MARYLAND LAW LIMITING MORTGAGE BROKER FEES FOUND NOT TO BE PREEMPTED BY FEDERAL LAW
The Maryland Court of Appeals has held that the borrower-paid mortgage broker fee limits under the Maryland Finder’s Fee Law were not preempted by Section 501(a)(1) of the federal Depository Institutions Deregulation and Monetary Control Act (“DIDMCA”). Sweeney v. Savings First Mortgage, LLC , No. C-04-0471, 2005 WL 1866071 (Md. Aug. 9, 2005). The plaintiff borrower in the case brought suit against a mortgage broker alleging that the finder’s fee that the broker charged in connection with a refinance mortgage loan exceeded the 8% limitation provided for under the Maryland Finder’s Fee Law....