CFR > Title 24 - Housing and Urban Development > SUBTITLE B—Regulations Relating to Housing and Urban Development > CHAPTER II—OFFICE OF ASSISTANT SECRETARY FOR HOUSING—FEDERAL HOUSING COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (parts 200 to 291) > SUBCHAPTER A—GENERAL (parts 200 to 200) > PART 200—INTRODUCTION TO FHA PROGRAMS > SUBPART Y—Multifamily Accelerated Processing (MAP): MAP Lender Quality Assurance Enforcement (§200.1500 to §200.1545) > 200.1505—Warning letter.

200.1505—Warning letter.

(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.