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Code of Federal Regulations Title 24. Housing and Urban Development § 24.200.1505 Warning letter

Current as of January 02, 2025 | Updated by Findlaw Staff

(a) In general. HUD may issue a warning letter, which specifies problems or violations identified by HUD, to a MAP lender.

(b) Effect of warning letter. The warning letter:

(1) Does not suspend a lender's MAP privileges;

(2) May impose a higher level of review of the lender's underwriting by HUD;

(3) May direct the taking of a corrective action;  and

(4) May require a meeting in a designated HUD office with the principal owners or officers, or both, of the MAP lender to discuss the specified problems and violations, and possible corrective actions.

(c) Relationship to other sanctions. The issuance of a warning letter is not subject to the MAP Lender Review Board procedures in accordance with § 200.1535, and is not a prerequisite to the probation, or suspension, or termination of MAP privileges.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 24. Housing and Urban Development § 24.200.1505 Warning letter - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-24-housing-and-urban-development/cfr-sect-24-200-1505/

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