FHA INFO #20-66: HERMIT System Submissions for COVID-19 Related Extensions

FHA INFO #20-66: HERMIT System Submissions for COVID-19 Related Extensions

Investor Update
September 10, 2020 

Source: HUD

Today, the Federal Housing Administration (FHA) announced software updates to the Home Equity Reverse Mortgage Information Technology (HERMIT) system, which allows servicers to submit extensions related to the Presidentially -Declared COVID-19 National Emergency for Home Equity Conversion Mortgages (HECM). The extension of the foreclosure and eviction moratorium were published in Mortgagee Letter 2020-27.

Servicers are required to use the COVID-19 extensions for HECMs per the details in HERMIT System Changes – Release 6.1 immediately. In addition, stakeholders should review the HERMIT User Guide and the HERMIT System & Resources for more information.

Quick Links:
• View Mortgagee Letter 2020-27 and all other archived Mortgagee Letters at:
https://www.hud.gov/program_offices/administration/hudclips/letters/mortgagee
• View the HERMIT System & Resources page at:
https://www.hud.gov/program_offices/housing/comp/hecm_hermit

Resources
Contact the FHA Resource Center:
• Visit our online knowledge base to obtain answers to frequently asked questions 24/7 at:
www.hud.gov/answers.
• E-mail the FHA Resource Center at: answers@hud.gov. Emails and phone messages will be responded to during normal hours of operation, 8:00 AM to 8:00 PM (Eastern), Monday through Friday on all non-Federal holidays.
• Call 1-800-CALL-FHA (1-800-225-5342). Persons with hearing or speech impairments may reach this number by calling the Federal Relay Service at 1-800-877-8339.

For full announcement, please click the source link above.