(b) Upon denial of an application to make FHA insured mortgage loans, the superintendent shall so inform the applicant in writing. The superintendent may deny the application for any of the following reasons:

1. (1) the applicant fails to meet the minimum standards set forth in section 413.3 of this Part;
2. (2) the applicant fails to submit a complete application or any additional documentation reasonably requested by the superintendent;
3. (3) the applicant has a supervisory and/or consumer complaint record which warrants the belief that the public interest would not be served by approving such application; and
4. (4) the superintendent does not approve of at least one of the sponsors which has entered into a written agreement with the applicant to fund its FHA insured mortgage loans in which case the applicant shall have thirty days in which to submit a new sponsor to the superintendent for approval.