NOVAD Management Consulting Wins HUD Contract to Service Home Equity Conversion Mortgages

    LANDOVER, MD, September 29, 2014 /24-7PressRelease/ -- Effective September 29, NOVAD Management Consulting will provide loan servicing services for Home Equity Conversion Mortgages (HECM) as well as other single-family Federal Housing Administration (FHA) loans.

NOVAD will service 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 (ML) 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, and the Hope for Homeowners and Good Neighbor Next Door programs. With ML 2014-19, NOVAD Management Consulting replaces previous mortgage servicing Texas-based contractor Deval, LLC.

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 located at Shepherd Mall, 2401 NW 23rd Street, Suite 1A1.

For additional information, contact NOVAD representatives at (877) 622-8525, by email at [email protected], or by fax at (800) 489-1733.

Headquartered in Landover MD, NOVAD Management Consulting is certified as an 8(a) company by the U.S. Small Business Administration. In addition, NOVAD has been awarded GSA and MOBIS Contract Vehicles. For more information, visit: novadconsulting.com.

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