This sounds a whole lot like the problem I had with my R27, and according to this forum a number of other Ranger and Cutwater owners have seen.
As Kevin says, air in the system or lack of fluid is a possible culprit. You should be able to turn the wheel to the stops and it should feel fairly firm. If it feels spongy at the stops, or with minor force keeps turning past the stops, fluid/air would be the first place to look.
In my case (and in other cases), the problem was a failed autopilot pump allowing fluid pressure to bypass the pump. Again, lack of firm stops at either end of helm travel is a clue to this one. One way to positively identify if this is the issue is to close off the autopilot pump and see if the helm stops are now firm. On my R27, this is done by tightening 3 brass screws on the front of the pump manifold. Not sure if it's the same system on the Cutwater.
Good luck!