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Code of Federal Regulations (Last Updated: November 8, 2024) |
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Title 24 - Housing and Urban Development |
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Subtitle B - Regulations Relating to Housing and Urban Development |
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Chapter II - Office of Assistant Secretary for Housing - Federal Housing Commissioner, Department of Housing and Urban Development |
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SubChapter B - Mortgage and Loan Insurance Programs Under National Housing Act and Other Authorities |
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Part 202 - Approval of Lending Institutions and Mortgagees |
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Subpart C - Title I and Title II Specific Requirements |
§ 202.11 - Title I.
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§ 202.11 Title I.
(a) Types of administrative action. In addition to termination of the Contract of Insurance, certain sanctions may be imposed under the Title I program. The administrative actions that may be applied are set forth in 24 CFR part 25. Civil money penalties may be imposed against Title I lenders and mortgagees pursuant to 24 CFR part 30.
(b) Grounds for action. Administrative actions shall be based upon both the grounds set forth in 24 CFR part 25 and as follows:
(1) Failure to properly supervise and monitor dealers under the provisions of part 201 of this title;
(2) Exhaustion of the general insurance reserve established under part 201 of this title;
(3) Maintenance of a Title I claims/loan ratio representing an unacceptable risk to the Department; or
(4) Transfer of a Title I loan to a party that does not have a valid Title I Contract of Insurance.
[75 FR 20734, Apr. 20, 2010]