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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 Crane was efficient, knowledgeable, approachable with our questions, and steadfast.
This was our first time as home buyers, he was able to break down the process, what to look out for. Patient with our many questions. Malcolm was able to get us a tremendous rate. He was very well connected and able to help us see the broad picture.
The turn around time with getting us the proper documents and set up was blindingly fast. We were able to close on our house in less than 30 days!
- Job B.
Baltimore, MD Feb 16, 2021
It was a pleasure to work with Malcolm and his team. They did a great job with communication during the process. Everything was thoroughly explained to me to ensure I understood the home buying process. He’s the best when it comes to numbers! I highly recommend Malcolm and his team.
- Akuila G.
Baltimore, MD Feb 15, 2021
.
- Norman L.
Baltimore, MD Mar 26, 2021
Malcom had such open communication and kept in constant contact.
- Brandi S.
Baltimore, MD Mar 10, 2021
I love how easy it is to use and upload documents to the Fairway online portal. I also like how Malcolm was able to answer all of my questions and made the whole process run smoothly from start to finish.
- Marvin M.
Baltimore, MD Apr 4, 2021
Malcolm and his team always provide top notch service. Malcolm is the best at working with each person on their goals/dreams and giving you the best options. Don’t hesitate....call Malcolm.
- Matthew D.
Middletown, MD Mar 2, 2021
First off the professionalism was a 10. Everything was throughly explained and all questions answered. Ensured I understood the home buying process.. Made me feel like i could trust him and his team to get the job done. Overall my home buying experience was amazing, I would definitely refer him to my friends and family.
- Marshell H.
Baltimore, MD Nov 26, 2020
Malcolm is very informative on all of the
steps for me.
Thanks for everything
Malcolm
- Dennis O.
Halethorpe, MD Mar 20, 2021
I work a lot so I don’t have too much spare time but the Crane team didn’t make the process overwhelming and they were all professional.
- Ronald S.
Rosedale, MD Dec 20, 2020
Malcolm know his stuff and is able to communicate it to layman very effectively
- Marco H.
Baltimore, MD Jan 29, 2021
If you want someone who who you can trust and who gets the job done, Malcolm is just that. He knows what he is doing and is the epitome of what all in his profession should strive to be. He has literally been my there since I bought my home and again as I decided to refinance. The staff and management at Fairway reputation is beyond reproach and is why I know what phenomenal service is. If you want someone who will be there throughout the process as you embark on home ownership journey.
- Gabrielle M.
Clinton, MD Mar 16, 2021
The process was quick, and there were people available to answer any questions. Great experience.
- Victoria C.
Cockeysville, MD Mar 9, 2021
Lindsay, was fantastic attentive and professional, Malcolm was straight forward, and honest.
- Michael G.
Aberdeen, MD Feb 14, 2021
OMG, where do I start. Malcolm and his staff has been very professional from the beginning to the end of my home loan process. I would recommend Malcolm to everyone. Even when I thought I was not going to qualify he assured me I had nothing to worry about. Great services.
- Sherlonda I.
Baltimore, MD Dec 20, 2020
I found Fairway to be professional, sensitive and accommodating and will refer family and friends if they are in need of a home loan lender. Also Malcolm Crane managed the process in a calm, respectful and knowledgeable manner. It was a pleasure working with Fairway during the entire process.
- Duane D.
Baltimore, MD Jan 12, 2021
Communication and professionalism
- Andrea J.
Baltimore, MD Mar 20, 2021
Yes... Very exciting due to being a 1st time buyer
- Torrea N.
Hagerstown, MD Feb 13, 2021
I purchased the house with my mother and the patience from Lindsey, Jeanine and Ashley was amazing and ensuring.
Now for Malcolm Crane, he is the ABSOLUTE BEST at what he does. HE WORKS FOR YOU, the passion he has to get you a great loan and the BRILLIANCE he has is nothing I ever experienced.
- Rany M.
Germantown, MD Jan 3, 2021
From start to finish this was the Best Experience in Exceeding a customer’s need. Every step of the way Malcolm and his team’s communication was on point and we never felt overwhelmed!
Thank You Malcolm and Team for a job Well Done!!!
- Donnell W.
Baltimore, MD Mar 29, 2021
Malcolm Crane's Team was extraordinary. They were diligent, professional and empathetic during this process. My husband and I would like to thank each and everyone person that had something to do with this process. May GOD bless all of you!
The Robinson's
- Keith R.
Baltimore, MD Mar 1, 2021
We had such a positive experience working with Malcolm and his team. Great and friendly with a super quick response time. Highly recommend you work with Malcolm!
- Stephen T.
Stafford, VA Dec 25, 2020
Malcom and his entire team were so kind and helpful, and made my first time home-buying experience seamless.
- Justina D.
Baltimore, MD Dec 15, 2020
Quick, efficient, and communicative
- Esterline V.
Baltimore, MD Jan 24, 2021
Malcolm and his team were awesome! They made the entire process, smooth and stress free! I would recommend him to anyone that is looking to re-finance their home!!!
- Robert C.
Middle River, MD Mar 6, 2021
It was easy , communication on each detail was prompt .
- Marion A.
Baltimore, MD Mar 15, 2021
Malcolm and his team were very attentive, they made sure I understood every step in the process and promptly addressed all of my concerns and questions.
- Eugenia A.
Baltimore, MD Mar 25, 2021
The staff is very personable. Great communication. They get back to you when you leave them a message, They do not over-promise, which is a pet peeve of mine.
Malcolm seems to work around the clock. He will call you at 10:00PM to get your file moving.
I loved working with the team and would definitely recommend them for all your Real Estate financing needs.
- Rose L.
Lauderhill, FL Feb 13, 2021
I had an excellent experience with Malcolm crane it was pleasure working with him.as a first time home buyer Malcolm definitely help me with everything. I would highly recommend him to anyone, looking forward to work with him again.
- Tsega K.
Columbia, MD Dec 23, 2020
Malcolm and his team were very attentive and helped me understand every step of the home buying process.
- Makea K.
Baltimore, MD Mar 9, 2021
Malcolm was very responsive , and on top of required documents, he gave clear and simple explanations of the process to guide me . Overall great communication and professionalism .
- Nwaebuni O.
Upper Marlboro, MD Dec 1, 2020
I would like to thank the Malcolm Crane team for their expertise in helping me refinance my home. Each transaction was smooth and professional. I enjoyed the candid conversations with Malcolm who assured me that the process for securing refinancing of my home would be thorough and timely. I also appreciated the updates which kept me informed of each step in the process. It was truly a great experience.
- Glenda B.
Owings Mills, MD Mar 25, 2021
Malcolm was patient and clear in explaining the whole mortgage process to me. He always made himself available to answer the various questions I had. He also has a great team (Lindsay, Ashley, Shymeia and Jeanean) who were quick to get the ball rolling and process my home loan pretty quickly. An overall great and pleasant experience.
- Foston S.
Ellicott City, MD Dec 23, 2020
I had the best experience with this company me being a first time home buyer I was very pleased on how they stayed on top of everything. My closing was done in 30days as promise. Any questions or concerns I had they were able to explain everything to me in details. I would definitely recommend.
- Alicia W.
Middle River, MD Apr 4, 2021
Amazing staff, fast response and you and your team got the job done! Thank you!!
- Paige W.
Baltimore, MD Jan 15, 2021
Malcolm works hard and will not stop until he gets you in the comfortable space you want to be in. He is very personable and has became family on this journey! I was nervous at first to start this home buying journey but Malcolm and his team stayed available and made my nerves soon go away!
- Keniesha B.
Joppa, MD Feb 26, 2021
Malcolm did a great job of explaining every step of the 203k process, which helped me manage my expectations. He was very knowledgeable about the different loan products and the market I was seeking to purchase in, and was able to help guide me thru certain decisions.
- Kareema H.
Baltimore, MD Feb 12, 2021
Everything was great !! Speed with paperwork and goods experience
- Erica L.
Frederick, MD Jan 19, 2021
I have worked with Malcom several times now and he has never disappointed. He is a consummate professional, clearly driven by his clients needs and providing the best service.
- Laurel M.
Jacksonville, FL Feb 23, 2021
All of the representatives provided consistent communication. They answered all of my questions. The staff members were hugely professional.
- Robin L.
Randallstown, MD Dec 29, 2020
I appreciated the efforts The Crane put in from start to finish to ensure the loan was completed. Their customer service and attention to detail is second to none. I will be using them again in the near future.
- Rhonda B.
San Bernardino, CA Jan 16, 2021
Results
- Walter B.
Baltimore, MD Dec 26, 2020
You are very professional, organized, and most of all very patient with your client.
- Edwige L.
Germantown, MD Jan 4, 2021
I Had an excelent experience with Malcolm Crane, I Would highly recommend him to anyone looking to refinence their mortgage. The service was exceptional.
- Maria N.
Dec 3, 2020
Very knowledgeable, very attentive, has a great team and can walk you through the process from beginning to end
- Andre S.
Baltimore, MD Mar 11, 2021
Less paperwork less trouble
- Jimoh Y.
Baltimore, MD Mar 12, 2021
Malcolm is very professional and yet always pleasant. He lets you know upfront what to expect.
- John D.
Alexandria, VA Mar 26, 2021
Malcolm and his team went above and beyond to finding us our home that fits our budget and needs
- Michael C.
Baltimore, MD Jan 11, 2021
In one word, consistency! Across the entire team, there was consistent display of professionalism, expertise and genuine care of the Client well being and satisfaction throughout the process!
- David O.
Haymarket, VA Jan 28, 2021
This experience was fast and convenient. Malcolm and his team were wonderful to work with!
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.
