In an unexpected move, Live Well Financial has halted originations. A notice on the company’s home page announced the change, and some of the company’s account executives were reportedly informed on Thursday and Friday of last week. Otherwise, the move seems to have come out of nowhere.
“Due to unexpected circumstances, as of May 3, 2019, Live Well Financial, Inc., will cease to originate mortgage loans,” the company posted on its homepage. No reason was given, but customers with questions about their mortgages were directed to a customer service phone number.
A former Live Well employee told Reverse Mortgage Daily that the company ceased operations as of Friday, halting both fundings and loans in process.
The sudden closure is somewhat shocking because Live Well Financial was one of the nation’s top reverse mortgage lenders. According to a recent report by Reverse Market Insight, it ranked number seven in the top 10 FHA-approved HECM lenders in the country by volume, making 1,490 loans in the year to February and 122 loans that month alone.
Last year, Live Well expanded its forward-mortgage offerings and sold off the majority of its reverse mortgage-bond portfolio.