2.8 Limitations and Notices

A. There are no additional capital requirements for MAP Lenders beyond the minimum net worth and liquidity requirements in 24 CFR Part 202.5(n)(3).

B. There is no fee charged by HUD for applying to be a MAP Lender.

C. MAP Lenders must promptly notify COB if there has been a change in approved signatories. MAP Lenders at all times must maintain staff with the level of experience and qualifications required by this Guide. Other than Underwriters, Chief Underwriters and Deputy Chief Underwriters, COB will not approve or disapprove of other individuals working for MAP Lenders.

D. MAP Lenders must notify COB if there has been a change of address of their home office for multifamily business, electronic mail address or telephone number. If there is a change in ownership or in the controlling interest in a MAP Lender, or if the Lender has a material change in its way of doing business, the Lender must re-apply for MAP Lender status. If a sale/acquisition, merger or license transfer of a MAP Lender is planned, the acquiring Lender must notify COB at least 30 days before the transaction is consummated and must submit for COB’s review a description of: a) the transaction; b) its effect on the Lender’s participation in the MAP program; c) the Lender’s MAP staffing plan; d) any changes to its MAP operating procedures; e) an updated QC plan; and, f) a combined production tracking report for all MAP transactions in process. Failure to provide such information to COB at least 30 days before the transaction

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Chapter 2 Lender Qualifications and Practices 2.9 Quality Control, Records and Monitoring

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is consummated may result in sanctions and an enforcement action under Chapter 15. If there is a change in the MAP Lender’s name or in the name the Lender does business as (DBA) with no other substantive changes proposed, the Lender must notify COB of the change and must provide a certification that there has been no change in ownership, principal staff or in the Lender’s QC Plan and procedures. Lenders must notify COB if they withdraw as MAP Lenders, even if temporarily.