Mass. High Court Sides with Reverse Mortgage Lender in Foreclosure Case

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 […]

Report Digs Deeper Into CFPB Reverse Mortgage Complaints

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 […]

Reverse Mortgage Lender Completes SAFE Act Course

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 […]

Top Wholesale Reverse Mortgage Lenders, Genworth’s Business Booming

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 […]

Reverse Mortgage Companies See Opportunity in Wholesale

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 […]

JB Nutter & FTC Make Peace Over Consumer Data Security

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 […]

JB Nutter Resumes Lending For Certain Wholesale Customers

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 […]

Credit Crunch Impacts JB Nutter’s Wholesale Reverse Mortgage Business

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 […]