[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: 24CFR25.6]



[Page 275-276]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

PART 25_MORTGAGEE REVIEW BOARD--Table of Contents

 

Sec.  25.6  Notice of violation.



    (a) General. The Chairperson of the Board, or the Chairperson's 

designee, shall issue a written notice to the mortgagee at least thirty 

days prior to taking any probation, suspension or



[[Page 276]]



withdrawal action against a mortgagee. The notice shall state the 

specific violations that have been alleged, and shall direct the 

mortgagee to reply in writing to the Board within thirty days after 

receipt of the notice by the mortgagee. The notice shall also provide 

the address to which the response shall be sent. If the mortgagee fails 

to reply during such time period, the Board may make a determination 

without considering any comments of the mortgagee.

    (b) Mortgagee's response. The mortgagee's response to the Board 

shall be in a format prescribed by the Secretary and shall not exceed 15 

double-spaced typewritten pages. The response shall include an executive 

summary, a statement of the facts surrounding the matter, an argument 

and a conclusion. A more lengthy submission, including documents and 

other exhibits, may be simultaneously submitted to Board staff for 

review.

    (c) Exception for immediate suspension. If the Board determines that 

there exists adequate evidence that immediate action is required to 

protect the financial interests of the Department or the public, the 

Board may take a suspension action without having previously issued a 

notice of violation.



(Approved by the Office of Management and Budget under Control Number 

2502-0450)



[57 FR 31051, July 13, 1992, as amended at 65 FR 9087, Feb. 23, 2000]