As the Federal Housing Administration (FHA) transitions its Home Equity Reverse Mortgage Information Technology (HERMIT) system to a new business service provider, the platform will be temporarily offline starting next week.
Last month, FHA announced it will transition the HERMIT system to a new host data center operated by Reverse Market Insight, Inc. (RMI) on March 21, 2016.
In order to complete the transition, HERMIT will be unavailable from 7 p.m. (Eastern) on Wednesday, March 16 to 8 a.m. (Eastern) on Monday, March 21, FHA announced in a reminder issued this week.
There will be no changes to the HERMIT system’s functionality as part of the transition to the new host data center. Mortgagees’ system access user IDs and passwords will also remain unchanged.
HERMIT is the Department of Housing and Urban Development’s system of record for all Home Equity Conversion Mortgages to handle the endorsement of HECM loans, collection of mortgage insurance premiums and the processing of HECM claims.
Last October, HUD announced it had chosen RMI to help manage the HERMIT system alongside Mortgage Asset Systems, LLC, a wholly-owned subsidiary of Reverse Mortgage Solutions, Inc.
Effective at 8 a.m. (Eastern) on March 21, the HERMIT System and HERMIT Help Desk may be reached at this HERMIT System URL.
Written by Jason Oliva