Novation Companies, Inc. (formerly Novastar Financial, Inc.) owns and operates early-stage businesses in the technology-enabled services industry.

However, NovaStar’s business model proved unsustainable for the long term as more and more people defaulted on loans.

Corvisa Cloud, LLC is located in Milwaukee and offers cloud-based IVR, ACD and call center operations.

On August 18, 2014, Advent sold certain intellectual property, software, and customer data to Santa Barbara Tax Products Group, LLC.

Also on August 18, 2014, the Company announced that it was conducting an orderly winding-down of Advent’s remaining business and operations.

NovaStar originated and serviced "nonconforming" residential loans to borrowers who generally did not qualify for conventional mortgages.

In 2006, forty shareholders in NovaStar sued ten Wall Street prime brokers, claiming a scheme to manipulate the companies' stock by allowing naked short selling.

On April 2, 2007, the law office of Keller Rohrback initiated a class action suit on behalf of NovaStar 401(k) plan members on similar grounds.

[6] On September 12, 2008, a petition for involuntary bankruptcy was filed against subsidiary NovaStar Mortgage Inc. by its financial backers after the company repeatedly failed to pay interest on loans.

On November 7, 2008, a lawsuit was filed on behalf of purchasers of NovaStar Home Equity Loan Asset-Backed Certificates who bought them following the May 25, 2006 Registration Statement.