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a. Requirements for All Post-approval Changes (09/14/2015)
i. Types of Notification
(A) Information Update
An Information Update is any change to a Mortgagee’s basic institution or branch information in the FHA systems that can be directly managed by the Mortgagee.
(B) Notice of Material Event
A Notice of Material Event is the method of submitting a required notice to FHA of a change to the information provided by the Mortgagee at application as evidence of approval eligibility, or a change that affects the Mortgagee’s standing as an FHA- approved Mortgagee.
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I. DOING BUSINESS WITH FHA A. FHA Lenders and Mortgagees (09/20/2021)
7. Post-approval Changes
(C) Change Request
A Change Request is the method of submitting information and/or business changes to FHA that requires FHA review and approval before acceptance. Any update or change that cannot be made by the Mortgagee directly is submitted as a Change Request.
ii. Standard
The Mortgagee must submit all Information Updates, Notices of Material Event, and Change Requests to FHA using LEAP. All Information Updates, Notices of Material Event, and Change Requests must be submitted within 10 business days of the change, unless otherwise specified below.
Any change not specifically described in this Handbook 4000.1 that affects a Mortgagee’s approval status or conduct of business with HUD must be reported to FHA with a detailed explanation and supporting documentation.
iii. Required Documentation
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 Application and Eligibility Requirements for Approval or as described in the LEAP User Manual.