It is possible when using the USB board. You just have to go about it in a different manner.
1. Take the module out of the interface board.
2. Connect the interface board to the computer.
3. Open X-CTU
4. Go to "Modem Configuration"
5. Put a check in the "Always update firmware" box
6. Select proper modem from drop down menu,
7. Select proper function set and firmware version
from drop down menus.
8. Click on the "Write" button. After a few seconds of
trying to read the modem, you will get an Info box
that says Action Needed. At this point, CAREFULLY
insert the module into the interface board.
9. You may get the info box again a short while after,
just use the reset button on the interface board.
This should get you back up and running.
It can take a couple of tries but it worked for me.