Delaware · Through 2026-08-10 (85 Del. Laws, c. 421, 424) · Newer source version available

5 Del. C. § 2245: Mortgage loan modification services; compensation.

(a) As used in this section, unless the context requires otherwise, “mortgage loan” has the meaning set forth in § 2101 of this title.
(b) As used in this section, unless the context requires otherwise, “mortgage loan modification services” means services as an intermediary between an individual and 1 or more mortgage loan creditors for the purpose of obtaining:
(1) Assent to the repayment of a mortgage loan on terms more favorable to the individual than the terms of the original mortgage loan; or
(2) An arrangement to delay, prevent, remedy, eliminate or discharge any default on the terms of a mortgage loan, or the sale of any property incident to a foreclosure or other judicial proceeding based on a mortgage loan.
(c) A licensee may not receive any compensation for mortgage loan modification services 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 received by a licensee in advance of the completion of all such services may not exceed $250.
(d) The total compensation that a licensee receives for mortgage loan modification services must be limited to an amount that is customary and reasonable for those services in this State.

Where this section sits in the code

Title 5. Banking
Other Businesses Under Jurisdiction of State Banking Department
CHAPTER 22. Licensed Lenders
Subchapter IV. Prohibitions and Penalties

(a) As used in this section, unless the context requires otherwise, “mortgage loan” has the meaning set forth in § 2101 of this title.

(b) As used in this section, unless the context requires otherwise, “mortgage loan modification services” means services as an intermediary between an individual and 1 or more mortgage loan creditors for the purpose of obtaining:

(1) Assent to the repayment of a mortgage loan on terms more favorable to the individual than the terms of the original mortgage loan; or

(2) An arrangement to delay, prevent, remedy, eliminate or discharge any default on the terms of a mortgage loan, or the sale of any property incident to a foreclosure or other judicial proceeding based on a mortgage loan.

(c) A licensee may not receive any compensation for mortgage loan modification services 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 received by a licensee in advance of the completion of all such services may not exceed $250.

(d) The total compensation that a licensee receives for mortgage loan modification services must be limited to an amount that is customary and reasonable for those services in this State.

Collected 2026-09-05T23:02:05Z. Source file · JSON

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