[Code of Federal Regulations]

[Title 24, Volume 1]

[Revised as of April 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 24CFR25.2]



[Page 273-274]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

PART 25_MORTGAGEE REVIEW BOARD--Table of Contents

 

Sec.  25.2  Establishment of Board.



    The Mortgagee Review Board (the Board) was established in the 

Federal Housing Administration, which is in the Office of the Assistant 

Secretary



[[Page 274]]



for Housing--Federal Housing Commissioner, by section 202(c)(1) of the 

National Housing Act (12 U.S.C. 1708(c)(1)), as added by section 142 of 

the Department of Housing and Urban Development Reform Act of 1989 (Pub. 

L. 101-235, approved December 15, 1989). Except as limited by this part, 

the Board shall exercise all of the functions of the Secretary with 

respect to administrative actions against mortgagees and lenders and 

such other functions as are provided in this part. The Board may, in its 

discretion, approve the initiation of a suspension or debarment action 

against a mortgagee or lender by any Suspending or Debarring Official 

under part 24 of this subtitle A. The Board shall have all powers 

necessary and incident to the performance of these functions. The Board 

may redelegate its authority to review submissions and conduct hearings 

under Sec.  25.8. The Board may also redelegate its authority to impose 

administrative sanctions on the grounds specified in Sec. Sec.  25.9 

(e), (h), and (u), and to take all other nondiscretionary acts. With 

respect to actions taken against Title I lenders and loan 

correspondents, the Board may redelegate its authority to take 

administrative actions for failure to remain in compliance with the 

requirements for approval in 24 CFR 202.5(i), 202.5(n), 202.7(b)(4), 

202.8(b)(1) and 202.8(b)(3).



[60 FR 39237, Aug. 1, 1995, as amended at 62 FR 20081, Apr. 24, 1997]