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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
Malcolm and his group were very responsive. I enjoy their personable service. They were very helpful with answering all our questions. I will recommend them to everyone whose purchasing a home.
- Alicia T.
Baltimore, MD Jul 5, 2021
Wonderful experience
- Towlya K.
New Cumberland, PA Aug 17, 2021
Malcolm and his team were very kind, professional and quick to respond. Malcolm really helped explain things in a way where I could understand as a first home buyer. This was a very smooth, pain free process and I’m very thankful for Malcolm and the whole team!!
- Grace K.
Middle River, MD Jun 1, 2021
We got the best rate and cash to close possible. The whole team was extremely responsive and helpful throughout the whole process.
- Kate P.
Stafford, VA Jun 8, 2021
Malcolm and his team were great! Hardworking, honest, informative, efficient, and always available when I needed them! As a first time home buyer, I couldn't ask for anything else. I'm extremely appreciative for him and his team.
Best,
Taylor
- Taylor P.
Odenton, MD Aug 18, 2021
The entire process was smooth and quick. Malcolm’s entire team was friendly and stayed on top of documents that needed to be completed for a quick closing date. I would recommend Malcolm and his team to EVERYONE!
- Aimee L.
Havre De Grace, MD Jul 17, 2021
The communication from the team and their willingness to get the loan closed on time. Even during stressful times, you were able to guide us through the process. Thank you for your professionalism, responsiveness, timely communication, and ability to get things done.
- Isha G.
Brandywine, MD Jul 31, 2021
👍
- Karen H.
Forest Hill, MD May 25, 2021
The whole Experience, Malcolm made me feel very comfortable by staying in contact and explaining the process in detail.
- Solomon M.
Parkville, MD May 4, 2021
The consistent communication.
- Tony B.
Portsmouth, VA Jul 4, 2021
Speed and execution
- Dontae J.
Woodbridge, VA Aug 10, 2021
The experience from start to finish was exceptional. Malcolm showed industry experience, knowledge and professionalism through the entire process and I really appreciated this as a first time homebuyer. His team was also very professional and helpful. Being able to close quickly was one of the reasons my offer was accepted. Malcolm and team delivered and I am so glad I chose him!
- Mickei M.
Upper Marlboro, MD May 6, 2021
Malcolm's dedication to meeting quick deadline during this process made all the difference!
- Arielle F.
Edgewood, MD Jul 23, 2021
Malcolm and his team were very responsive, patient and knowledgeable. I have and will continue to recommend Malcolm and his team!
- Gale G.
Lusby, MD Aug 29, 2021
Thank u mr crane for everything, the experience of working with u was very good, I can’t wait to we do it again🎉🍾
- Davanti C.
Baltimore, MD Jul 1, 2021
Malcolm is very knowledgeable. He called me to explain each process is I moved forward in the home buying process.
- Summer F.
Baltimore, MD Aug 1, 2021
The process went very smoothly. Everyone I spoke to was helpful and provided explanations when I had questions.
- Chantelle C.
Owings Mills, MD Jul 16, 2021
Malcolm and his team, as always, delivered quality service and closed on my refinance in record speed within 3 weeks! Thanks again for your excellent customer service!
Freda
- Freda P.
Gainesville, VA Jul 26, 2021
Loan turn over was great in time for closing fast. Communication was good as well throughout the process.
- Timothy S.
Baltimore, MD May 18, 2021
I really appreciated the constant updates regarding loan status. I liked the ease of the portal to upload and sign documents. I really liked the effort and efficiency of the entire team in getting my loan approved and cleared to close.
- Torena B.
Reisterstown, MD May 29, 2021
Malcolm and the team were incredible. I truly felt “seen” in this process, as if I was his only client. He was so knowledgable and really “on it” with communication. Thank you so much. When I meet folks who need a good lender I will definitely be referring them to Malcolm!
- Kendall I.
Temple Hills, MD Aug 19, 2021
Malcolm and his staff made my home buying experience top notch. Communications were great, any and all tasks given to me to complete were always given through detailed emails, phone calls and text. Deadlines were made clear at all times. My experience was made smooth and quick and I would definitely recommend them to anyone looking to purchase a new home.
- Lacresha W.
Baltimore, MD Jul 1, 2021
Honestly the communication and customer service. Being a first time home buyers your team was really great with answering all my questions.
- Amanda R.
Baltimore, MD Jun 5, 2021
Timely, courteous, flexible. Highly recommend!
- Katherine W.
Glen Arm, MD Jul 3, 2021
Understanding my concerns
- Debra M.
Baltimore, MD Aug 17, 2021
The attentiveness and professional approach to get closed on the house from start to finish. Very caring and concerned to make sure at every step of the way I knew I could reach out for assistance in the process. For that I am grateful for closing on my house.
- Charlene M.
Windsor Mill, MD Jul 20, 2021
My experience with Malcolm has truly been amazing. He is efficient, respectful, understanding, and helped to keep me calm throughout the process. It has been a great experience for buying my first home. Definitely would recommend to others and definitely will be using his services again in the future.
- Taryn D.
New Windsor, MD May 11, 2021
Malcolm crane and his team was very pleasant to work with. They we're very understanding, patience, kind and knowledgeable. If you're ever looking for a great team to help you with any financial situations it would be Malcolm crane at fairway.
- Regina A.
Randallstown, MD May 27, 2021
Malcolm and team make magic happen. We are so grateful for the hard work, dedication & experience that Malcolm brings to the table to get the job done. He works around the clock to ensure quick settlements & reliable pre-approvals that are critical in this real estate market. Malcolm will be our go-to money guy for life. Keep up the great work!
- Angelina S.
Parkville, MD May 6, 2021
Malcolm and his team are extremely professional. They are responsive and supportive. Malcolm has an energy that made me feel confident and trust that he was working in my best interest.
- Monique C.
Baltimore, MD Aug 10, 2021
The process was fast. His team knew what they were doing and very knowledgeable. I’d recommended them to anyone to his services. He kept me at ease the whole process.
- Joseph F.
Laurel, MD Aug 4, 2021
Malcolm and his team were very responsive and helpful throughout the process, even considering the hiccups we had with closing. Will absolutely recommend him to anyone looking for a new mortgage or refinance.
- Christian C.
Upper Marlboro, MD Jul 6, 2021
Omg! Malcolm’s positive energy made us feel like we were in good hands right away. He worked hard to help us land the home that we wanted in this crazy market. He responded promptly to all of our calls and kept us informed throughout the process along with brainstorming to get us the best deal. When we buy again we will be using him!! Malcolm was excellent!
We love him!
- Lyndon C.
Baltimore, MD Jun 12, 2021
Malcolm was amazing through this process. He explained everything clearly during the preapproval process. He was thorough and I had NO surprises while being under contract. I felt well prepared because he always made time to answer all of my questions. He is dedicated and he went above and beyond to meet my needs. I’ve had experiences with other lenders and none of them beat his passion and dedication; That’s how I know I was in the best hands and only Malcolm could get the job done!
- Nikalette B.
Reisterstown, MD Jun 8, 2021
I had a fantastic experience with Malcolm. Initially, I was supposed to be working with a Bank Of America lender, and 2 days before I was supposed to close, that lender dropoed the ball, and I was going to lose my house. Luckily, I was connected with Malcolm, and he assured me that if we had everything together, we could close within about 2 and a half weeks.
During the process, Malcolm was very supportive and answered any questions or concerns I had. I highly recommend working with him.
- Chanel B.
Baltimore, MD Aug 20, 2021
quick closing
- Joslyn W.
Owings Mills, MD Jul 1, 2021
Fairway team did amazing job well done 😊😊
- Tara S.
Baltimore, MD Aug 3, 2021
My settlement went very smooth especially with emailing, faxing and signing the documents on line and the short time it took to complete my refinancing. I knew exactly what to expect because of Malcolm Crain's expert knowledge informing me of the details and what would be required in our first telephone call. All emails received requesting documents were very clear and I especially was please to know when I had completed each stage. I would not hesitate to recommend your company.
- Louise H.
Crofton, MD Jun 24, 2021
Walk me through everything and if I need any assistance they responded to every Email and and the help was there.
- Richard S.
Baltimore, MD Jun 28, 2021
Communication was great. Process went smoothly.
- Tamera W.
Baltimore, MD Aug 29, 2021
Malcolm and his team did an excellent job with my transaction. They were responsive and reliable.
- Ivy B.
Washington, DC Jun 13, 2021
I recommend Fairway Mortgage Company. I was referred to them and I was very pleased. I am a First Time Homeowner and my experience was great. I closed less than 30 days within the time frame I needed in a few weeks and got a better settlement package than another company. Malcolm and his team are professional and passionate about helping you through the process. Good customer service and follow up.
- Arlene R.
Baltimore, MD Jun 7, 2021
Malcolm and his team were timely in communicating with us. He made the whole process feel very personable. This was a very pleasant first home buying experience.
- Danielle M.
Baltimore, MD Aug 10, 2021
Malcolm provided me with a deal that just could not be beat
- Tonia M.
HYATTSVILLE, MD Jul 3, 2021
Malcolm and his team made the entire process effortless. The way the team worked to get information to the customer with great follow up and their backup support for each other was superb.
- Shirley T.
Pikesville, MD Jul 13, 2021
Malcolm Crane and his team went above and beyond to get me the best interest rates, they had patience with the complicated circumstances I had prior to closing. They never gave up on the process and taught me quite a few things along the way. I am so grateful to have met and worked with Malcolm and his team. They played a huge part in me restoring my family legacy and for that I will forever be grateful and humbled. Thank you so much Malcolm Crane and the team for all you do.
- Melanie D.
Baltimore, MD Jun 7, 2021
From the time Malcolm returned my call it was constant and steady communication and I was able to close in 30 days!
- Tonya D.
Baltimore, MD Aug 7, 2021
Professional and knowledgeable. This is the second time having Malcolm assist us with the financing needs.
- Keith P.
Randallstown, MD Jul 18, 2021
Malcolm’s team was exceptional from start to finish. They were patient and professional with me. As a first time homebuyer the process can seem overwhelming. However, I felt like the team treated me like family. This type of professionalism kept me calm and confident with this deal. The team worked hard to get everything done. Again I was pleased with the level of service. Thanks again and I will refer others to the team.
- Kapreena C.
Baltimore, MD Aug 4, 2021
Malcolm and his team were very quick with any questions I had. They made the whole process pretty painless and quick. Awesome team to work with!
Thanks again!!!
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.
