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 […]
Thank you for the great feedback on last week’s Texas Cash Out article. A few, very good questions have come out of last week's post (http://divorce-mortgage.blogspot.com/2012/08/do-you-know-facts-about-texas-cash-out.html) and I would like to address them here. What is the difference between an EQUITY LIEN and an OWELTY LIEN? An EQUITY LIEN means cash has been paid to someone on […]
DO YOU KNOW THE FACTS ABOUT TEXAS CASH OUT FINANCING? …and how it affects divorcing homeowners… Noel Cookman, 2012-08-22, Grapevine, Texas Much of my time these days is consumed by two retired politicians, Dodd (retired and banned from lobbying for another few months) and Frank (finishing out his last term). I have my own nicknames for […]
The Effect of Dodd-Frank on Divorcing Citizens Part 3: Appraisals and Property Valuation Dodd-Frank (Wall Street Reform and Consumer Protection Act) is the most sweeping legislation affecting the financial industry to come out of congress since Glass-Steagall (The Banking Act of 1933). Not even its repeal with Gramm-Leach-Bliley Act in 1999 comes close. As Charlie […]
