§ 200.1515. Suspension of MAP privileges.
254 words·~1 min read·
/us/cfr/t24/s§ 200.1515·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)In general. Only the MAP Lender Review Board may suspend a lender's eligibility for MAP, in accordance with the procedures of § 200.1535.
(b)Effect of suspension.
(1)A suspension may impose any conditions that may be imposed by probation.
(2)During the suspension period a MAP lender:
(i)Shall be removed from the MAP-approved lender list posted on HUD's Web site;
(ii)May not submit, and the HUD field office may not accept, materials after the close of business of the date of the suspension letter for a new application for multifamily mortgage insurance from HUD; and
(iii)May continue to process any existing application for multifamily mortgage insurance submitted to a Multifamily Hub or Program Center before the date of the suspension letter.
(3)The MAP Lender Review Board may impose a higher level of review of the lender's underwriting by HUD;
(4)Suspension is nationwide in effect.
(c)Duration of suspension.
(1)Suspension may not exceed 12 months, except where conditions are imposed. If both a time period and conditions are imposed, a suspension shall terminate only when:
(i)The time period of the suspension has expired;
(ii)The MAP lender has submitted a certification of compliance with those conditions to the Board; and
(iii)The Board has notified the MAP lender it has received the certification of compliance and is satisfied that the corrective actions have occurred.
(2)When suspension is lifted, the lender's name shall be promptly reinstated on the MAP-Approved Lender list posted on HUD's Web site.