Current through October 31, 2024
(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