Live Well Financial has confirmed it is shutting down its mortgage loan origination practice. The move has resulted in the immediate layoff of staff.
On its website, the Virginia-based company announced, “Due to unexpected circumstances, as of May 3, 2019, Live Well Financial, Inc. will cease to originate mortgage loans.” The company did not elaborate further on what those circumstances were.
Reverse Mortgage Daily was the first to report the story. It said the company has filed paperwork with employment officials in the state of Virginia, detailing that more than 100 workers have been laid off as of May 3.
“Due to sudden and unexpected developments in the markets for certain financial assets the company uses as collateral for certain credit facilities that provide this liquidity, these lenders have reduced significantly the amount of liquidity they make available to the company,” wrote Paula Foster, Live Well Financial’s vice president, controller and human resources director in the notice to Virginia state officials.