In carrying out this section and §§ 4-237 through 4-241 of this subtitle, the Administration may not make a loan to a mortgage lender or purchase a mortgage loan from a mortgage lender unless the mortgage lender is:

            (1)      a bank, trust company, savings institution, savings and loan association, national bank association, mortgage banker, or other financial institution that:

                  (i)      has an office in the State; and

                  (ii)      makes or originates residential mortgage loans;

            (2)      an insurance company authorized to do business in the State; or

            (3)      the Maryland Home Financing Program.