Reverse Mortgage Lender Live Well Financial Collapses

Reverse Mortgage Lender Live Well Financial Abruptly Stopped Originating Loans On May 3rd With No Advance Notice

Reverse Mortgage Lender
Reverse Mortgage lender Live Well Financial has ceased originating loans. The company announced on its website Friday it would not be originating new loans as of May 3, 2019. Live Well claims it is due to unexpected circumstances. The announcement took some wholesale partners by surprise.
The Reverse Mortgage lender also originated conventional as well as FHA and VA loans. Live Well also operates a servicing arm. The company has not indicated if it will continue to service loans or sell off that business. Live Well has also not stated if they will close completely.
Virginia-based Live Well is a long-time player as a reverse mortgage lender. Live Well most recently ranked 7th with a 3.1% market share.
The Reverse Mortgage lender is also an issuer of reverse mortgage securities. The company ranked 7th in the first quarter of 2019. They had issued 22 pools of HECM-backed securities with an original aggregate amount of $85.6 million. Yet, the company sold off a sizable portion of its portfolio to Reverse Mortgage Funding last year. Industry insiders suspect that may have been a sign of things to come.

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