Is Novad Management Consulting Jerking You Around? MFI-Miami Can Help You! Call 888.737.6344
Is Reverse Mortgage servicer Novad Management Consulting jerking people around again? It certainly looks that way and it’s only getting worse.
Whatever is going on in at Novad Management Consulting or the mind of it’s CEO Devon Kelly is unknown. It appears Kelly and senior Novad management are missing in action.
But whatever the situation with Novad and Kelly is, it’s not good and it’s only getting worse. It’s also affecting thousands of senior citizens with reverse mortgages.
Kelly and Novad showed up on our radar 18 months ago when a client tried to pay off his reverse mortgage. The matter only got resolved after my client and I filed a complaint about Novad with the HUD Office of the Inspector General. We also got key congressmembers involved.
There was a silver lining to this experience. This experience gave MFI-Miami direct access to key people at Novad Management Consulting including the CEO Devon Kelly.
But first, let’s do a quick summary of how reverse mortgages work.
How A Reverse Mortgage Works
Reverse mortgages are home equity loans that allow you to convert part of the equity into cash. This can be an attractive option for senior citizens who may find themselves “house rich” but “cash poor.”
Equity is the difference between the appraised value of your home and your outstanding mortgage balance. The equity in your home rises as the size of your mortgage shrinks and/or your property value grows. In a reverse mortgage, you are borrowing money against the amount of equity in your home.
As the name says, reverse mortgages work like a traditional mortgage, only in reverse. Instead of a borrower making payments to a lender, the lender makes payments to the borrower. Most reverse mortgages do not require payment of principal, interest, and fees as long as you live in your home. The homeowner can use the money for anything. The lender will require the homeowner to pay off the balance of any existing mortgages.
Novad Management Consulting Has Serious Problems
The main problem homeowners are having with 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 MFI-Miami’s calls to Novad during our investigations. Unfortunately, no one at FHA or HUD has access to a homeowner’s 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, you 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 a reverse mortgage MFI-Miami was investigating.
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 RESPA and TILA on multiple occasions.
Novad Management Consulting does not to request for documents. 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.
To add insult to injury, heirs and estate executors can’t get payoff quotes for reverse mortgages taken out by their late parents. As a result, children lose buyers when they try to sell their late parents’ home.
My client and I had to file complaints with the HUD Office of the Inspector General and with the CFPB about Novad.
In addition, my client and I had to get his congressman involved. His congressman is Mario Diaz-Balart. Diaz-Balart’s office was more than happy to help us. Diaz-Balart is the ranking Republican on the House Appropriations Subcommittee that oversees HUD.
Feel free to give us a call 888.737.6344 if you need help dealing with Novad Management Consulting.
Also, Check Out These Other Articles About Novad Management Consulting:
Are Novad Management Consulting CEO Davon Kelly And His Staff MIA?
Novad Management Consulting: Worst Reverse Mortgage Servicer Ever!
Reverse Mortgage Scam Alert! Novad And FHA Defraud US Army Veteran
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