The new HECM HERMIT system is on schedule to launch today, October 9, 2012. The Home Equity Conversion Mortgage (HECM) now has a fully enabled web-based system, called Home Equity Reverse Mortgage Information Technology, or HERMIT.
Until now, HUD has managed the HECM portfolio by collecting Mortgage Insurance Premiums (MIP) through its Insurance Accounting Collection System (IACS); servicing HECM loans assigned to HUD through its Single Family Mortgage Asset Recovery Technology (SMART) system; processing and tracking HECM insured servicing requests through SMART and Extensions and Variances Automated Requests System (EVARS); and, manually processing Mortgagee’s insurance claims.
The new HERMIT system is now meant to provide one common HECM platform to consolidate legacy systems.
The new platform, HERMIT, will be used also to monitor and track HUD's HECM loan portfolio in real-time and automate the payment of insurance claims while increasing efficiency and mitigating risks to its Insurance Funds.
Detailed information is provided in Mortgagee Letter 2012-17, issued on September 11, 2012.
IN THIS ARTICLE:
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.