Open Mortgage has hired several former executives and employees of shuttered reverse mortgage company Live Well Financial, the company has announced.
Open Mortgage has hired Live Well’s core team of mortgage lending executives: Bruce James, former executive vice president; Jim Cory, former senior vice president of operations; and Joshua Moran, former senior vice president of wholesale and correspondent lending.
About 50 former Live Well sales and operations employees are also joining Open Mortgage, the company said.
“As a top reverse mortgage lender, Live Well Financial’s team has unparalleled industry expertise in app phases of reverse mortgages and a love of technology, just like us,” said Scott Gordon, founder and CEO of Open Mortgage. “We are expanding the Open Mortgage family and gaining some of the brightest folks in our industry.”
Live Well Financial, until recently one of the nation’s top reverse lenders, unexpectedly shuttered in May, ceasing operations and laying off more than 100 employees, including founder and CEO Michael C. Hild. The company said in a notice to the state of Virginia that “unexpected developments in the markets for certain financial assets” had forced its closure and the layoffs.
Shortly after the closure, Live Well was sued by a former employee who claimed that the company had failed to pay its employees salary, commissions and vacation pay that was owed them.