Notice of termination of direct en- dorsement approval. The Secretary may notify a mortgagee that its direct en- dorsement approval under 24 CFR part 203 will terminate 60 days after notice is given, if the mortgagee had a rate of defaults and claims on insured mort- gages underwritten in an area which exceeded 200 percent of the normal rate and exceeded the national default and claim rate for insured mortgages. The termination of a mortgagee’s direct en- dorsement approval pursuant to this section is separate and apart from the termination of a mortgagee’s direct en- dorsement approval under 24 CFR part 203.
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