Live Well Financial
| Company type | Private |
|---|---|
| Industry | Mortgage finance |
| Founded | April 2005 |
| Founder | Michael C. Hild |
| Defunct | 2019 |
| Fate | Entered involuntary bankruptcy; ceased operations |
| Headquarters | Richmond, Virginia , United States |
Area served | United States (licensed in 46 states) |
Key people | Michael Hild (Founder and CEO), Eric Rohr (CFO 2008–2018), Darren Stumberger (Chief trader 2014–2019) |
| Products | Mortgage origination, servicing, investment; FHA single-family loans; HECM reverse mortgages; Fannie Mae conforming loans |
Number of employees | 300+ (before 2019) |
Live Well Financial, Inc. ("LWF") was a privately held U.S. company engaged in mortgage origination, servicing, and investment from 2005 until it entered involuntary bankruptcy proceedings in 2019.
Operating under licenses in 46 states nationwide, LWF focused primarily on government-backed Home Equity Conversion Mortgage loans (HECM or reverse mortgages), FHA single-family mortgage products, and Fannie Mae conforming loans. Based in Richmond, Virginia, the firm operated three retail branches—two located in Richmond and one in San Diego—while offering origination services throughout the country.
The organization’s strategy revolved around providing mortgage solutions tailored to both senior citizens and conventional homeowners, utilizing its extensive licensing to establish a significant presence in the market. At its operational height, LWF had a workforce exceeding 300 employees, with leadership including founder and CEO Michael Hild, CFO Eric Rohr (serving from 2008 to 2018), and chief trader Darren Stumberger (2014–2019).
In 2021, key executives from LWF were prosecuted on criminal and civil charges related to an extensive financial fraud scheme involving securities manipulation, wire fraud, and bank fraud. The CEO, CFO, and lead trader were found guilty in federal court. Prior to these legal actions, Live Well Financial was placed into involuntary bankruptcy in 2019.
History
Live Well Financial, Inc. was established in April 2005 by Michael C. Hild, who served as chairman and CEO. By August of that year, the company had obtained HUD Approved Mortgagee status. One year later, in August 2006, it received authorization to act as a seller/servicer for HECM loans with Fannie Mae.
In March 2011, Live Well secured approval to originate FHA single-family home loans. The company became an approved GNMA HMBS issuer by February 2012 and issued its first securities in April of that year. Additional approvals followed with GNMA MBS loan authorization granted in March 2013 and designation as a seller/servicer of conventional mortgages with Fannie Mae by June 2013.
The year 2014 saw Live Well expand its footprint by launching retail call centers in both San Diego and Richmond, Virginia. In August of the same year, the company acquired a securities portfolio valued at over $530 million (notional amount) and brought on board a trading team based out of New York City. Throughout its existence, Live Well originated and managed mortgage loans totaling more than $3.3 billion across the United States and Puerto Rico.
On May 3, 2019, Live Well Financial abruptly halted operations, terminating all 103 employees and suspending funding for outstanding loan applications. This closure preceded the arrest of CEO Michael Hild and resulted in the company being placed under involuntary bankruptcy protection.
Although Live Well Financial no longer operates an official website, its LinkedIn profile remains accessible. The former web domain LiveWell.com has since been repurposed as an independent financial education platform with no affiliation to the original company.
Criminal trial
In April 2021, federal authorities charged Live Well CEO Michael Hild with conspiracy to commit securities fraud as well as wire and bank fraud. The Securities and Exchange Commission alleged that Hild manipulated the valuation of Live Well’s bond portfolio to obtain increased loan amounts. Alongside him, former CFO Eric Rohr (2008–2018) and head trader Darren Stumberger (until 2019) faced similar charges. All three executives were indicted by the U.S. District Court for the Southern District of New York on parallel criminal counts.
Hild received a prison sentence of 44 months and is currently appealing his conviction on grounds of ineffective legal representation; he has been released on bail pending appeal. Rohr and Stumberger entered guilty pleas on all counts; Rohr was sentenced to time served plus three years of supervised release due to his cooperation with authorities.
Scope
Live Well Financial concentrated its operations on FHA-insured HECM reverse mortgages, FHA single-family home loans, Ginnie Mae HMBS and MBS securities, as well as Fannie Mae conforming loans. The firm held HUD approval across 81 regions and maintained a workforce of approximately 300 employees, which included loan officers and various support staff.
Operating under a vertically integrated structure, the company managed loan origination, servicing, and investment oversight. Licensed in 46 states, Live Well Financial possessed full regulatory authorizations from HUD, FHA, GNMA, and FNMA.