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e-CFR data is current as of August 12, 2020

Title 24Subtitle BChapter IXPart 1005 → §1005.106


Title 24: Housing and Urban Development
PART 1005—LOAN GUARANTEES FOR INDIAN HOUSING


§1005.106   What is the Direct Guarantee procedure?

(a) General. A loan may be processed under a Direct Guarantee procedure approved by the Department, under which the Department does not issue commitments to guarantee or review applications for loan guarantees before mortgages are executed by lenders approved for Direct Guarantee processing. The Department will approve a loan before the loan is guaranteed.

(b) Mortgagee sanctions. Depending on the nature and extent of the noncompliance with the requirements applicable to the Direct Guarantee procedure, as determined by the Department, the Department may take such actions as are deemed appropriate and in accordance with published guidelines.

[63 FR 48990, Sept. 11, 1998]

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