Items Tagged with 'LIVE WELL FINANCIAL'

ARTICLES

  • SEC, FBI reportedly investigating Live Well Financial collapse

    Creditors' court documents say authorities are looking into defunct lender and its CEO
    Trouble continues to brew for Live Well Financial, the forward and reverse mortgage lender that unexpectedly went bust last month, as court documents reveal that authorities are looking into the lender. According to documents filed by Live Well’s creditors, the SEC, the U.S. Attorney's Office in the Southern District of New York, and the FBI’s Bank Fraud Division have all been poking around for information on Live Well’s dealings.
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  • Creditors try to force Live Well Financial into bankruptcy

    File petition for involuntary bankruptcy to recover $130 million
    In May, Live Well Financial abruptly shuttered operations, saying it would no longer be funding forward or reverse mortgage loans. Now, three of its creditors are taking measures to get their investments back, filing a court petition seeking to force Live Well into Chapter 7 bankruptcy and hurling allegations of mismanagement at the defunct mortgage lender.
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  • From HW Magazine

    What happened to reverse mortgages?

    Reverse mortgages taken a brutal hit in the last two years
    For anyone actively working in the mortgage industry, it’s no secret that reverse mortgages have taken a brutal hit in the last two years. The U.S. Department of Housing and Urban Development issued major program changes at the end of 2017 that effectively limited the amount of proceeds and the number of people who could qualify for the loan. The result had lenders across the space enduring sizable volume drops and subsequent gashes to their bottom lines.
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  • Live Well Financial's abrupt closing leads to host of problems

    Creditor pledges to pursue "all available sources of collection" while former employees sue for lost wages
    Live Well Financial abruptly shuttered operations earlier this month, blaming unforeseen market conditions and regulatory issues that rendered the company without sufficient capital to continue funding traditional and reverse mortgage loans. But now, the company has to deal with the damage left in the wake of its decision to abruptly close – and it looks like the cleanup will likely be expensive.
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  • Live Well Financial laying off 103 employees; blames closure on market, regulatory issues

    Virginia headquarters shuttered
    Virginia-based Live Well Financial announced Friday that it was ceasing originations "due to unexpected circumstances." The forward and reverse mortgage lender and servicer also filed a notice with the Virginia Employment Commission informing the state of its closing and subsequent layoff of 103 employees in Richmond, Virginia, and stating that conditions outside the company’s control led to the sudden closing of all its operations in their entirety.
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  • 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.
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  • Reverse mortgages see near-even decline in wholesale, retail

    January data details volume dip
    Reverse mortgage volume dropped 5.7% industry-wide in January, with wholesale and retail experiencing similar declines. According to the latest data from Reverse Market Insight, the wholesale channel fared best with a 5.3% dip, while retail declined 6%. In all, the industry closed 1,649 loans that month.
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  • Why these mortgage companies are teaching their LOs to originate reverses

    Is versatility the secret sauce to success in a competitive landscape?
    Traditionally, mortgage originators have focused on standard loan products, referring out prospects interested in reverse mortgages to specialists who work only with those loans. But now, as the mortgage lending landscape becomes increasingly constricted, do LOs who can handle both forward and reverse origination themselves have a better shot at success? These mortgage companies say yes.
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  • Reverse mortgage industry reacts to David Stevens' criticism

    "The observations and approach are out of date"
    David Stevens – the former head of the FHA and the MBA – made some scathing remarks about reverse mortgages last week that sparked heated criticism from members of the industry. HECM professionals say Stevens' remarks fail to acknowledge program changes that have already taken place, calling his comments disappointing and dated.
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