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.