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Live Well Financial ceases operations

Richmond, Va.-based mortgage loan originator Live Well Financial Inc. ceased operations May 3.

The company's website states that it stopped originating mortgage loans on that date "due to unexpected circumstances" and advised clients to reach its representatives for inquiries on their dealings with the company.

Once specializing in reverse mortgages, Live Well has been caught in certain legal issues, including a class action filed by clients, according to the website of law firm Giskan Solotaroff & Anderson LLP, and another class suit initiated by a former employee over the company's sudden termination of its 103 employees, according to Pacific Business News.

The Department of Commerce and Consumer Affairs, Division of Financial Institutions in Hawaii, notified customers of Live Well's closure in a press release, offering assistance to those who may be doing business with the company.

The agency quoted the firm as saying in a conference call that it was trying to notify customers about its closure.