HUD Names New FHA Reverse Mortgage Servicing Contractor

Oklahoma City-based Novad Management Consulting is the newest loan servicing contractor for Home Equity Conversion Mortgages (HECM), among other single-family Federal Housing Administration (FHA) loans, as of the end of September. 

Effective September 29, Novad is responsible for servicing FHA single-family Secretary-Held Assets, including assigned HECMs, HECM Subordinate Mortgages, Secretary-held Title II Mortgages and Partial Claim Subordinate Mortgages, the Department of Housing and Urban Development stated in Mortgagee Letter 2014-19

The company will also be responsible for servicing loans under several FHA subordinate mortgage programs, including those in Section 235, the Nehemiah program, Emergency Homeowners Loan Program, Asset Control Area Mortgages, Hope for Homeowners and Good Neighbor Next Door programs.

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With ML 2014-19, Novad Management Consulting replaces previous mortgage servicing contractor Deval, LLC, a Texas-based company that was named in this capacity by HUD back in April 2012.

In its Mortgagee Letter to all HUD-approved mortgagees, field offices homeownership centers and housing counseling agencies, HUD directs all required documentation, correspondence, phone calls and servicing for these loan types to Novad’s Oklahoma City headquarters at Shepherd Mall, 2401 NW 23rd Street, Suite 1A.

View Mortgagee Letter 2014-19.

Written by Jason Oliva

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  • who do we contact to complain about Novad’s feet dragging, consistent run around, poorly trained and surly employees and lack of action on my deceased father-in-law’s reverse mortgage? Please don’t tell me “Novad” – they will just tell me to do something else that we have already done or come up with piece of paper number 1,433 for us to get signed and notarized. They must make more money putting people through months of ringers than they do actually performing their function.-

    • I am trying to purchase some property from a family whose parents took out a reverse mortgage. So far I have had some fairly good responses but just getting started. How did NOVAD finally treat you to get some final results. I don’t want to get involved or exchange and money until I am more confident in any government programs. Please advise any information if could. Thanks. Steve

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