Source: https://www.law.cornell.edu/uscode/text/12/1735f%E2%80%9311
Timestamp: 2020-01-20 07:10:34
Document Index: 774539204

Matched Legal Cases: ['§ 1735', '§ 1735', '§\u202f1735', '§\u202f533', '§\u202f407', '§\u202f209']

12 U.S. Code § 1735f–11 - Review of mortgagee performance and authority to terminate | US Law | LII / Legal Information Institute
12 U.S. Code § 1735f–11 - Review of mortgagee performance and authority to terminate
§ 1735f–11.
Review of mortgagee performance and authority to terminate
To reduce losses in connection with single familymortgage insurance programs under this chapter, at least once a year the Secretary shall review the rate of early defaults and claims for insured single family mortgages originated or underwritten by each mortgagee.
For each mortgagee, the Secretary shall compare the rate of early defaults and claims for insured single family mortgage loans originated or underwritten by the mortgagee in an area with the rate of early defaults and claims for other mortgagees originating or underwriting insured single family mortgage loans in the area. For purposes of this section, the term “area” means each geographic area in which the mortgagee is authorized by the Secretary to originate insured single family mortgages.
Notwithstanding section 1708(c) of this title, the Secretary may terminate the approval of a mortgagee to originate or underwrite single family mortgages if the Secretary determines that the mortgage loans originated or underwritten by the mortgagee present an unacceptable risk to the insurance funds. The determination shall be based on the comparison required under subsection (b) and shall be made in accordance with regulations of the Secretary. The Secretary may rely on existing regulations published before this section takes effect.
(June 27, 1934, ch. 847, title V, § 533, as added Pub. L. 100–242, title IV, § 407(b), Feb. 5, 1988, 101 Stat. 1902; amended Pub. L. 107–73, title II, § 209, Nov. 26, 2001, 115 Stat. 675.)