Novad Management Consulting
Reviews and Complaints

A borrower has passed away and the family just wants to close the reverse mortgage and get in touch, to get the closing statement but impossible to reach by phone.

My mother passed away in October 2020.
In November 2020 a letter was sent to the FHA Resource Center along with a copy of my mother's death certificate. A request was made for the deed to be surrendered in lieu of foreclosure.
Eight months have passed and we have not received any response from Reverse One Mortgage!
I need an immediate response!

I filed a request by fax for a payoff statement on my Mother's reverse mortgage on June 14, n 2021(FHA Case #[protected]). Along with my cover letter I included the death notice, my probate court appointment as co-executor and the HECM Payoff Request Form. My cover letter contained my full contact info and a request for Novad to contact me if they needed additional infomation.

After six business days, I hadn't received the payoff statement, so I called Novad. At that time I was given the impression that the payoff statement was completed and I asked that it be emailed to me. I called Novad again on Friday June 25th when I still hadn't received the email. The personAfter on the phone told me it was sent June 22cd. I never got the email. After requesting to speak to a supervisor 3-4 times they finally connected me to "Majorie." She took my complaint and said it would be escalted to HUD. I asked for someone to contact me to let me know what was happening. I expected to hear from Novad/Hud today(June 28th) and never did. They are telling me somone will contact me within another 5 (!) days. Meanwhile, I am getting calls from the buyer and my 11 siblings wanting to know the stauts of the sale.

Finally, I want to say that every time I call Novad, there is at least a 45 minute wait to talk with someone. The people I've spoken with were generally polite, but not at all helpful. They said they did not have access to the information and really just took my complaint. They couldn't give me any infomation on the status of the payoff request. These people appeared to have scripts they insisted on going through and it was very difficult to get a word in edgewise with many of them. I'm seventy years old and have dealt with many bureaucracies over the years, but Novad is absolutely the worst, most frustrating agency I ever had to deal with. The have a number to call for Customer Service, but they have no Customer Service.

Steve Fox
20 Thayer Ave
Narragansett, RI 02882
[protected]

About weeks ago I filed for a payoff from this company so I could finish the sale of my house. I was told it would take six business days. After six business days I have called this company continuously and been told that they can't help me, I need to be patient or just being left on hold for hours and hours. Finally they said they would escalate the claim after 20 hours in a week of holding, but that really doesn't do much and I could call back in 5 days. No one had any answers or help. Now potentially I am going to lose my buyer and all I need is the payoff so I can pay them. The customer service is terrible, rude and can't do anything. This is so frustrating!

I have been trying to get a pay off from novad for almost a month. Myself and my title company have been contacting to see where the payoff stands as we have been told 6 business days 4 times now. I called in today to speak to someone. After over an hour hold time, natashia picked up the phone. Natashia said she saw all of my request and that she did feel for me, however there was nothing she could do. I said I wanted to speak to a supervisor. She advised that she could not get a supervisor so there is no point in trying and that I should send in a new request form with an extended date as my original only went up to 30 days. I said I should not have to do that I should get the payoff and I wanted to speak to someone, natashia told me she was going to disconnect the call. I asked why she would do that when I was asking for help and she said she had a long queue and there was nothing more she could do. Dial tone...

Sent a faxed notorized request on their letterhead. Still have not received a payoff letter. I can lose my buyer over this! Tried multiple times and numbers to get this issue resolved.

My current reverse mortgage was handled by 2 companies for 2020. RMS and Novad/Hud.

RMS sent me a 2020 interest statement but I never received anything from NOVAD.

I have called, left voice mails and emails multiple times and nothing has ever been done. Until I get this document, I can't file my 2020 taxes.

Covid 19 does not excuse their responsibilities for all their clients.

Thank you

I emailed novad Jan. 13, 2021, and like five days later got an email. The problem is that it does not reflect what two reps. have discussed with me. The total lein is not the same amount as the original lein. I called, left messages, and emailed novad on numerous accounts. I have not received an feedback on my issue and time is running out. If my lein is indeed less then owed, I need information on it. None has reached out and very fustrating. I keep leaving messages because the resource center at novad has no further information that they can give. Why is there a resource center then and why don't people have a number to reach out directly. The organization is no help and does not return calls or emails.

Yes in 2017 my mom passed and I purchased the home out of reverse mortgage and when I purchased hud did not release the 2 me which there wasn't a 2nd mortgage to my understanding that's as just to secure the home nothing is owed. I have a buyer for the house and I was not aware that this was on the title until they did a tltle search and it's coming up that it has a lien on it and it doesn't I have been trying to get this cleared up with them since Dec 16 2020 and can get nowhere the person that I was forwarded to was a Alissa at1877-622-8525ext 289084 I have left message after message no return call. I have contacted hud and Novak I have submitted every piece of paper o have to show it is paid I can't figure out why I can't get this cleared up. HELP! Thank Terry kyser

novad management consulting llc c/o dept of housing and urban dev. attention: ciara segura, hecm loan specialist 2401 nw 23rd street, 1a1 oklahoma city, ok 73107 date: january 6, 2020
FACTS: Novad Management Consulting LLC is violation of UDAAP regulations, discrimination, elder abuse, and harassment towards Mortgagor.
As reported and formal complaint filed with CFPB, On January 4, 2020, an "uncertified" Repayment Letter was sent to me dated December 19, 2019 requesting that full and payable amount of $395, 732.54. Further letter stated the following:
Dear Borrower: According to the terms and conditions of the mortgage this loan becomes due and payable for any of the following reasons: All mortgagors have sole or conveyed title to the property; The property is no longer the principal residence of at least one mortgagor for reasons other than death. The property has not been resided in as a principal residence for a period exceeding 12 months due to physical or mental illness. The property is in disrepair and he mortgagor has refused or is unable to repair this property. The mortgagor violates one or more of the following covenants of the mortgage namely; failure to pay property taxes and/or assessments, failure to keep current homeowners insurance coverage or refusal to comply with the covenants and conditions of the mortgage. On of the circumstances stated above has occurred and placed this loan in a "Due and Payable" status which "requires the debt to be repaid". The total amount due and payable as of 01/18/2020 is $395, 732.54. A Deed-in-Lieu of foreclosure may be considered provided the property is free of can be freed of any liens other than the HUD Home Equity Conversion Mortgage. A Short Sale of the property may also be considered. Detailed letters for both of these options are enclosed. If you would like to discuss this matter please call your HECM Housing Counselor at (877) 622-8525 extension 9, Monday through Friday, between 8:00 AM and 5:00 PM Central Stand Time. You must respond within thirty (30) days from the date of this letter. If on the other hand you prefer to write us about this matter, please send all correspondence to the following address: NOVAD MANAGEMENT CONSULTING LLC C/O DEPT OF HOUSING AND URBAN DEV. ATTENTION: CIARA SEGURA, HECM LOAN SPECIALIST 2401 NW 23RD STREET, 1A1 OKLAHOMA CITY, OK 73107
On January 6, 2020, I called (877) 622-8525 and spoke with two different representatives, as the first representative I requested to escalate the call when I was advised that this call center does not respond to calls only is an intake for Novad Management Consulting LLC and that all inquires would be forwarded. The second representative I spoke with, as a result of my requesting t speak with a manager, indicated that she also did not have any information pertaining to the account, the Repayment Letter dated December 19, 2019 which I received on January 4, 2020.
Further, she asked me if this "generic letter" and its merits of "certifying" any of the reasons that placed the mortgage in repayment status. I stated no. She indicated that this Repayment Letter is meant as an "Annual" Certification letter to have mortgagor provide all documentation to support the areas outlined in the letter. The letter was not written as an Annual Certification Review Letter Request, nothing was communicated as to a request for documentation or verification. I expressed my concern and indicated that I would be escalating this to seeking legal review and recommendations as I am 88 years old, pay property taxes, home insurance, and meet all conditions to the terms of the loan and its related CCs. I explained to the representative that since the inception of the reverse mortgage back in 2006 that I have received one letter dated March 11, 2019 requesting "Hazard Insurance Information. I completed the attached form provided giving Novad my approval to communicate directly with my insurance group, mailed on April 3, 2019. Novad Management Consulting LLC, without properly requesting confirmation and validation, of terms and conditions, committed UDAAP and discrimination, elder abuse and harassment towards me as a mortgagor/borrower.

My friend passed away May 2, 2018 with a paid out reverse mortgage on her condo. Before her death Novad Management Consulting took over the servicing of her loan. After cleaning out the property of her effects we notified Novad of her passing. A few weeks later we received a notice describing how the loan amount could be satisfied. We complied by requesting the preparation of a deed in lieu of foreclosure. That is the last communication we have had from Novad. No information on the status is available by phone. There is no response to correspondence. We are told that the estate is responsible for upkeep, taxes and HOA fees which are cutting a swath into a meager estate. Ten months have passed with this property in limbo and no sign that this situation will ever end. Furthermore, Novad's property is 300 miles away from the successor trustee behind a secured gated community to which we have no access. Novad has been made aware of this but again, no response. The estate will probably have no choice but to stop protecting their property which may lead to a footrace to the courthouse as the HOA begins its own foreclosure.

Regarding Account Number: [protected]

My parents entered into a reverse mortgage agreement, which is being service by NOVAD Management Consulting, LLC. My father, Louis J. Keyes passed away on December 15, 2006 and my mother passed away on November 9, 2017.

Following my mother's passing, I have made numerous attempts to close the account, under the terms of the agreement to surrender ownership to the government.

After numerous calls and letters I have not received a response from NOVAD. I was told that what was necessary was to execute a "Deed-in-lieu" of foreclosure. However, I have not received the necessary documents from NOVAD to complete this transaction.

We vacated the property on May 1, 2018 and notified NOVAD, however we continue to receive HOA and Real Estate tax bills. We have also maintained insurance on the property.