The mortgagee has an ongoing requirement to notify FHA of any changes to the information outlined in its application for FHA approval or in FHA’s eligibility requirements.
The mortgagee must submit all Information Updates, Notices of Material Event, and Change Requests to FHA using the Lender Electronic Assessment Portal (LEAP). All Information Updates, Notices of Material Event, and Change Requests must be submitted within 10 business days of the change, unless otherwise specified in Handbook 4000.1 I.A.7.
The mortgagee must:
• include a cover letter signed by a corporate officer summarizing the business change(s); and
• submit any required documents as specified in Handbook 4000.1 I.A.3.c or as described in the LEAP User Manual.
The LEAP User Manual is available at www.hud.gov/lenders under the LEAP Information link in the Approvals & Renewals section.
Handbook 4000.1 is available at http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/handbooks/hsgh.