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TITLE 5 BANKING
DELAWARE ADMINISTRATIVE CODE
1
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;
TITLE 5 BANKING
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.
TITLE 5 BANKING
DELAWARE ADMINISTRATIVE CODE
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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 information provided by these calculators is for illustrative purposes only. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results. The calculated results are intended for illustrative purposes only and accuracy is not guaranteed.
The information provided by these calculators is for illustrative purposes only. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results. The calculated results are intended for illustrative purposes only and accuracy is not guaranteed.
My experience with the Malcolm Crane's team was extremely positive. I was originally using another mortgage company and I did not like the service I was getting. Malcolm's team were very kind, well organized and they all went above and beyond my expectations. They were able to complete my entire loan approval promptly, and closing took place in less than three weeks. Because of their promptness and professionalism I was able to move into my home in a timely manner. I truly appreciate the hard work and dedication they had when it came to getting me into my dream home. Thank you Fairway team for your amazing service! I will definitely be referring friends and family!!!
- Sharon M.
Riverview, FL Mar 11, 2022
Very smooth mortgage application process.
- Lisa B.
Hanover, MD Apr 1, 2022
From the beginning, Mr. Crane and his team worked to walk me through the process and provide support. This was especially important because I had no clue where to start, I was afraid and overwhelmed by my situation.
We received exceptional service and support The high level of communication and explanation of each step, the professionalism, access to the team and the entire experience-more than great-my experience was exceptional
- Lucille D.
Mount Rainier, MD Dec 21, 2021
We are very satisfied with the services we received - the professionalism, attention to detail and the communication.
- Juana S.
Baltimore, MD Feb 26, 2022
Malcolm and his team are easy to talk to and work with.
- John D.
Washington, DC Dec 22, 2021
Just great communication and looking out for his clients even when he didn’t have to! Amazing time!
- Ashlee W.
Suitland, MD Dec 22, 2021
Quick response time and transparent to work with
- Mary O.
Baltimore, MD May 4, 2022
Malcolm and his team were outstanding!
- Kimberly M.
Annapolis, MD Jan 21, 2022
Everyone was professional and patient with us.
- Jason M.
Annapolis, MD Jan 24, 2022
Being a first time home owner I knew I needed someone that I could trust.
Malcolm and his team made it easy for me to understand things.
- Teresa C.
Ocean View, DE Feb 7, 2022
Malcolm went above and beyond to accomodate my unique situation to support me as a educator who is also a single-parent. He even called me from his vacation to support my final steps in the process.
- Angela M.
Crofton, MD May 3, 2022
The people
- Delaphine G.
Owings Mills, MD Apr 28, 2022
Malcolm and team were very responsive and easy to work with. They work efficiently and made my first time home buying experience a breeze!
- Courtney P.
Baltimore, MD Apr 16, 2022
Never gave up on me!
- Jerry S.
Manassas, VA Apr 7, 2022
Working with Malcolm and Fairway was easy and the were professionals at handling our business. The timeframe to get approved for our loan was record and the offered us multiple options to fit our situation.
- Marcus E.
Baltimore, MD Jan 7, 2022
Communication was clear and concise. The process was not overly demanding, as most documents were requested in one instance. I extremely valued the multiple methods of communication. I’m very busy and sometimes it’s better to text or email rather than call; however, I appreciate calling first.
- Elizabeth J.
Clinton, MD Dec 18, 2021
I appreciated the constant communication. I felt like everything was clearly explained and laid out in a way that was easy to follow.
- Skyler H.
Baltimore, MD May 17, 2022
Because they were very helpful
- Joshalynne H.
Indian Head, MD Mar 22, 2022
Malcolm is a man of his word also has great customer service everything went smooth and on time
- Ieisha A.
Baltimore, MD Mar 29, 2022
I received prompt and transparent communication from the entire Crane Team throughout my entire loan process. Malcolm and his team were always pleasant and professional.
- Krystle W.
Clinton, MD May 9, 2022
All the hard work Malcolm and his team put in to help us purchase our home.
- Mark G.
Gwynn Oak, MD Dec 21, 2021
Communication
- Carlotta P.
Baltimore, MD May 6, 2022
The experience was great because of the professionalism of the team and the timely responses when questions arose.
- Jamal D.
Parkville, MD May 17, 2022
The overall experience as a first time home buyer. Malcolm and the crane team made the experience very easy and was very diligent in explaining what was needed to make the dream come through.
- Raoul K.
Baltimore, MD Apr 22, 2022
Shay and Malcolm were friendly and professional. They made us feel like they cared about us finding the perfect home for us.
- Tinika H.
Baltimore, MD Jan 20, 2022
Very fast service
- Victor H.
Baltimore, MD Apr 2, 2022
MALCOLM CRANE! Your level of expertise, professionalism, availability and willingness to explain the process mase this experience great. I was prepared for closing and more knowledgeable than at the beginning of this process because you were by my side every step of the way. I am forever grateful.
- Deidre W.
Stewartstown, PA Jan 17, 2022
Malcolm and his team are personable. They care for their clients and remain professional at all steps of the process. It’s what makes us a repeat customer and will continue to make us a repeat customer
- TiffanyAnn G.
Columbia, MD Apr 1, 2022
Everyone I spoke with was personable, patient, and had open communication. Malcolm and his team made the home buying experience smooth and comfortable.
- Mykiesha S.
Baltimore, MD Jan 12, 2022
Fairway made this experience very stress free. Everyone was professional and courteous. Whenever I needed something I got quick responses with solutions. Thank you again!
- Sydnee P.
Hyattsville, MD May 30, 2022
Everything was great from the communication to the availability. Explained everything very well and made sure I received the best rate . Thanks
- Antonio W.
Baltimore, MD Jan 10, 2022
In less than 6 months, I was able to from pre-approval to clear-to-close. Malcom and his team had great communication and was available to answer my questions
- Sarah B.
Baltimore, MD Feb 23, 2022
Malcolm and his team was very helpful and a pleasure to work with.
- Brianna G.
Windsor Mill, MD Apr 25, 2022
Process was fast and everyone was very professional
- Brandon J.
Clinton, MD Dec 21, 2021
Great customer service! The online interface was easy and streamlined. All stakeholder communications were timely and accurate. Agents were extremely responsive. I had a great experience! I will be doing business with you again.
- Mark F.
Baltimore, MD Apr 5, 2022
They were extremely helpful as first-time home buyers and provided me letters for pre-approval which helped immensely. Helped me through buying my first home. My process was very stressful, but my Lender always tried to reinsure me that everything is going to work out ok and to leave it to him. But, they helped all along the way. Talked us through everything. Jeanean, Lindsay, Ashley & Malcolm was amazing to work with and made the entire process more simple and easy for me considering the Roller Coaster ride I've been on!
- Donnisia S.
Baltimore, MD Dec 30, 2021
Everyone was so attentive. Me being a first time homeowner everyone was so attentive and responsive with all my needs and questions.
- Lakisha T.
Hanover, PA Mar 11, 2022
Communicate with client and realtors. Too much texting.
Help new home buyers with learning how process works, offer video's and learning materials in the beginning, so it wont be so stressful and confusing.
Give paperwork, so client can take home and look over at there leisure.
And remember everyone is not computer savvy or phone smart offer . It maybe easy for staff, but some clients prefer the old fashion way. (Offer that option).
Be more available to your client and not always have to wait for your staff to contact you to get an answer. It makes them seen like no one knows what is going on but you.
- Marquita L.
Baltimore, MD Jan 8, 2022
Communication, encouragement,and overall great customer service
- Shaunte J.
Baltimore, MD Feb 28, 2022
I came (via referral) to Malcolm Crane after having a bad experience with another bank just a couple of weeks short of closing. After speaking with Malcolm, I immediately felt at ease. He is communicative, transparent, and doesn't do sales pitch-type talk. The mortgage process is not something that clients do often, so Malcolm (and his team) did a great job educating me on the overall process, my options, etc. And I appreciated the transparency and updates throughout the process. Whenever I make my next home purchase, I will return to Malcolm and will refer anyone I know.
- Angela R.
Silver Spring, MD Mar 17, 2022
The ease of the whole process from start to finish! No stress, no worries, just great results!
- Grace I.
White Plains, MD Feb 28, 2022
Fast, accurate and transparent refinance process! Everyone involved made me feel I was the only client they were working with! Great experience.
- Karif A.
Baltimore, MD May 17, 2022
Attention to detail, explaining everything so well, making everything easier for us.
- Donna P.
Owings, MD Mar 30, 2022
Great communication and easy to reach!
- Andrea D.
Baltimore, MD May 27, 2022
Malcolm and his team made the whole process easy.
- Robert S.
Sykesville, MD May 31, 2022
The staff was friendly, responsive, they took the time to answer my questions and address my concerns.
- Latosha D.
Parkville, MD May 17, 2022
Malcolm Crane was great at explaining the process and answered my questions satisfactorily.
- Garland P.
Baltimore, MD Mar 30, 2022
Great communication, staff members were very helpful and had great attitude
- Mario S.
Alexandria, VA Feb 16, 2022
Malcolm and his team were quick with close and very knowledgeable about the entire process. I always had an understanding of what I needed to do in each step.
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.
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