Insurance Technology Featured Article

HERMIT Technology Platform Finally Arrives

October 11, 2012

After a long hiatus, the HERMIT (Home Equity Reverse Mortgage Information Technology) platform has finally arrived. The new HERMIT software claims to improve and augment the procedures allied to the approval, claim, and servicing of the reverse mortgage. The Department of Housing and Urban Development (HUD) has welcomed the overhaul of the system with open arms.

This new software is the brain child of the joint venture between Reverse Mortgage Solutions (RMS) and QSSI. HERMIT is the foremost technology upgrade since 1989, when Insurance Accounting Collection Systems (IACS) was launched. The improved online system will serve the HUD department. It will dole out as a centralized repository of data for managing collection records of mortgage insurance premiums and supervising operations related to reimbursing of insurance claims and customer service.

Kevin Gherardi, chief information officer, RMS, said that they were delighted to assist HUD for improving their operations and business functions. He added that with HERMIT, they will be able to mechanize their procedures for HECM endorsement, claim processing, and servicing.

HERMIT will be integrated with HUD’s national servicing center, and thus will automate all the business processes executed by the department, especially the claims process done manually. The home owners will now be able to file their mortgage claims faster, and receive their dues on time. Meanwhile, the Housing department will be able to handle the scattered and paper based mortgage records efficiently via the online platform.   

Gherardi further said that the innovative HERMIT integrates the manual and disjointed processes into a solo, unified web based solution for the HECM industry. He went on to add that despite its late launch, the system has begun to reflect positive changes.

Both the HUD and HUD’s national servicing center have greeted the ingenious solutions warmly, and they are confident of witnessing more improvements over the next few months. Now, the department is actively engaged into broadcasting the benefits of this online platform amongst the home owners.




Edited by Brooke Neuman

Article comments powered by Disqus

Related Insurance Technology Articles

Mercury Insurance Selects OnBase for Process Automation and Paperless Workflow

One of the greatest benefits of digital technology is it allows businesses to eliminate processes and methodologies that in the past slowed growth and made up a considerable percentage of the overall operational cost of the organization. While paper has served civilization very well, and still continues to do so to this day, for large organizations it is a technology that can be described as slowing down the workflow of a company to a tortoise pace compared to digital solutions. [ Read More ]
10/30/2014

Insurance Industry Focusing More on Customer Satisfaction

Like any other industry, customer satisfaction matters a great deal in the insurance sector. Various studies conducted have proven beyond any doubt that a satisfied customer is the best advertisement for an insurance company. [ Read More ]
10/29/2014

Parents Choose Doctors for Children Based on Online Ratings

New research recently published in the Pediatrics journal shows that the online reputation of a healthcare provider may be just as important or even more so as its real-life one. [ Read More ]
10/28/2014

Auto Insurance Telematics Poised for Explosive Growth

Smart cars are getting smarter and have become foundational elements of our increasingly connected world. The data they generate pertaining to things like driver habits, the car condition and adherence to maintenance best practices, where the car is driven, where it calls home, etc. are all critical in determining insurance premiums. In fact, they are what will enable insurers the ability to reward customers who are good drivers and good owners while charging higher rates for those who are less … [ Read More ]
10/23/2014
FREE Insurance Technology enewslettter.

Events

Weekly Live Demo
Contact Center Solutions

Register Today!