Bank holding company Flagstar Bancorp (FBC) disclosed new financial exposure of $74 million on Monday, believed to stem from the downfall of major reverse mortgage lender Live Well Financial. The company attributes the exposure, comprising a $69 million commercial loan and a $5 million warehouse line, to an unnamed, recently closed reverse mortgage lender, which […]
Following Live Well Financial’s sudden closure last week, an employee is attempting to sue the company for lost wages. A former employee of the company’s Richmond, Va. headquarters has filed a class action lawsuit in the U.S. District Court of Delaware seeking 60 days of wages and benefits, alleging termination without cause and notice as […]
Live Well Financial has confirmed on its website that it has ceased origination operations as of May 3, following information detailed to RMD last week describing that the firm would halt funding for new loans. The company has also filed paperwork with employment officials in the state of Virginia, detailing that more than 100 workers […]
Live Well Financial has halted fundings for new reverse mortgage loans and some loans in process, RMD has learned from wholesale account executives within the company. Some sources indicate the company will cease operations entirely. Several reverse mortgage wholesale account executives with the Richmond, Va.-based mortgage company informed their accounts Thursday and Friday via phone […]
Primarily echoing previously recorded numbers among government-approved lenders, Home Equity Conversion Mortgage (HECM) endorsements dropped slightly in January, with total endorsements falling 5.7 percent to a total of 1,649 loans, according to the latest data from Reverse Market Insight (RMI). However, some lenders managed to buck the downward trend by posting positive gains. The HECM […]
As more reverse mortgage companies continue to expand their operations into the forward space in response to business changes and new realities, a shift appears to be taking place in what was once seen as conventional wisdom: the separation of forward and reverse mortgage business practices, in order for originators to remain specialized in one […]
Live Well Financial is expanding its business with the evolution of an in-house technology platform that caters to a forward-reverse approach, and targets its distributed retail channel. While the company has been originating forward and reverse mortgages for some time, it is now ramping up its efforts toward distributed retail sales with originators who will […]
Live Well Financial (LWF) released a new fixed rate reverse mortgage at a rate of 4.99%, the lowest fixed rate in 20 year history of the HECM program said the company. “Live Well Financial is proud to be able to offer the New HECM 4.99% Fixed Rate product to our correspondent partners. This product offers […]
By continuing to use the site, you agree to the use of cookies. more information
The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this. For more information, visit our cookie policy.
