2. Updated Table 7: Updated Required to “Yes” for the Credit Type line. 3. Updated Table 7: Added Lump Sum Payment Plan to Required field for Loan Advances/Other Draws line. 2.7 08/04/16 Updated email addresses from to Updated Table 1 HERMIT System Contacts with current contact information Added Transaction Code 1250 – Disb – Scheduled to list of transaction codes HECM BSP 2.8 01/11/17 Changed cover page and replaced HERMIT System Support Organization Contact information with updated phone numbers and email addresses HECM BSP 2.9 08/09/17 Reviewed for Annual Document Deliverables HECM BSP 2.10 09/01/17 Added New Transactions Codes to Section 5.1 for Release 5.40: Corp Adv – S305 Utilities – Liens Corp Adv – S305 Utilities – Liens Adj Corp Adv – S305 – Cash for Keys Corp Adv – S305 – Cash for Keys Adj HECM BSP
If Rate Type Annual: 1st of the month AND >12 months and <=18 months from Closing Date Credit Type Type of credit String(1); ‘O’ = Open; ‘C’ = Closed; Yes 8 Round to 1/8th Interest rate rounding indicator Integer(1); ‘0’ = Will not be rounded; ‘1’ = Will be rounded to 1/8th percent; Yes 9 Lender Loan # Lender loan number String (20); No 10 HUD assigned mortgagee number of assigned servicer Integer; Must be > 0; FHA Mortgagee Number Yes 11 Investor Name HUD assigned mortgagee number of investor Integer; Must be > 0; Yes 12 Closing Date Mortgage Closing Date Date(10); Format: YYYY-MM-DD; Must be <=Today’s date; Closing Date must be a Business Day; and CANNOT be a Sunday or a Federal Holiday (Exceptions for Federal Holidays: MLK Day, President’s Day, Columbus Day, Veterans Day); Yes 13 Funded Date Funded Date Date(10); Format: YYYY-MM-DD; Must be >=Closing Date and <=Today’s Date; Funded Date must be within 30 days from the Closing Date; Funded Date must be a Business Day; and CANNOT be a Sunday or a Federal Holiday (Exceptions for Federal Holidays: MLK Day, President’s Day, Columbus Day, Veterans Day); Yes 14 Application Date Loan Application Date Date(10); Format: YYYY-MM-DD; Must be <=Closing Date; No 15 Exp. Rate Index Date Index date for Expected Interest Rate Date(10); Format: YYYY-MM-DD; Must be <=Closing Date and >= Application Date - 14 days; Conditional; on availability of data field Exp. Rate Index Date 16 Exp. Rate Locked Loan Rate lock status Integer(1); ‘0’ - No; Conditional; on availability of 17
‘1’ – Yes; data field Exp. Rate Locked IMIP Paid By Borrower IMIP pay method Integer followed by decimal(2); Must be >= $0.00 and <= IMIP Total Yes 18 Pay Plan Type Type of Payment Plan Integer; ’10’ = Line of Credit; ‘20’ = Term; ‘30’ = Tenure; ‘40’ = Modified Term; ‘50’ = Modified Tenure; ‘60’ – Lump Sum; Yes 19 Pay Plan Term # of monthly payments Integer; Range > ‘0’ and <= ‘480’ months; Conditional; if Pay Plan is Term or Modified Term 20 Monthly Payment Amount The monthly payment amount scheduled to be made to the borrower each month. Note: The Monthly Tax and Insurance Withheld amount should NOT be deducted from this amount Integer followed by decimal(2); Range >= ‘0.00’ and <= ’25,000.00’; Conditional; if Pay Plan is Term, Tenure, Modified Term or Modified Tenure 21 Monthly Tax & Ins. Withheld The amount set aside monthly for taxes and insurance on the loan Integer followed by decimal(2); Range >= ‘0.00’ and <= ’25,000.00’; Must be < =Monthly Payment Amount; Conditional; if Pay Plan is Term, Tenure, Modified Term or Modified Tenure 22 First Payment Date First payment date to HECM Mortgagor Date(10); Format: YYYY-MM-DD; Must be > Funded Date; Funded Date must be <= 30 days from Closing Date; Conditional; if Pay Plan is Term, Tenure, Modified Term or Modified Tenure 23 Monthly Service Fee Amount paid to Servicer / Lender for servicing the loan Integer followed by decimal(2); Fixed or Annual Rate Type >=‘0.00’ and <= ‘30.00’; Monthly Rate Type >=‘0.00’ and <= ’35.00’; Yes 24 Original Principal Limit Original Principal limit amount Integer followed by decimal(2); Must be <= FHA Loan Limit and < Max Claim Amount’ ; For HECM purchase transactions only, the maximum claim amount will be the least of: 1) the appraised value; Yes 25
2) Sales price; or 3) FHA mortgage limit for a one family residence. Principal Limit must equal Principal limit factor x Max Claim Amount; Closing Costs Borrower closing expenses. The amount of fees and expense incurred by loan initiation. Financed into loan balance; not due to be paid until loan is terminated/paid in full. Integer followed by decimal(2); Must be >= ‘0.00’ and < Max Claim Amount; Used in the calculation MO Fields. No 26 Discharge of Liens Discharge of Liens. Release of financial liability to a debt of record (i.e. release of title). Applies to all HECM transaction types Integer followed by decimal(2); Must be >= ‘0.00’ and <= FHA Loan Limit; Used in the calculation MO Fields. No 27 Loan Advance/ Other Draws Loan advance / Other draws taken at closing. Applies to Traditional or Refinance. For Purchase Transaction must equal fully drawn LOC Integer followed by decimal(2); Must be >= ‘0.00’ and <= FHA Loan Limit; Used in the calculation MO Fields. Conditional; If Pay Plan is Modified Term or Modified Tenure or Line Of Credit or Lump Sum 28 Repair Set Aside Repair set aside (RSA) amount Integer followed by decimal(2); Must be >= ‘0.00’ Used in the calculation MO Fields. Conditional; If Repair Set Aside is available 29 First Year Set Aside First Year taxes & insurance set aside (FYSA) The amount of money set aside to cover property charges from the initial/net principal limit Integer followed by decimal(2); Must be >= ‘0.00’ and <= FHA Loan Limit; Yes 30 Credit Line Set Aside This amount is the portion of the Principal Limit set aside drawn down as a Line of Credit Integer followed by decimal(2); Must be >= ‘0.00’ <= FHA Loan Limit; Conditional; if Pay Plan is Modified Term or Modified Tenure 31
Basis Points BPS Basis points Integer; Range >=36 AND <=150; Conditional; if Monthly Service Fee = 0 32 Repair Admin Fee Repair Admin Fee Integer followed by decimal(2); Must be >= ‘0.00 and <= ’1407.00’ (Lender may charge a fee not to exceed the greater of one and (1 1/2) percent of the funds used for repairs or $50 for administration of the agreement) Conditional; if Repair Set Aside is > $0.00 33 Loan Origination Amt Loan Origination Amount Integer followed by decimal(2); If FHA Case # Assigned Date is >=10/31/08: Must be >= ‘$0.00’ and <= ‘$6,000’; 2% of MCA up to $200,000; Additional 1% of MCA > $200,000; Used in the calculation MO Fields Yes 34 Sale Date The date the HECM mortgaged property was sold to the mortgagor. This field is applicable only for HECM for Purchase product type. Date(10); Format: YYYY-MM-DD; No 35 Contract Date Contract Date. This field is applicable only for HECM for Purchase product type. Date(10); Format: YYYY-MM-DD; No 36 Was Prior Sale/ Transfer Was Prior sale/Transfer Integer(1); ‘0’ = No; ‘1’ = Yes; Conditionally required if Product Type = HECM Standard for Purchase, HECM for Purchase or HECM Saver for Purchase 37 Prior Sale Date Prior Sale Date Date(10); Format: YYYY-MM-DD; Conditionally required if Was Prior Sale/Transfer is YES 38 Prior Sale Price Amount Prior Sale Price Amount Integer followed by Decimal(2); Must be >= ‘0.00’ Conditionally required if Was Prior Sale/Transfer is YES 39
Table 11: HERMIT System Transaction Types and Assurance Level Transaction Type Impact Categories Impact (Assurance Level) Assurance Level Loan Origination Transactions (Loan setup, IMIP collection, Loan Endorsement) Inconvenience, distress, or damage to standing or reputation Moderate (2) 2 Financial loss or agency liability Low (1) Harm to agency programs or public interests Low (1) Unauthorized release of sensitive information Moderate (2) Personal safety N/A Civil or criminal violations Moderate (2) Loan Servicing Transactions ( MIP collections, Interest Rate calculations, Late charges, fees and Penalty interest calculations, adjustments, Corporate advances, Refunds, Partial Repayments, Claims Type 20 to 24, ) Inconvenience, distress, or damage to standing or reputation Moderate (2) 2 Financial loss or agency liability Moderate (2) Harm to agency programs or public interests Moderate (2) Unauthorized release of sensitive information Moderate (2) Personal safety N/A Civil or criminal violations Moderate (2) Loan Disposition transactions (write-offs, Pay offs, Loan termination) Inconvenience, distress, or damage to standing or reputation Moderate (2) 2 Financial loss or agency liability Moderate (2) Harm to agency programs or public interests Moderate (2) Unauthorized release of sensitive information Moderate (2) Personal safety N/A Civil or criminal violations Moderate (2)
Scheduled Payments 1250 Disb - Scheduled Disb - Scheduled This transaction is initiated by the Servicer (on-behalf of Borrower) to make a Scheduled Payment to the Borrower Unscheduled Advances (Up to drawable equity) 1350 Disb - Unscheduled from LOC Disb - Unscheduled from LOC - Other This transaction is initiated by the Servicer (on-behalf of Borrower) to make an unscheduled disbursement from Borrower’s available Line Of Credit. This transaction applies to pay plan types Line Of Credit, Modified Term and Modified Tenure ONLY. 1352 Disb - Unscheduled from LOC Disb - Unscheduled from LOC Inspections This transaction is initiated by the Servicer (on-behalf of Borrower) to make an unscheduled disbursement from Line of Credit for inspections on the mortgaged property. This transaction applies to pay plan types Line Of Credit, Modified Term and Modified Tenure ONLY. 1353 Disb - Unscheduled from LOC Disb - Unscheduled from LOC Appraisals This transaction is initiated by the Servicer (on-behalf of Borrower) to make an unscheduled disbursement from Line of Credit for appraisals on the mortgaged property. This transaction applies to pay plan types Line Of Credit, Modified Term and Modified Tenure ONLY. 1354 Disb - Unscheduled from LOC Disb - Unscheduled from LOC Prop Preserv This transaction is initiated by the Servicer (on-behalf of Borrower) to make an unscheduled disbursement from Line of Credit for preservation and protection of the mortgaged property. Preservation and protection activities may include Repairs, Landscaping etc. This transaction applies to pay plan types Line Of
2350 Disb - Unscheduled from LOC Disb - Unscheduled from LOC Taxes This transaction is initiated by the Servicer to make an unscheduled disbursement from Line Of Credit to pay for taxes on behalf of Borrower. This transaction applies to ALL pay plan types. 2450 Disb - Unscheduled from LOC Disb - Unscheduled from LOC Insurance This transaction is initiated by the Servicer to make an unscheduled disbursement from Line Of Credit to pay for the insurance of the mortgaged property on behalf of Borrower. This transaction applies to ALL pay plan types. 2550 Refunds Disb - Refund Remittance Overage This transaction is initiated by the Servicer to refund the excess amount paid by Borrower after loan is paid-off. The loan status will have been 'Terminated' with an overage amount > $0.00 and < $10.00 for this transaction to be initiated. 2050 Disb – Life Expectancy Set Aside Disb - LESA Not Final This transaction is initiated by the Servicer to make a disbursement from LESA Set Aside to pay for property taxes and insurance on behalf of Borrower. 2051 Disb – Life Expectancy Set Aside Disb - LESA Final This transaction is initiated by the Servicer to make disbursement from LESA Set Aside to pay for property taxes and insurance on behalf of Borrower. 2090 Disb – Life Expectancy Set Aside Disb - LESA Not Final Adj Reversal of 2050 transaction. 2091 Disb – Life Expectancy Set Aside Disb - LESA Final Adj Reversal of 2051 transaction Corporate Advances/Closing Fee
2118 Corp Advance - Property Preservation Corp Adv - Prop Preserve - Repayment This transaction is initiated by the Servicer to report repayments by the Borrower within this transaction category. This transaction applies to ALL pay plan types. 2120 Corp Advance - Section 305 Disbursements Corp Adv - S305 - Flood Insurance This transaction is initiated by the Servicer to report the expense incurred by the Lender/Investor for flood insurance premiums on the mortgaged property. This transaction applies to ALL pay plan types. 2121 Corp Advance - Section 305 Disbursements Corp Adv - S305 - Hazard Insurance This transaction is initiated by the Servicer to report the expense incurred by the Lender/Investor for hazard insurance premiums on the mortgaged property. This transaction applies to ALL pay plan types. 2122 Corp Advance - Section 305 Disbursements Corp Adv - S305 - Taxes This transaction is initiated by the Servicer to report the expense incurred by the Lender/Investor for taxes that are liens prior to the mortgage. This transaction applies to ALL pay plan types. 2123 Corp Advance - Section 305 Disbursements Corp Adv - S305 - Utilities This transaction is initiated by the Servicer to report the expense incurred by the Lender/Investor for utilities that are liens prior to the mortgage. This transaction applies to ALL pay plan types. 2124 Corp Advance - Section 305 Disbursements Corp Adv - S305 - Eviction Fees This transaction is initiated by the Servicer to report the expense incurred by the Lender/Investor for eviction in the event of foreclosure proceedings. This transaction applies to ALL pay plan types.
2133 Corp Advance - Section 306 Disbursements Corp Adv - S306 - Other This transaction is initiated by the Servicer to itemize other expenses incurred by the Lender/Investor in this category. A descriptive title for the expenses must be entered on the electronic version of the claim form (HUD Form-27011) at the time of claim submission. This transaction applies to ALL pay plan types. 2138 Corp Advance - Section 306 Disbursements Corp Adv - S306 - Repayment This transaction is initiated by the Servicer to report repayments by the Borrower within this transaction category. This transaction applies to ALL pay plan types. 2141 Corp Advance - Section 307 Disbursements Corp Adv - S307 - Sheriff Fees This transaction is initiated by the Servicer to report the expense incurred by the Lender/Investor for sheriff fees in the event of foreclosure proceedings. This transaction applies to ALL pay plan types. 2142 Corp Advance - Section 307 Disbursements Corp Adv - S307 - Title Examination Fees This transaction is initiated by the Servicer to report the expense incurred by the Lender/Investor for title search. This transaction applies to ALL pay plan types. 2143 Corp Advance - Section 307 Disbursements Corp Adv - S307 - Recording Fees This transaction is initiated by the Servicer to report the expense incurred by the Lender/Investor for sheriff fees in the event of foreclosure proceedings. This transaction applies to ALL pay plan types. 2144 Corp Advance - Section 307 Disbursements Corp Adv - S307 - Other This transaction is initiated by the Servicer to itemize other expenses incurred by the Lender/Investor in this category. A descriptive title for the expenses must be entered on the electronic version of the claim form (HUD Form-27011) at the time of claim submission. This transaction applies to ALL pay plan types.
2254 HUD-1 Closing Costs - Owed to Buyer Closing - S407 - Other This transaction is initiated by the Servicer to itemize other amounts owed to buyer as part of HUD-1 closing costs. A descriptive title for the line item must be entered on the electronic version of the claim form (HUD Form-27011) at the time of claim submission. This transaction applies to ALL pay plan types. 2261 HUD-1 Closing Costs - Additional Closing - S408 - Discount Points This transaction is initiated by the Servicer to report the additional HUD 1 closing costs for discount points line item. This transaction applies to ALL pay plan types. 2262 HUD-1 Closing Costs - Additional Closing - S408 - Sales Commission This transaction is initiated by the Servicer to report the additional HUD 1 closing costs for sales commission line item. This transaction applies to ALL pay plan types. 2263 HUD-1 Closing Costs - Additional Closing - S408 - Recording Fees This transaction is initiated by the Servicer to report the additional HUD 1 closing costs for recording fees line item. This transaction applies to ALL pay plan types. 2264 HUD-1 Closing Costs - Additional Closing - S408 - Service Charges Service Charges on closing costs are not reimbursable by HUD. Do not submit this transaction. 2265 HUD-1 Closing Costs - Additional Closing - S408 - Termite Report This transaction is initiated by the Servicer to report the additional HUD 1 closing costs for termite inspection fee line item. This transaction applies to ALL pay plan types. 2266 HUD-1 Closing Costs - Additional Closing - S408 - Title Insurance This transaction is initiated by the Servicer to report the additional HUD 1 closing costs for title insurance line item. This transaction applies to ALL pay plan types. 2267 HUD-1 Closing Costs - Additional Closing - S408 - Appraisal Appraisal fees on closing costs are not reimbursable by HUD. Do not submit this transaction.