An Insider’s Look Into How Secondary Marketing Evaluates LOs

In this webinar we’ll explore the long-term financial impacts of renegotiations, extensions and fallouts, plus basic guidelines to be viewed as a professional by your secondary marketing department

HousingWire Annual Virtual Summit

Sessions from HousingWire Annual 2021 are going to be virtually streamed on October 25. Register now for FREE to tune into what housing industry leaders had to say this year!

How servicers can access timely, accurate data insights

Learn how to navigate the challenges in today’s market – for example, the need for ongoing, on-demand access to near-real-time data and the ability to access those data insights in a timely and accurate manner.

Steve Murray on new brokerage models, CFPB crackdowns

Today’s HousingWire Daily features a discussion on the emergence of a new brokerage model and the validity behind the concerns against institutional investors.

Mortgage

Live Well Financial shutters origination operations

Says it will no longer fund new forward or reverse mortgage loans

Live Well Financial has ceased originating loans, the company announced on its website Friday. The homepage message said only that it would not be originating new loans as of May 3, 2019, “due to unexpected circumstances,” a surprise move that took some wholesale partners by surprise.

Live Well Financial originated traditional and reverse mortgage loans as well as FHA and VA loans. It also operates a servicing arm. No word yet on whether the company will continue to service loans or if it will sell off that business and close completely.

Virginia-based Live Well is a long-time player in the reverse mortgage space, most recently coming in at No. 7 with 305 loans year to date and 3.1% market share.

It is also an issuer of reverse mortgage securities, coming in No. 7 in the first quarter of 2019 with 22 pools of HECM-backed securities with an original aggregate amount of $85.6 million. But late last year, the company sold off a sizable portion of its portfolio to Reverse Mortgage Funding in what was perhaps a sign of things to come.

In September, Executive Vice President Bruce Barnes told HousingWire that the lender was on the brink of releasing a major upgrade to its lending platform, promising an elevated experience for both its customers and originators.

Barnes said the new focus on technology and mortgage automation was a bid to retain market share as business in both forward and reverse mortgages was down. But the technology never officially launched, and it appears the lender may have buckled under the pressure.

HousingWire reached out to several Live Well executives for comment but had not heard back as of press time.

Most Popular Articles

FHFA to make desktop appraisals permanent

Desktop appraisals, a temporary flexibility implemented in March 2020 amid lockdowns and social distancing, will become permanent, the FHFA said today.

Oct 18, 2021 By

Latest Articles

Mortgage execs better prepare for redlining enforcement

Since Rohit Chopra was confirmed as the new director of the CFPB in September, there’s been one particular word on the lips of mortgage executives. And it gives them chills: redlining. HW+ Premium Content

Oct 20, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please