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Open Mortgage hires half of Live Well Financial's laid-off staff

"Live Well Financial's team has unparalleled industry expertise in all phases of reverse mortgages and a love of technology, just like us," Scott Gordon, founder and CEO of Open Mortgage, said in a press release. "We are expanding the Open Mortgage family."

Open Mortgage plans to increase the size of its retail, wholesale and closed-loan seller mortgage channels with the help of the three executives and other employees that Live Well laid off. The hired staff members all have sales or operations backgrounds.

Live Well Financial stopped funding loans on May 3. The shutdown and layoffs stemmed from financial problems related to an unanticipated change in the market for collateral securing the company's warehouse lines and ensuing regulatory issues, according to a company letter obtained by the Richmond Times-Dispatch.

Open Mortgage was the 11th largest originator of Federal Housing Administration-insured reverse mortgages and had less than a 2% market share during the 12-month period that ended in May, according to consultancy New View Advisors. During that period, Live Well was the seventh largest originator of HECMs and had a 4% market share. New View's rankings are based on FHA endorsement estimates.

Education Expenses Leading to Leakage

Apparently education expenses are not only weighing on retirement contributions, but triggering early withdrawals as well.

According to the most recent wave of StreetWise , the E*TRADE quarterly tracking study of experienced investors, three out of five young (under age 34) investors have made an early withdrawal from their retirement account, with education the most often-cited reason (24%) – although becoming unemployed (22%) and medical emergencies (22%) are close behind.

The survey finds that education expenses (including student loans) – tied with rent or mortgage – are one of the biggest barriers when it comes to saving, with 6 out of 10 young investors ranking it first or second. The report claims that concern about these costs has increased nearly 20 percentage points over the past four years.

Those financial strains notwithstanding – and belying the concerns about financial literacy gaps – nearly two-thirds of those young investors claim to feel extremely or very capable when it comes to managing their finances, and 80% say they’ve had moderate to heavy exposure to personal finance and investing.

Do you know any mortgage advisors in London?

I am thinking of buying a flat in London. However, this is the first time I am dealing with this topic and I do not know much about it. I need to find out how much I can borrow.


Go to http://www.moneymadeclear.fsa.gov.uk/pro ducts/mortgages/mortgages.html

It's the FSA website offering unbiased info about how much you can borrow and where you can compare the products which are suitable for you.

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