pleased at the how seamless the process was and the friendly interactions. Great support from the team overall and we felt like we won throughout our loan process.
- Antwone D.
Olney, MD May 27, 2020
The quality of service is outstanding. Everything was done in a timely manner and the communication was crisp and effective. Each representative played a major role in fulfilling the buyers needs leading to a smooth and comfortable transition through the process.
- Jordan D.
Baltimore, MD May 1, 2020
Malcolm knows the mortgage business. This is my second home purchase with Malcolm. I also completed a redo with Malcolm a few years ago. His team is superb. Not only will I make referrals, I also plan to continue using Malcolm and his team for any future mortgage needs.
- Oritta E.
Leesburg, VA May 3, 2020
Communication
- Robert G.
Boonsboro, MD Jul 4, 2020
Malcolm and his team including Lindsay and Ashley the ones I dealt with were magnificent . They were extremely Professional and pleasant, always willing to help. Malcolm in particular was a man of his word and went out of his way to help. Class personified all the way!
Whether you’re looking to buy, build or refinance your home, our experienced mortgage professionals are here to help. Here at Fairway Independent Mortgage Corporation, we offer a variety of loan options that can help you achieve homeownership with the speed and service you deserve. Plus, our mortgage professionals are dedicated to finding the right loan with great rates, terms and costs to meet your specific needs.
Financing a home is one of the biggest commitments you will ever make - let us help guide you throughout the entire loan process from application to closing and beyond. We look forward to putting our mortgage service to work for you!
Why Fairway?
It's our goal to exceed your expectations, guarantee your satisfaction, and earn your trust.
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, License No 41DBO-78367. Licensed by the Department of Business Oversight under the California Finance Lenders Law, NMLS #2289. Loans made or arranged pursuant to a California Residential Mortgage Lending Act License.
