(a) In general An eligible lender or guaranty agency that contracts with another entity to perform any of the lenders or agencys functions under this subchapter and part C of subchapter I of chapter
34 of title
42, or otherwise delegates the performance of such functions to such other entity
(1) shall not be relieved of the lenders or agencys duty to comply with the requirements of this subchapter and part C of subchapter I of chapter
34 of title
42; and
(2) shall monitor the activities of such other entity for compliance with such requirements.