Financial Institutions

DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
DIVISION OF FINANCIAL INSTITUTIONS

DAVID Y. IGE
GOVERNOR

CATHERINE P. AWAKUNI COLÓN
DIRECTOR

IRIS K. IKEDA
COMMISSIONER OF FINANCIAL INSTITUTIONS

FOR IMMEDIATE RELEASE
May 14, 2019

Live Well Financial, Inc. Ceases Operations, Banking Commissioner Provides Guidance

Honolulu – The Department of Commerce and Consumer Affairs, Division of Financial Institutions (HDFI) would like notify consumers that Live Well Financial, Inc. (NMLS #1177) (“Company”) ceased business operations as of May 3, 2019.  In a conference call, the company stated that it is trying to notify customers about the closure of the Company.

“I understand that Live Well Financial wants to provide a smooth transition for their customers. However, communication and outreach to their clients may be slow due to the sudden closure of Live Well Financial,” said Bank Commissioner Iris Ikeda.  “We will continue to actively monitor this situation for consumers who may be doing business with the company and encourage anyone to contact us for further assistance.”

HDFI recommends that consumers first contact the Company at 888-678-0818 or by email at [email protected]. Additionally, for those currently or prospectively in business with the Company:

• Residential Mortgages:  For customers who have residential mortgage loans in progress and are working with a mortgage broker, your mortgage broker should be trying to find another lender to originate your loan.  For customers working directly with the Company, you will be sent a mortgage loan denial notice.
• Reverse Mortgages: For customers who have reverse mortgages and receive a monthly draw to pay household expenses, the Company is trying to find a mortgage servicer to take over the monthly draw payments.  The Company has an obligation to make draws and advances under the terms and conditions of certain Home Equity Conversion Mortgages aka reverse mortgages (“HECM”) insured by the U.S. Department of Housing and Urban Development’s (“HUD”) Federal Housing Administration.  If the Company fails to make the payment, HUD has a contractual obligation to the borrower to fund HECM draws, although it is unclear when HUD will fund the HECM draw.  A reverse mortgage is a financial obligation where the homeowner gives the lender equity in their home in exchange for regular payments or draws, typically to supplement retirement income.  A typical reverse mortgage borrower is 62 years or older homeowner with no mortgage.

The Hawaii Division of Financial Institutions can be reached at 808-586-2820 or at [email protected].

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The Hawaii Division of Financial Institutions (DFI) ensures the safety and soundness of state-chartered and state-licensed financial institutions, and ensures regulatory compliance by state-licensed financial institutions, escrow depositories, money transmitters, mortgage servicers, mortgage loan originators and mortgage loan originator companies, by fairly administering applicable statutes and rules, in order to protect the rights and funds of depositors, borrowers, consumers and other members of the public. Website: https://cca.hawaii.gov/dfi/. Twitter: @HawaiiDFI

Media Contact:
William Nhieu
Communications Officer
Department of Commerce and Consumer Affairs
Email: [email protected]
Phone: (808) 586-7582