After months in development and postponed release dates, the new Home Equity Reverse Mortgage Information Technology (HERMIT) platform launched today. The new system aims to improve the processes associated with reverse mortgage endorsement, servicing and claim processing within the Department of Housing and Urban Development. The system overhaul was developed through a contract with Reverse Mortgage Solutions, which partnered with QSSI on creating a service provider platform.
The development has been in progress over many months and is the first major technology upgrade since implementation of the Insurance Accounting Collection Systems (IACS) launched in 1989. It will serve as HUD’s system of record for collecting mortgage insurance premiums, managing all servicing activities and paying insurance claims. It will offer a single system for this process, as well as interact with HUD’s national servicing center. The manual claims process will become automated through the new online platform.
“RMS is very proud to be in the position to help HUD and improve the processes associated with HECM endorsement, servicing, and claim processing,” says RMS Chief Information Officer Kevin Gherardi. “The new HERMIT service tightly integrates fragmented and manual processes into a single automated web based solution for the HECM industry.”
The system’s launch was postponed multiple times over the course of its development, which began through the contract with RMS in 2009. Already, the system is creating positive change, Gerardi says.
“The system has been received very well by both HUD and the servicing community,” he said. “Over the next few months the improvements to HECM endorsement, servicing, servicer requests and Claims filings will soon be recognized.”
Written by Elizabeth Ecker