Novad Management Consulting CEO Davon Kelly And His Staff Appear To Be Missing In Action
The inept leadership of Novad Management Consulting CEO Davon Kelly is amazing. I have never seen a more ineptly ran mortgage servicer in my 25 years in mortgage lending. Kelly is either an incompetent CEO, or he is missing in action.
Kelly’s leadership is far worse than Ocwen CEO Glen Messina. If you can imagine that.
You may remember Glen Messina. Messina’s leadership team almost drove PHH Mortgage into extinction. However, by the grace of God, Ocwen swooped in and bought the company for 10 cents on the dollar. Then, Ocwen’s Board made Messina its CEO. Go figure.
The Lennon case which I have written about last week is the first time I’ve had to deal with Novad Management Consulting. I have to tell you, I have never dealt with a mortgage servicer more ineptly run than Novad Management Consulting. Our contacts at other reverse mortgage servicers and at HUD have had similar experiences.
The Buck Stops With Novad Management Consulting CEO Davon Kelly
Novad Management Consulting CEO Davon Kelly is ultimately responsible for Novad’s corporate dysfunction. This is either because of managerial incompetence or because he is simply AWOL.
Just imagine how upsetting it is for the thousands of seniors citizens with FHA-backed reverse mortgages serviced by Novad.
I have a blog read by consumers, finance journalists, and politicians. So finance CEOs don’t like being the subject of my blog. So I scare them into actually doing their jobs. The vast majority of seniors with reverse mortgages don’t have that luxury.
It appears MFI-Miami isn’t the only one expressing displeasure about Novad with FHA and HUD. It seems HUD and FHA are getting flooded with complaints about Novad according to MFI-Miami’s sources at HUD. One homeowner was so fed up with the inept customer service at Novad that he filed a complaint with the Office of the Inspector General at HUD.
Matter of fact, it wasn’t until Davon Kelly was made aware of my first blog about them and the various complaints filed and the people involved did we get the Lennon case rersolved.
Novad Management Consulting CEO Davon Kelly Has Serious Problems On His Hands
The main problem Novad Management Consulting has is no one answers the phones. You can never reach an actual employee. It’s as if extraterrestrials abducted every employee of the company.
The FHA Call Center has fielded nearly 95% of our calls to Novad. Unfortunately, no one at FHA or HUD has access to your file. So, all they can do is act as glorified receptionists for Novad.
The FHA Call Center tells you that they will have someone from Novad call you within 4 days. However, never get a callback. As a result, you’re kept guessing when you will hear from them.
It took Novad nearly two months to give us any answers about what was going on Tom Lennon’s reverse mortgage. This is after Tom Lennon and I hounded them like bill collectors and after FHA reached out to Novad senior management on Tom’s behalf.
You can also hear the frustration with Novad in the voices of the nice people at FHA. They are obviously at their wit’s end dealing with pissed off Novad customers.
More Than Just Poor Customer Service Plague Novad Management Consulting
Novad has other more serious issues than just poor customer service. It appears they have violated the revisions made under RESPA and TILA under the Dodd-Frank Act. At least in Tom Lennon’s case.
Novad Management Consulting still has not responded to my request for documents I sent them the first week of October. Failure to comply with a QWR is also a TILA violation. The Truth-In-Lending Act allows homeowners to seek damages and attorney fees from mortgage servicers who don’t comply with document requests within 30 days.
Tom Lennon also filed a complaint with the HUD Office of the Inspector General and with the CFPB about Novad.
In addition, Congressman Mario Diaz-Balart’s office is now involved with trying to assist Tom Lennon. Diaz-Balart’s office has sent a request to HUD to investigate Novad Management Consulting’s handling of Tom Lennon’s file. Diaz-Balart is the ranking Republican on the House Appropriations Subcommittee that oversees HUD.
To learn more about this horrible servicer, see: