Rule 11 Agreements in Texas – Unexplored Territory Part Two The following list of “principles” concerning Rule 11 Agreements will rehearse some things you already know and maybe a couple of things you did not. 1.      There is no legal status of separation in Texas. One is either married or unmarried. 2.      It is generally […]

Rule 11 Agreements in Texas – Unexplored Territory Part One   I am not sure how often Rule 11 Agreements are used in divorce proceedings in Texas; but, I have discovered a vast and untapped “market” for them – when divorcing parties require mortgage financing. It may come as a surprise to attorneys that Rule […]

Rule 11 Agreements like you never imagined them! Did you know that mortgage underwriting allows for separation agreements even though there is no legal status of separation in Texas? Lenders see them as having nearly the same force as final decrees of divorce; at least for establishing factors in loan approvals. It's really quite amazing. […]

5 Tips That Will Set You Apart As A Family Law Attorney If you include some or all of these 5 elements into your divorce settlements, you will set yourself apart from the thousands of family law attorneys in Texas who do not know these principles of mortgage qualifying. Yet, there is no “down side” […]

As a follow up to the article about the 3% rule (http://divorce-mortgage.blogspot.com/2013/07/the-we-didnt-think-this-one-through-rule.html), we have received a clarification. The CFPB has recently announced that Loan Officer Compensation (LO Comp) will not count against the 3% limitation for bankers but it will count against the limit for brokers. This is the proverbial “nail in the coffin” for […]

New rules from the *CFPB will dramatically affect the ability of all borrowers to obtain mortgages. This post will analyze and expose the devastating effects of a second rule – the 3% rule. The “We-Didn’t-Think-This-One-Through-Just-Ask-Texas-Mortgage-Originators” 3% Rule The bureau’s general guideline reads No excess upfront points and fees: A Qualified Mortgage limits points and fees […]

Richard Cordray of the CFPB declares "All American borrowers are stupid and we have to save them."     Well, he didn't use those exact words . . .   The CFPB is the Consumer Finance Protection Bureau created by Dodd-Frank [Wall Street Reform and Consumer Protection Act] (2010) to regulate America’s finance industry. It […]

NEW RULES FROM DODD-FRANK'S CONSUMER FINANCE PROTECTION BUREAU ABOUT TO DEVASTATE AMERICA AND USHER IN A NEW DARK AGE Okay, that’s a bit dramatic. But, it’s not totally untrue. (How’s that for word-smithing!)   The CFPB is the Consumer Finance Protection Bureau created by Dodd-Frank [Wall Street Reform and Consumer Protection Act] (2010).   The […]

New Mortgage Guidelines Squeeze Divorcing Borrowers Perhaps the headline title doesn’t sound urgent enough. So, how about this?  Fewer Divorced Borrowers Qualify for Home Loans  or Good Luck Getting A Mortgage If You’re Divorced Highlights – ALERT – URGENT ALERT!   -       No more 3 months of “pay history” for child or spousal support to […]

Here is an email I received from a family law attorney last week. She succinctly stated the particulars of a case and then generalized the questions - perfect for a format like this. It deals with what some people are calling Qualified Assumptions (QA's). Hi Noel, I hope you are doing well. I had an […]