Application. Review. The Fund may review each application for a loan for which mortgage insurance is intended to determine whether it complies with this chapter and the insurance guidelines of the Fund. The Fund may delegate to the Administration authority to review one or more applications for insurance. Approval. Except in the case of an emergency when urgent action is required, the Administration, with concurrence of the Fund, shall submit insurance applications to the Housing Finance Review Committee of the Department for review and recommendation to the Secretary. The Secretary shall consider the recommendation of the Housing Finance Review Committee and approve, disapprove, or approve with modifications the mortgage insurance and its terms. Applications for mortgage insurance in an amount below the minimum amount established by the Housing Finance Review Committee need not be submitted to the Committee for review and recommendation. Insurance Determination. The Secretary shall execute a written determination that the mortgage insurance of the loan for the project is authorized by the Act and approved before the issuance by the Fund of a commitment to insure a loan. Commitment. Upon approval of the insurance and execution of a determination by the Secretary, the Fund shall issue a commitment letter setting forth: The amount of the insured loan; The maximum interest rate on the insured loan; The term of the insured loan; and Other terms and conditions that the Fund considers appropriate for the insurance of the loan. Rejection of Applications. If the Fund determines that a project or sponsor is not eligible for insurance, the Fund shall notify the lender. An applicant may request reconsideration of a rejection in accordance with the procedures contained in the Program guidelines. An initial decision or reconsideration of a decision is not a contested case within the meaning of the Administrative Procedure Act or COMAR 05.01.02. Withdrawal of Application. The lender may withdraw an application or request for mortgage insurance at any time before closing of the loan by written notice to the Fund. The sponsor shall bear any costs incurred for items other than internal processing, including, but not limited to, title examinations, credit reports, and appraisals. There is no refund of a processing fee if the insured loan fails to close.