Novad management consulting scam letter is currently operating in every state in the United States, and its victims are people who have reverse mortgages. Most people in the United States have experienced the scam perpetrated by Novad Management Consultancy. A fresh scam involving reverse mortgages is currently being perpetrated all around the United States. If you are the owner of a loan, you are undoubtedly aware of this scam. Mortgage service providers are participating in the scheme, which aims to steal the loanees’ money and their personal information.
Borrowers who received letters from NOVAD expressing their concerns and feelings of insecurity are gathering information on the Novad Management Consulting scam through social networks and online discussion forums to discuss the current situation. In this article we will give you all information about Novad management consulting scam letter.
Servicing Single-Family Secretary Portfolios of FHA:
Servicing Single-Family Secretary Portfolios of FHA and Home Equity Conversion Mortgages, as well as Limited Claims in the Name of FHA and Home Equity Conversion Mortgages, is the primary focus of NOVAD Management Consulting, a mortgage servicing company. The company provides a comprehensive selection of services, such as financial and compliance auditing, organizational development, business process re-engineering, and property management. A minority group owns it. The latest reverse mortgage scam letter being sent to consumers across the United States has brought the company to the forefront of the headlines.
Is Novad management consulting scam letter?
Those who have reverse mortgages are the ones who have been taken advantage of by the widespread NOVAD Scam. Swindlers in the region have been sending out letters to residents pretending to be from Novad Management Consulting. The letters inform the recipients that their loan has been transferred to ISN Corporation and that any and all payments that are still outstanding must be made to ISN Corporation.
However, the return address that has been utilized is that of the ISN Corporation, which is wholly fictitious, just like the return address put on the envelope. The phone number that is printed on the envelope is also entirely fictitious. After following the instructions at the bottom of the letter, a significant number of those who had been tricked into believing the letter published their concerns regarding the fraud on well-known online discussion forums.
Perpetrated by Novad Consulting targets:
The letter is a component of the fraud being perpetrated by Novad Consulting and targets individuals currently in a position in which they do not have access to funding. Because of this, you shouldn’t participate in any form of communication with the firm that was stated in the warning, nor should you transfer any money to them. In addition, you shouldn’t engage in any form of communication with the company that was listed in the warning.
Does This A New Scam involve Reverse Mortgages?
Tom Lennon’s lawsuit is the first of its kind in thirteen years of fighting lenders and Wall Street. US Army veteran Tom Lennon settled his reverse mortgage debt in August. After contacting Champion Mortgage, his reverse mortgage servicer, he was given a payoff of $171,939.78 and wire instructions valid through September 1st. Tom wired $171,939.78 from his TD Bank account to Champion Mortgage’s JPMorgan Chase account on August 20th.
Prepared for the possibility that Champion Mortgage:
Tom was prepared for the possibility that Champion Mortgage would present the Collier County Clerk with a Satisfaction of Mortgage document. The opposite, however, proved to be true. After waiting for a little over a week, Tom finally got word from Champion that his loan had been sold to the FHA. The letter also explained that FHA had hired Novad Management Consulting to manage the loan servicing.
Dodd-Frank Act- novad management consulting scam letter:
Champion Mortgage May Have Violated Federal Law With Their Reverse Mortgage Program. This constitutes a significant offense under the Dodd-Frank Act and the Truth in Lending Act. Before a lender transfers servicing, they must give homeowners advance notice. No one informed the Lennons about the impending move. And yet, they had the $171,939.78 from Tom Lennon in hand days before the move.
Furthermore, Champion did not inform the Lennons of the note and mortgage sale to FHA. The Dodd-Frank Act also mandates this. Lenders must preserve mortgage records for 12 months after a loan is transferred or the file is closed under TILA. Novad Management Consulting and the FHA Are Engaged in a Reverse Mortgage Scam.
Do Scammers Work for Novad Management Consulting?
Since it is a mortgage company, it must keep its customers abreast of any policy shifts or other financial developments that might affect them. Meanwhile, institutions make some of the best adjustments each year to improve a company’s economic situation in response to new government regulations. In addition, Novad consultancy operates similarly, with timely letters issued to clients informing them of changes to their mortgage rules. In a letter sent out in August of 2021, the consulting firm’s management detailed their initiatives, portfolios, and revised strategies in light of current covid circumstances.
Additional Information about the Fraud:
After studying the online and offline content, we found several vital details that prove it is not real. Some of these are:
- Claiming to be from NOVAD, this letter purports to inform loan applicants that their funds have been moved to another institution.
- The letter requests additional payment through an entity without connection to the lender.
- As a consequence of this, it is very necessary to discard the letter that contains the Novad Management Consulting Scam.
- Users have also claimed that neither they nor anybody in their immediate family has ever taken out a loan or mortgage from NOVAD or ISN Corporation, making it illogical for them to do so now.
- This is a scam, as people have received the letter with neither a mortgage nor a loan.
- Although some readers have attested that the letter is genuine, no official confirmation exists to back up its assertions.
Advisory Services from Novad for Management the con has been upsetting to a great number of people in the United States. People who do not even have a reverse mortgage can be taken advantage of and become victims of the deception. Before Novad issues the appropriate documentation, these letters will not be deemed official under any circumstances. In addition, you will need to acquire the skills necessary to avoid falling victim to fraud.
Which fields does Novad Consulting focus on most often?
It offers a vast array of services, some examples of which include loan servicing, risk management, and financial help, to name just a few of the available options.
Who can apply for an Invert Mortgage, and what makes some people wary of applying?
The customer must be at least 60 years old, own their own home, and have a sufficient amount of equity in their property. People avoid it since they have already racked up excessive debt from their home loans.