JB Nutter Resumes Lending For Certain Wholesale Customers

image JB Nutter has started accepting new files from certain customers as the company clears up its warehouse line issues that caused the #2 largest reverse mortgage wholesaler to suspend all new submissions in February.

According to the Reverse Mortgage Report, Vice President George Lopez said the company is "in the process of methodically adding back correspondents."  He would not say how many are originating deals for Nutter now.

While there is no word on how many, I do know that they’re accepting new submissions from a BIG client of theirs so it sounds like they’re cherry picking the best clients first.  I do know that their BIG client is happy to have them back.

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What remains to be seen is if and when JB Nutter opens up the flood gates, will its former customers coming running back after it advised customers to seek out another wholesale lender?

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  • Has Nutter learned their lesson about carefully scaling their business during these tough economic times? They do have decent pricing and good turn times, but will they leave their clients “hanging” once again?

    I do know that they have reached out to companies that write less then one loan per month looking for their business…seems to me like they have not learned from previous mistakes?

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