The Department may: contract for services related to the Program; contract with private mortgage servicers to perform on behalf of the Department functions the servicers ordinarily perform, including foreclosure and employment of counsel; require payment of a nonrefundable application fee; purchase or commit to purchase from mortgage lenders notes or mortgages that meet the requirements of this subtitle, any regulations adopted under it, and appropriate Program directives; and without approval or execution by the Board of Public Works: assign a mortgage for value; release a mortgage; foreclose a mortgage; acquire property that secures a loan in default; encumber, sell, or otherwise dispose of property acquired in connection with a loan in default; sell a loan at a discount or on other terms acceptable to the Department; transfer to the Fund money received on the sale of a loan under item (vi) of this item; and repurchase or pay the cost of servicing a loan that has been sold under item (vi) of this item with money in the Fund and on terms acceptable to the Department.