Old thread, I know; Sorry
But I have the EXACT same problem as OP. I can't believe no one's posted a solution to this... I'm assuming it's a common problem...If it can't find the title list, I'm assuming it's just loading from the wrong source (SD/USB). In this case, my NAND is on the USB. I'm guessing the forwarder is set up to automatically load from SD? But I'm not sure at all...Just guessing.
Please--is there any way to fix this? v1 and v2 forwarders tested with above results. v3(?)--with all the retro gaming characters in the background--tested, but just Wii just restarts after pressing "Start."
Using SDHC...(almost all homebrew works).