FHA Single Family Announces FHA Catalyst: Single Family Default Monitoring System (SFDMS) Reporting Module

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On September 13, 2021, HUD published Mortgage Letter (ML) 2021-21, FHA Catalyst: Single Family Default Monitoring System (SFDMS) Reporting Module.  The ML announces the transition for reporting delinquent FHA Title II Single Family forward mortgages in SFDMS from FHA Connection (FHAC) to the FHA Catalyst system.  The FHA asserts that the new module enhances the system’s data integrity while integrating existing capabilities.

Effective immediately, onboarding begins for all FHA Catalyst: SFDMS Reporting Module users.  All mortgagees, including those currently using SFDMS in FHAC, must request access and complete onboarding to FHA Catalyst before the December 1, 2021, mandatory use date.  November 5, 2021, is the last day that mortgagees will be able use FHAC to process default reporting.  On December 1, 2021, mortgagees will be required to submit default data in FHA Catalyst or through the Electronic Data Interchange (EDI).

In addition to announcing this transition, the ML updates and streamlines the data elements submitted as part of default reporting.  These changes include new error codes and data correction messages to ensure data integrity in the FHA’s portfolio reporting.  When reporting, HUD states that mortgagees may reference the SFDMS Reporting Codes and Reporting Data Elements document, which the FHA revised to reflect these new codes and data elements.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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