Live Well Hild Financial CEO Wiki, Age, Bio, Arrested, Fast Facts You Must Need to Know
Live Well Hild Wiki
Live Well’s Hild was a privately owned mortgage originator, servicer and investor, licensed in the United States to operate in 46 states. The company offers government-insured Home Equity Conversion Mortgage loans (HECM, commonly known as reverse mortgages), FHA single-family mortgage loans, and Fannie Mae conforming loans. LWF is headquartered in Richmond, Virginia and has 3 retail origination branches, in Richmond, Virginia and 1 in San Diego, California, with origination capabilities throughout the United States.
Live Well Hild Arrested
Hild was arrested in Richmond Thursday morning, federal officials said, in connection with a scheme they alleged that he fraudulently inflated the value of a portfolio of bonds https://t.co/HSSohS3bWB
— Times-Dispatch (@RTDNEWS) August 29, 2019
Breaking News: Live Well’s Hild arrested, charged with ‘brazen fraud
Michael Hild, founder, and CEO of collapsed Chesterfield-based mortgage company Live Well Financial, on Thursday was arrested and charged by the federal government for running a multimillion-dollar bond scheme.
Hild, according to the U.S. Attorneys Office for the Southern District of New York, was arrested in Richmond this morning and will be arraigned this afternoon. Live Well CFO Eric Rohr and executive president Darren Stumberger also were charged criminally but were not arrested.
Former CEO Of Live Well Financial, MICHAEL HILD, Charged In $140 Million Bond Fraud Scheme
Former Chief Financial Officer and Head Trader Have Each Pled Guilty and Are Cooperating With the Government
— K. Louise Neufeld (@ninaandtito) August 29, 2019
Live Well Hild Charged
SEC Charges Private Lender and CEO with Fraudulent Mismarking Scheme: The Securities and Exchange Commission today charged Live Well Financial, Inc. and its CEO, Michael Hild, both of Richmond, Va., with perpetuating a multi-million dollar bond… https://t.co/UzL69U2cIm SEC
— FinanzLinksUSA (@FinanzLinksCom) August 29, 2019
The three executives, as well as Live Well, also were charged in a civil case filed by the Securities and Exchange Commission. The SEC said Rohr and Stumberger consented to partial judgments against them.
The criminal and civil charges allege, according to initial announcements, that Live Well, under the direction of Hild, fraudulently inflated the value of its portfolio of complex reverse-mortgage bonds. It labels the alleged actions a “bond mismarking scheme.”
Live Well Hild History
Live Well Financial, Inc. was founded in April 2005 by Michael C. Hild, chairman, and chief executive officer. In August 2005 the company received approval as a HUD Approved Mortgagee. In August 2006 the company was approved as a seller/servicer of HECM with the Federal National Mortgage Association (FNMA). In March 2011 the company was approved for HUD Federal Housing Administration (FHA) single-family FHA loans. In February 2012 the company was approved as a Government National Mortgage Association (GNMA) Home Equity Conversion Mortgage-Backed Security (HMBS) issuer and issued its first HMBS in April of that year. In March 2013 the company was approved for GNMA MBS loans. In June 2013 the company was approved as a seller/servicer of traditional mortgages with FNMA.
During the first quarter of 2014, the company opened a retail call center in San Diego, CA. And in the fourth quarter of 2014, it opened a retail call center in Richmond, VA. In August 2014 the company acquired a securities portfolio with a balance exceeding $530 million (notional) and hired an NYC based trading team. LWF has originated and serviced more than $3.3 billion in mortgage loans in the U.S. and Puerto Rico.
As of May 3, 2019, Live well Financial is shutting down active operations. All forward loans and loan applications currently in process with them (without closing documents finalized) are being notified that they are not funding. Employment status of employees is unknown at this time.
Live Well Hild Scope
The company originates FHA Insured HECM reverse mortgages, FHA single-family loans, Ginnie Mae HMBS and MBS mortgages, and Fannie Mae conforming loans. LWF is HUD-approved in 81 geographical areas. LWF has approximately 300 employees, including loan officers, account executives, and support personnel.
LWF is vertically integrated, with a full complement of products and business lines including origination, servicing and investment management. Licensed in 46 states with a full suite of regulatory approvals including HUD, FHA, GNMA, and FNMA.