Live Well Challenges Former Employee’s Wrongful Termination Lawsuit

A week after the closure of mortgage lender Live Well Financial, a former employee filed a class-action lawsuit alleging lost wages and wrongful termination under the terms of the Worker Adjustment and Retraining Notification (WARN) Act, which requires 60 days of advance notice before dismissing employees. Now, Live Well is pushing back by challenging the […]

[Updated] Open Mortgage Hires 50 From Former Live Well Team

Multi-channel lender Open Mortgage announced Thursday that it has hired the core team of mortgage lending executives from the recently-closed Live Well Financial, including its former EVP Bruce Barnes, SVP of Operations Jim Cory and SVP of Wholesale and Correspondent Lending Joshua Moran. Additionally, Open Mortgage also hired approximately 50 former Live Well sales and […]

Seeking Loan Repayment, Flagstar Files Suit Against Live Well CEO

Following the sudden closure of top-10 reverse mortgage lender Live Well Financial, the company’s CEO is being sued by one of the company’s creditors. Last week, Michigan-based Flagstar Bank filed a suit in federal court, seeking repayment of more than $80 million in delinquent loans and interest, according to a court filing made with the […]

Flagstar Faces $74 Million in Exposure on Heels of Live Well Closure

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 […]

Former Employee Files Class Action Suit Against Live Well

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 Halts Funding for New Loans

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 […]

Wholesale Reverse Mortgage Channel Drops With Retail in January

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 […]

The Eroding Barriers Between Forward and Reverse Mortgage Originators

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 Targets Growth Through New Technology, Forward-Reverse Approach

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 […]