(a) If Program loans are secured by first or junior mortgages, the Department may: (1) enforce the mortgages; (2) foreclose on the mortgages and take title to the mortgaged properties, or take deeds in lieu of foreclosure; (3) convey title to purchasers; (4) obtain and enforce deficiency judgments; (5) allow assumption of mortgages; and (6) contract with private mortgage servicers to perform on behalf of the Department any functions the servicers ordinarily perform. (b) Without approval or execution by the Board of Public Works, the Department may: (1) assign mortgages for value; (2) release mortgages when paid; (3) foreclose on mortgages; (4) take deeds in lieu of foreclosure; or (5) convey property after acquisition.