The Department of Housing and Urban Development awarded a definitive contract valued at $44.2 million to Novad Management Consulting LLC, doing business as Novad Management, to provide national servicing center loan servicing support. Under the terms of the contract, Novad will perform loan servicing functions for HUD programs including Partial Claim mortgages, Title II Assignment mortgages, and mortgages associated with the Emergency Home Loan Program. The period of performance is from September 2020 through April 2022, consisting of a 12-month base period followed by four 12-month option periods to support servicing of FHA-insured and Secretary-held first, second, and subordinate note and mortgage loans. There is no set-aside designation for this requirement. Novad is the incumbent contractor providing these loan servicing support services to HUD.
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