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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
We are so happy with our experience. We transferred from another lender - Malcolm and the team knew the time sensitivity when it came to closing on our house and did all they could to move quickly and efficiently. Whenever we had questions, simple as they could be, they were always open to answering and breaking things down to us as first time homebuyers who are both first generation in our families to purchase a home. Really thankful for the team and our experience!
- Gabrielle J.
Clinton, MD Sep 23, 2020
Malcolm and his team are fast, knowledgeable and professional. They have your best interest in mind and strive to provide the best service, discounts, and rates.
- Vondalea G.
Silver Spring, MD Aug 17, 2020
This was an amazing experience!!! Malcolm,Lindsay and Ashley are Outstanding!!!
- Sharese B.
Baltimore, MD Jul 14, 2020
Malcolm was very patient and explained each step of the process of purchasing a home.
- Davette N.
Baltimore, MD Aug 30, 2020
Malcom is great!
- Katherine W.
Glen Arm, MD Jun 21, 2020
Malcolm was very professional and I felt like I knew what was going on during the home buying process. Also everything went smoothly. I will be using his services in the future and recommending him to anyone looking to purchase a home.
- Jachell S.
ELKRIDGE, MD Jul 28, 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 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 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
The expeditious of the process and the professionalism of the team.
- Keith P.
Randallstown, MD Aug 30, 2020
Great experience, answered all of our questions during the process.
- Ricki T.
Parkville, MD Jul 17, 2020
I had no worries .malcolm really explained each step of the way to me he always call and or email with updates on my loan
- ASHLEY L.
Baltimore, MD Aug 12, 2020
Friendly, responsive, thorough, and professional
- Wallace B.
Baltimore, MD Sep 29, 2020
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
The communication was great!
- Alyssa T.
Glen Burnie, MD Sep 16, 2020
Timely communication, knowledgeable expert and quick delivery of service.
- Joshua R.
Baltimore, MD Jun 23, 2020
Malcolm and his team made the process work for me with my individual circumstances and needs. Even at the last minute when I had an unexpected hiccup, Malcolm was able to guide me on what I needed to do so that I was cleared for closing. Cannot say enough great things about my experience.
- Antwan P.
Millersville, MD Aug 11, 2020
Malcolm was awesome! Very efficient and addressed all of my concerns and needs promptly. He mad the home buying experience very special! Thank you so much Malcolm, I will absolutely refer you to anyone I know going through the home buying process!
- Shabria P.
Owings Mills, MD Sep 10, 2020
Excellent service, I will always go Malcolm and his team for these services.
- Alexander H.
Chantilly, VA Jul 1, 2020
Malcolm and his team were awesome !!!!!! They went above and beyond and were very professional every step of the way. My process was super fast. I am super excited 🤍
- Patricia C.
Baltimore, MD Jul 16, 2020
The team at fairway work fast and hard to get you in your home as quickly as possible
- Jason J.
Baltimore, MD Aug 30, 2020
You could tell Malcolm and his entire team were diligent and thorough in all aspects of the loan process.
- Timothy B.
Orchard Beach, MD Aug 15, 2020
The customer service is GREAT & everyone is fully informed
- Kimberley M.
Baltimore, MD Aug 16, 2020
Communication
- Robert G.
Boonsboro, MD Jul 4, 2020
What made it great was the quick response to our questions, keeping us informed of changes, professional communication, and flexibility.
- Zonda T.
Parkville, MD Jul 18, 2020
Mr. Crane was always available since the beginning of the process of the application. He will personally call you with his private number. His team will go beyond to make sure you have submitted the documents needed and they will call you as well. Thank you very much for the great experience.
- Benjamin G.
Reisterstown, MD Jul 21, 2020
Malcom is very knowledgeable, he and his team are professional and efficient. They were available throughout the entire process to answer any questions, making my refinance smoother than the original purchase. With the current obstacles that Covid presents, the customer service was outstanding. I would highly recommend his services.
- Jessica P.
Baltimore, MD Aug 13, 2020
Great communication, constant updates and avaible for calls at any time.
- Paul D.
Dumfries, VA Jun 19, 2020
Professionalisms and outstanding service.
- Jenifer H.
Aug 3, 2020
Malcolm and his team were EXTREMELY helpful and very patient with me during a process that can easily be stressful and confusing. As a first time home buyer, I felt like I was in great hands every step of the way!
- Sabrina D.
Reisterstown, MD Sep 30, 2020
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- Katharine L.
Dumfries, VA Jun 19, 2020
Our experience was great because of the determination Mr. Crane had to get us to the finish line.
- Felisha P.
Randallstown, MD Sep 9, 2020
I would have to say it was time management. I was made to feel that everything was going to happen just has they said as long as I completed the information that was needed. So, the whole ordeal was less stressful.
- TERRENCE D.
BALTIMORE, MD Aug 4, 2020
Accurate information on current rates. No hidden agendas, being honest about the market and what truly in my best interests. Staying informed and very knowledgeable about what he does. I would use him again!
- Eric J.
Pikesville, MD Jul 12, 2020
Malcolm was great! From day one he was super friendly, engaging and informative. As a first time buyer I had many questions and uncertainties along the way. He made sure to clear them all up. Highly recommend him.
- Tifphany C.
Reisterstown, MD Sep 29, 2020
Everybody full of energy positiv and motivation
- Daniel H.
Aberdeen, MD Sep 29, 2020
Malcolm Crane and his team are the dream team, I truly didn't think I had a chance at home ownership but I was proven wrong and I'm extremely grateful.
- Shenikka J.
Baltimore, MD Aug 26, 2020
Amazing services, helped me and my husband every step of the way. You made sure we received all the information we need in amazing time. THANK YOU.
- ELMER R.
Baltimore, MD Aug 31, 2020
The whole process from beginning to end was very professional and to the point.
- Laquanda C.
Baltimore, MD Jul 31, 2020
He did exactly what he said he would do and he was there to answer questions
- Richard S.
Baltimore, MD Jul 4, 2020
Working with Malcolm Crane was a great experience. He was on top of everything and made the process a breeze. I would recommend Malcolm and his team to anyone that wants results!!!
- Marquita G.
Baltimore, MD Aug 6, 2020
Completing the process in a timely manner
- MARGARET P.
Laurel, MD Sep 29, 2020
Malcolm and his team are greatest!! This has been the best experience I have ever had with a mortgage lender. The process was simple and painless. The team will keep you informed from start to finish. In addition, Malcolm will provide you with the product that will best meet your needs. I will definitely use the Crane Team again.
- Cynthia G.
Upper Marlboro, MD Aug 6, 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
From the first meeting I was comfortable with the communication and follow up as well as when next steps were mentioned they actually happened.
- Sharise P.
Baltimore, MD Sep 18, 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
We’ve used Malcolm for all our mortgage and loan needs and couldn’t be happier. He and his team are knowledgeable, honest and responsive . I would recommend him to anyone.
- David W.
Lancaster, PA Aug 29, 2020
My entire experience was AWESOME! Malcolm and his staff were always responsive to my questions and supported me throughout the entire experience! I (and my husband) could not have worked with a better team than Fairway Mortgage. I am certain that God divinely connected us together and orchestrated our connection. Malcolm did an EXCEPTIONAL job! He kept us up-to-date concerning everything. I will gladly refer him to my family, friends, or anyone--knowing they'll be in excellent hands! ;-)
- Lisa J.
Windsor Mill, MD Jul 12, 2020
Malcolm and his Team were awesome! They were efficiently responsive to any questions or concerns. Malcolm was very diligent throughout the process, even staying up late to help us prepare offers. Malcolm and his Team made our home-buying process a much smoother experience than anticipated!
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.
