Live Well Financial laying off 103 employees; blames closure on market, regulatory issues

With the government shutdown approaching the two-week mark, reverse mortgage endorsements have ground to a halt. The Federal Housing Administration released a notice stating it will not be making insurance endorsements for HECM loans during the shutdown.. The FHA also noted that assistance will not be provided for lenders with issues regarding the Collateral Risk Assessment related to the.

A top reverse mortgage lender that unexpectedly halted operations Friday will also lay off more than 100 employees, including its founder and CEO. Live Well Financial, as recently as February.

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The bloodletting at Goldman Sachs got worse. The bank GS, +0.54% on Monday it was laying off 55 more New York employees – the fourth wave this year – bringing the total count in the state to.

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Virginia-based Live Well Financial announced Friday that it was ceasing originations "due to unexpected circumstances." The forward and reverse mortgage lender and servicer also filed a notice with the Virginia Employment Commission informing the state of its closing and subsequent layoff of 103 employees in Richmond, Virginia.

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