FHA Single Family Housing Policy Handbook 4000.1, III. SERVICING AND LOSS MITIGATION > B. Title II Insured Housing Programs Reverse Mortgages > 1. Servicing of FHA-Insured HECMs — n. Mortgage Insurance Premium Remittance
Verbatim provisions from FHA Single Family Housing Policy Handbook 4000.1, III. SERVICING AND LOSS MITIGATION > B. Title II Insured Housing Programs Reverse Mortgages > 1. Servicing of FHA-Insured HECMs — n. Mortgage Insurance Premium Remittance — each quote is a verified
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FHA Single Family Housing Policy Handbook 4000.1, Part III — n. Mortgage Insurance Premium Remittance (04/29/2024)
Effective 2024-04-29 · publisher's stamp for this provision
n. Mortgage Insurance Premium Remittance (04/29/2024)
i. Definition
Annual or Periodic MIPs refer to those MIPs that are remitted to HUD each month.
ii. Standard
The Mortgagee must remit one-twelfth of the annual MIP due to HUD each month by
authorizing HERMIT to collect the full premium from the Mortgagee’s bank account.
When payment is remitted, the Mortgagee must add the payment to the Borrower’s
outstanding balance.
If the HECM is transferred or sold to another Mortgagee, the transfer must be completed
in HERMIT before the end of the month in order to ensure the MIP is remitted by the
correct Mortgagee.
iii. Mortgage Insurance Premium Reports
(A) Use of HERMIT
The Mortgagee can access the Premiums Batch status in HERMIT to determine
monthly collections of MIP after endorsement.
(B) Reports of a Transfer or Sale
The Mortgagee may confirm a transfer or sale of the HECM has been completed in
HERMIT by reviewing the Status of Servicer Transfer Import File in HERMIT to
ensure the MIP will be remitted by the correct Mortgagee.
Source: FHA Single Family Housing Policy Handbook 4000.1, Update 18 (issued 2026-08-12) · source URL · snapshot e1bca3432cf19e09
Operationalizing FHA Single Family Housing Policy Handbook 4000.1, III. SERVICING AND LOSS MITIGATION > B. Title II Insured Housing Programs Reverse Mortgages > 1. Servicing of FHA-Insured HECMs — n. Mortgage Insurance Premium Remittance
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