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<P style="line-height:18pt; margin:0px; font-size:16pt" align=center><B>UNITED STATES</B></P>
<P style="line-height:18pt; margin:0px; font-size:16pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0px" align=center><B>WASHINGTON, D.C. 20549</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:18pt; margin:0px; font-size:16pt" align=center><B>FORM 8-K</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>CURRENT REPORT<BR><BR>PURSUANT
TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934
</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center> <B> April 25, 2014</B></P>
<P style="margin:0px" align=center><B>Date of Report (Date of earliest event reported)</B></P>

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<P style="line-height:20pt; margin:0px; font-family:Times New Roman Bold; font-size:18pt" align=center><B>NOVATION COMPANIES, INC.</B></P>
<P style="margin:0px" align=center><b>(Exact Name of Registrant as Specified in Charter)</b></P>
<P style="margin:0px" align=center><BR></P>

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  <TD width=29></TD>
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  <TD valign=top width=191><P style="margin:0px; border-bottom:1px solid #000000" align=center><B>Maryland</B></P></TD>
  <TD valign=top width=25>&nbsp;</TD>
  <TD valign=top width=185><P style="margin:0px; border-bottom:1px solid #000000" align=center><B>001-13533</B></P>
</TD>
  <TD valign=top width=29>&nbsp;</TD>
  <TD valign=top width=191><P style="margin:0px; border-bottom:1px solid #000000" align=center><B>74-2830661</B></P>
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  <TD valign=top width=191><P style="margin:0px" align=center>(State or Other Jurisdiction<br>
  of Incorporation)</P></TD>
  <TD valign=top width=25>&nbsp;</TD>
  <TD valign=top width=185><P style="margin:0px" align=center>(Commission<br>File Number)</P>
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  <TD valign=top width=29>&nbsp;</TD>
  <TD valign=top width=191><P style="margin:0px" align=center>(I.R.S Employer<br>Identification No.)</P>
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<P style="margin:0px" align=center><B>2114 Central Street, Suite 600<br>
Kansas City, MO 64108 </B></P>
<P style="margin:0px" align=center>(Address of principal executive offices)    (Zip Code)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center> <B>(816) 237-7000 </B></P>
<P style="margin:0px" align=center>Registrant&#146;s Telephone Number, Including Area Code</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>Not Applicable</B></P>
<P style="margin:0px" align=center>(Former Name or Former Address, if Changed Since Last Report.)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<u>see</u> General Instruction A.2. below):</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>[_]</B></P>
<P style="margin:0px; padding-left:48px">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
<P style="margin-top:13.333px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>[_]</B></P>
<P style="margin:0px; padding-left:48px">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
<P style="margin-top:13.333px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>[_]</B></P>
<P style="margin:0px; padding-left:48px">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
<P style="margin-top:13.333px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Times New Roman Bold"><B>[_]</B></P>
<P style="margin:0px; padding-left:48px">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
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<P style="margin:0px; padding-left:58px; text-indent:-58px"><B>Item 8.01 &nbsp;&nbsp;Other Events.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:0px">Novation Companies, Inc. (the &#147;Company&#148;) sent a letter to the shareholders of the Company on April 25, 2014, which is attached hereto as Exhibit 99.1.</P>






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<P style="margin:0px; padding-left:58px; text-indent:-58px"><B>Item 9.01 &nbsp;&nbsp;Financial Statements and Exhibits</B>.</P>
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<P style="margin:0px; padding-left:0px; text-indent:0px">The following exhibit is filed with this report as required by Item 601 of Regulation S-K:</P>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=71 /><TD width=17 /><TD width=591 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=71><P style="margin:0px"><B>Exhibit No.</B></P>
</TD><TD style="margin-top:0px" valign=top width=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=591><P style="margin:0px"><B>Description of Document</B></P>
</TD></TR>
<TR bgcolor="#DBE5F1"><TD width=71 valign=top style="margin-top:0px"><P style="margin:0px">99.1</P>
</TD><TD width=17 valign=top style="margin-top:0px"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD width=591 valign=top style="margin-top:0px"><P style="margin:0px">Shareholder Letter mailed April 25, 2014</P>
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<P style="margin:0px" align=center><B>SIGNATURE</B></P>
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<P style="margin:0px; text-indent:48px" align=justify>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=356 /><TD width=18 /><TD width=344 /></TR>
<TR><TD style="margin-top:0px" valign=top width=356><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top colspan=2><P style="margin-top:0px; margin-bottom:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOVATION COMPANIES, INC.</B></P>
<P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=356><P style="margin:0px">Date: April 25, 2014</P>
</TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=344><P style="margin:0px">/s/ Rodney E. Schwatken</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=356><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=18><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=344><P style="margin:0px">Rodney E. Schwatken</P>
<P style="margin-top:0px; margin-bottom:0.867px">Senior Vice President, Chief Financial Officer,<br>
Treasurer and Secretary</P>

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<P style="margin:0px" align=center><B>EXHIBIT INDEX</B></P>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=71 /><TD width=17 /><TD width=591 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=71><P style="margin:0px"><B>Exhibit No.</B></P>
</TD><TD style="margin-top:0px" valign=top width=17><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=591><P style="margin:0px"><B>Description of Document</B></P>
</TD></TR>
<TR bgcolor="#DBE5F1"><TD width=71 valign=top style="margin-top:0px"><P style="margin:0px">99.1</P>
</TD><TD width=17 valign=top style="margin-top:0px"><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD width=591 valign=top style="margin-top:0px"><P style="margin:0px">Shareholder Letter mailed April 25, 2014</P>
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{"company-data": {"conformed-name": "NOVATION COMPANIES, INC.", "cik": "0001025953", "assigned-sic": "6531", "irs-number": "742830661", "state-of-incorporation": "MD", "fiscal-year-end": "1211"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-13533", "film-number": "14783979"}, "business-address": {"street1": "2114 CENTRAL", "street2": "STE 600", "city": "KANSAS CITY", "state": "MO", "zip": "64108", "phone": "8162377000"}, "mail-address": {"street1": "2114 CENTRAL", "street2": "STE 600", "city": "KANSAS CITY", "state": "MO", "zip": "64108"}, "former-company": {"former-conformed-name": "NOVASTAR FINANCIAL INC", "date-changed": "19970723"}}
8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
April 25, 2014
Date of Report (Date of earliest event reported)
NOVATION COMPANIES, INC.
(Exact Name of Registrant as Specified in Charter)
Maryland
001-13533
74-2830661
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(I.R.S Employer
Identification No.)
2114 Central Street, Suite 600
Kansas City, MO 64108
(Address of principal executive offices)    (Zip Code)
(816) 237-7000
Registrant's Telephone Number, Including Area Code
Not Applicable
(Former Name or Former Address, if Changed Since Last Report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (
see
General Instruction A.2. below):
[_]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[_]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[_]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[_]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01   Other Events.
Novation Companies, Inc. (the "Company") sent a letter to the shareholders of the Company on April 25, 2014, which is attached hereto as Exhibit 99.1.
Item 9.01   Financial Statements and Exhibits
.
The following exhibit is filed with this report as required by Item 601 of Regulation S-K:
Exhibit No.
Description of Document
99.1
Shareholder Letter mailed April 25, 2014
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NOVATION COMPANIES, INC.
Date: April 25, 2014
/s/ Rodney E. Schwatken
Rodney E. Schwatken
Senior Vice President, Chief Financial Officer,
Treasurer and Secretary
EXHIBIT INDEX
Exhibit No.
Description of Document
99.1
Shareholder Letter mailed April 25, 2014