The Supreme Judicial Court of Massachusetts ruled in favor of a reverse mortgage lender in a foreclosure case earlier this month, finding that mortgagees don’t have to explicitly spell out their legal right to foreclose in their paperwork. The case involved James B. Nutter Company and three reverse mortgage borrowers, all of whom secured Home […]
Category: JB Nutter
Last month, the Consumer Financial Protection Bureau (CFPB) published thousands of consumer narratives describing their various complaints with financial products, including reverse mortgages. But in the grand scheme of things, gripes related to reverse mortgages represent only a minute share of total mortgage complaints, according to new independent research. Since it began accepting mortgage complaints […]
AllRegs announced that reverse mortgage lender James B. Nutter & Company has successfully completed its 20 Hour Mortgage Loan Originator SAFE Comprehensive Course. The course was approved by the Nationwide Mortgage Licensing System & Registry in August and fulfills the entire 20-hour pre-licensing requirement for originators. Like many other mortgage lending companies, James B. Nutter […]
Wholesale reverse mortgage volume faired better than the retail side of the business in August. According to data from RM Insight, wholesale volume was down 2.7% compared to retail endorsement volume being down 17% in August. The most interesting aspect of the data is seeing how much Genworth’s wholesale business picked up. If you look […]
When JB Nutter announced it was suspending new submissions for its wholesale business, brokers scrambled to get files closed with other lenders and it lead to slower turn times across the industry. While things seem to be back to normal at Nutter, its “hiccup” at the beginning of the year was a great opportunity for […]
Last week the Federal Trade Commission and JB Nutter agreed to a consent to resolve charges that the company violated federal law by failing to provide reasonable security for consumers’ sensitive information said a statement from the FTC. The Commission’s complaint alleges that beginning in 2004, Nutter engaged in a number of practices that taken […]
RM Insight published a new report showing that JB Nutter has over taken Financial Freedom as the largest wholesale reverse mortgage lender. The data shows that over the last year, Nutter saw its wholesale business grow 76.8% compared to Financial Freedom seeing it’s volume drop 41.3%. Below is a list of the top 10 wholesalers […]
RM Insight published a new report which details how the wholesale reverse mortgage business has performed over the last year. In terms of rankings, the only wholesaler that moved up from the end of 2008 is Generation Mortgage. The Atlanta, GA based wholesaler moved from 8th at the end of 2008 to 6th over the […]
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 […]
Kansas City Business Journal recently published a story about JB Nutter and the problems it has run into due to the credit crunch. The article describes how the 2nd largest wholesale reverse mortgage lender in the country has been forced to stop accepting new files from its wholesale customers until March due to warehouse providers […]
