Those using the latest Federal Housing Administration’s (FHA) Lender Electronic Assessment Portal (LEAP) may be experiencing some hiccups, the Department of Housing and Urban Development (HUD) admits in a recent notice to program users.
Those using FHA’s LEAP version 3.0, deployed May 27, may be experiencing “difficulty executing some functions in the system,” FHA says in a news release.
Some of the functionality issues include adding new branches, making changes to existing branches, and changing Cash Flow Accounts, FHA says. Some lenders have also had difficulty submitting their annual recertifications in LEAP
“FHA is working diligently to resolve these issues, and hopes to have LEAP operating at its full capacity as quickly as possible,” FHA says, adding that the organization is enthusiastic about the long-term business transformation benefits of the newest LEAP program.
As FHA continues to address these issues, lenders should continue working to meet the June 30 deadline for submitting their recertification packages, FHA says.
The new LEAP program changed the communication and delivery methods for reporting business changes to FHA as well as how lenders submit their annual recertification package, discussed in the HUD Handbook.
Written by Cassandra Dowell