Advanced Search

Volume 7 - Number 6

March 14, 2014

FHA Completes Final Adjustments to HERMIT

The Department of Housing and Urban Development has completed modifications to its Home Equity Reverse Mortgage Information Technology (HERMIT) system to accommodate new premium structures and initial disbursement limits that were implemented last September. Launched in October 2012, HERMIT is HUD’s online-web-based automated system for monitoring and tracking its Home Equity Conversion Mortgage portfolio, collecting mortgage insurance premiums (MIP) and paying insurance claims. Lenders also access HERMIT to notify HUD of a borrower’s death and the initiation of foreclosure. While HUD had already modified FHA Connection and released an updated version of the HECM calculation software to accommodate the latest modifications, changes to the HERMIT system were delayed until now. HUD instructs FHA lenders to follow the mapping instructions for borrowers’ mandatory obligations in HERMIT to ...

Subscribers to Inside FHA/VA Lending have full access to all its stories and data online. Visitors may become subscribers for full access or may purchase individual articles and data.

Subscriber Log In

If you are a current subscriber or already purchased this article, please login below.

Forgot your password?

Already subscribe but haven't registered for all the benefits of the website?

Subscribe

This biweekly resource helps mortgage executives grow and manage their FHA business.

 

Pay-Per-View

You can purchase this article for $55.00 without subscribing and always have access to it on insidemortgagefinance.com.

Pay Per View

Please contact Customer Service if you need assistance: 1-800-570-5744

Poll

In 2016, what have you been paying your retail residential loan officers, on average, as a commission?

25 to 50 basis points per loan
51 to 75 bps
76 to 100 bps
101 to 150 bps
More than 150 bps
We’re a call center lender and don’t disclose that data point.

vote to see results
Housing Pulse