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Nutter Home loans folds amid reverse mortgage lawsuit filed by DOJ & More Latest News

 

Reverse mortgage lender Nutter Home Loans, aka James B. Nutter & Co., has closed its doorways amid a protracted battle with the U.S. Department of Justice. The information was first reported by native outlet the Kansas City Star.

The DOJ filed a swimsuit in late 2020 alleging that reverse mortgage lender Nutter Home Loans solid certifications and used unqualified underwriters to approve Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM) loans originated between 2008 and 2010. In September, the trial was delayed to 2024 to permit each events to assemble the mandatory paperwork and knowledge for the case.

Nutter Home Loans maintains that no wrongdoing befell, and stated it stays assured it’s going to prevail within the courtroom case. In a press release supplied to the Star by Nutter, the swimsuit will proceed to be litigated even after the closure of the enterprise.

“Since the complaint was first filed in September 2020, Nutter has maintained that the Justice Department’s allegation are completely meritless,” stated Jim Nutter Jr., president and CEO of Nutter Home Loans. “Moreover, nowhere does the complaint allege that any of Nutter’s borrowers were ineligible or unqualified to receive any loan, nor that any action taken by Nutter hurt any borrower, in any way.”

Anonymous sources who spoke with the Kansas City Star stated that the prolonged nature of the upcoming trial, mixed with Nutter Jr.’s well being points, is why the corporate is closing.

The lender ceased originating mortgage loans on Oct. 20, based on the Star. The firm, which has an estimated 125 staff, will preserve solely a small quantity available whereas the rest can be laid off, the story stated.

The preliminary grievance by the DOJ was filed in September of 2020 beneath the purview of each the Financial Institutions Reform, Recovery and Enforcement Act of 1989 and the False Claims Act (FCA), after being investigated by the Commercial Litigation Branch of the Department of Justice’s Civil Division, the U.S. Attorney’s Office for the District of Columbia, HUD, and HUD’s Office of Inspector General (OIG).

Nutter Home Loans is taken into account a pioneer within the reverse mortgage business as a consequence of its fast adoption of the Home Equity Conversion Mortgage (HECM) program after it started in 1989. In its heyday, Nutter serviced about $7 billion a yr in mortgages.

Nutter’s origination quantity has taken an enormous dip lately. According to mortgage software program Modex, Nutter has originated simply $102 million in mortgages year-to-date. In 2021, it originated $503 million in mortgages and $590 million in 2020.

These days, only a small proportion of the agency’s originations are reverse mortgages.

RMD reached out to representatives of Nutter Home Loans however didn’t instantly hear again.

Read the story on the Kansas City Star.

Nutter Home loans folds amid reverse mortgage lawsuit filed by DOJ

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Nutter Home loans folds amid reverse mortgage lawsuit filed by DOJ

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Nutter Home loans folds amid reverse mortgage lawsuit filed by DOJ

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