§200.1505. Warning letter.
24 C.F.R. § 200.1505
In general. HUD may issue a warning letter, which specifies problems or violations identified by HUD, to a MAP lender.
Effect of warning letter. The warning letter:
Does not suspend a lender's MAP privileges;
May impose a higher level of review of the lender's underwriting by HUD;
May direct the taking of a corrective action; and
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.
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.
Notes, amendments, and revision history
Source
Source: 70 FR 43242, July 26, 2005, unless otherwise noted.
Authority
Authority: 12 U.S.C. 1702-1715z-21; 42 U.S.C. 3535(d).
Source
Source: 36 FR 24467, Dec. 22, 1971, unless otherwise noted.