Novad Management Consulting, LLC — Reverse-mortgage servicing
Novad Management Consulting, LLC (NOVAD) is HUD's servicer for my mother's reverse-mortgage. NOVAD sent me a foreclosure notice in August 2015 then refused to give me a payoff balance for my mother's home where I grew up so that we can keep it in the family. NOVAD's refusal to let us pay off the loan violated the Real Estate Settlement Procedures Act (RESPA). Then, in summer 2016, NOVAD sent people to trespass on our property while were home and leave door hangers to harass us in the hope they could drive us out of the property, even though we had notified NOVAD they were supposed to contact our attorney. NOVAD sending people to contact us personally violated the Fair Debt Collection Practices Act. We have filed a complaint with the Consumer Financial Protection Bureau (CFPB) which has also forwarded the complaint to the Federal Trade Commission.
Because NOVAD is a mortgage servicer, they are regulated by the CFPB. You can make a complaint about NOVAD on the CFPB web site, at https://www.consumerfinance.gov/complaint/. The CFPB will take your complaint and send a notice to NOVAD asking them to register with the CFPB and answer your complaint. If NOVAD refuses to answer the CFPB regarding your complaint, the CFPB has congressional authority to investigate NOVAD and to fine NOVAD hundreds of thousands, and even millions, of dollars.
The more complaints the CFPB gets, the more forcefully they will move to take action against NOVAD. If you want to stop NOVAD from getting away with being a serial violator of Dodd-Frank and other consumer laws, and you want a personal response to your complaint, then you need to complain to the CFPB at https://www.consumerfinance.gov/complaint/.
If you want to more about how NOVAD treats their customers, see the Better Business Bureau reviews at https://www.bbb.org/oklahomacity/business-reviews/business-consultants/novad-management-consulting-in-oklahoma-city-ok-90043337/reviews-and-complaints