The Federal Housing Administration this week announced the date it will transition its Home Equity Reverse Mortgage Information Technology (HERMIT) system to a new service provider.
In a memo issued Wednesday, FHA stated that it will transition the HERMIT system to a new host data center operated by Reverse Market insight, Inc. (RMI) on March 21, 2016.
HERMIT is HUD’s system of record for all Home Equity Conversion Mortgages to handle the endorsement of HECM loans, collection of mortgage insurance premiums and processing of HECM claims.
Last year, the Department of Housing and Urban Development announced it had chosen RMI to help manage the HERMIT system alongside Mortgage Asset Systems (MAS), LLC, a wholly-owned subsidiary of Reverse Mortgage Solutions, Inc.
“We’re excited to be nearing the transition and delighted with the hard work of the whole team at HUD and our partners, MA Systems and Savantage, to get us to this point,” RMI President John Lunde told RMD. “More work is yet to come and we’re very confident that everyone involved will benefit from our team’s efforts and investment in this critical piece of industry infrastructure.”
To complete the transition, FHA says the HERMIT system will be unavailable from 7:00 PM (Eastern) on March 16, 2016 to 8:00 AM (Eastern) on March 21, 2016.
There will not be any changes to the HERMIT system’s functionality as part of the transition to the new host data center. Furthermore, FHA says mortgagees’ system access user IDs and passwords will remain unchanged.
“We look forward to complete the transitions from the old to the new contractor,” said MAS President Kevin Gherardi. “Upon transition completion, our mission will continue which is to improve on the existing HERMIT technology services and offerings. The new and improved hardware infrastructure is just the beginning. We have numerous planned system enhancements that will benefit the entire user base in the near future. Stay tuned for ‘Mega HERMIT.'”
Effective at 8:00 AM (Eastern) on March 21, the HERMIT system can be reached here.
Written by Jason Oliva