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JB Nutter Halts Forward Loans, No Effect on Reverse Mortgages

image Late last week, JB Nutter announced that it was halting all forward wholesale originations, due to its funding “bottleneck”.  ML Implode posted a copy of the email which was sent to brokers that said:

“From this point forward, James B. Nutter & Company will not be accepting registrations or files for “forward” mortgages any longer. We are withdrawing from the wholesale “forward” mortgage market. This would include all conventional, FHA, HUD 184 and VA loans.”

According to the email, JB Nutter will “continue working diligently to provide the best service available for our current “reverse” brokers and correspondents,” said Matthew L. Moore, Vice President.

The company implemented a two week moratorium for new reverse mortgage submissions on January 9th, due to delays in obtaining reimbursements from its investors.  The moratorium was lifted and things seem to be back to normal for now.

Update, JB Nutter isn’t accepting new wholesale reverse mortgage submissions as of today, January 26th.

New Update here.

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