Immerwolf prevents non-Human werewolves from transforming back to their human side. Huntmaster of the Fells has abilities that repeat whenever he flips. With Immerwolf in play, Huntmaster will only flip once, and can't flip back into human form for more life and 2/2 wolves. This also means that Ravager of the Fells (Huntmaster's werewolf form) will only give his 4 total damage out once when he transforms. Basically, Huntmaster like to flip back and forth to continually use both of his triggers, unlike most of the other werewolves. Immerwolf prevents continual flips from occuring, thus not synergizing well with Huntmaster.
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