The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

Steve Murray on the importance of protecting property rights

In this episode, Steve Murray, RealTrends advisor and industry stalwart, discusses some of the issues facing private property rights, including how a case in Germany could potentially affect U.S. legislation.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.

Politics & MoneyMortgage

Top CFPB official “hates” QM rules, jeopardizing safe harbor

Diane Thompson currently oversees the rule-making process at CFPB

compliance HW+

In 2013, George Ralph Elliott applied to refinance his Ohio home ahead of a separation from his fourth wife, claiming both his monthly rental income and the spousal support he would soon receive. He didn’t know it at the time, but Elliott’s application would later test a relatively obscure banking law — the CFPB’s Ability To Repay rule — and strike fear into the hearts of mortgage industry executives across the country. 

The two-story farmhouse in a rural corner of Milford Center, Ohio, was one of at least two homes that Elliott, who had been a real estate agent for 30 years, owned with his wife, Golan, who was also a Realtor.

First Federal Community Bank of Bucyrus’ loan committee initially rejected the application. But the soon-to-be ex-wife met with bank executives to assure them she would pay the support — which would provide $2,200 a month to Elliott. The in-person meeting worked, and the bank approved the loan. But the couple didn’t separate as planned.

Golan paid the spousal support for just three months before stopping. Elliott decided not to adhere to the separation agreement, instead seeking more alimony from the divorce court.

Then Elliott lost his job, and bills from the divorce proceedings began to pile up. The divorce judgment, which was far less favorable to Elliott than the separation agreement, ordered him to pay Golan a substantial amount. The divorce court also ordered Golan to pay Elliott just $250 per month in spousal support for three years. By early 2017, Elliott defaulted on his mortgage. 

Elliott went on the offensive. That same year, he sued his lender for violating the Truth in Lending Act.

This content is exclusively for HW+ members.

Start an HW+ Membership now for less than $1 a day.

Your HW+ Membership includes:

  • Unlimited access to HW+ articles and analysis
  • Exclusive access to the HW+ Slack community and virtual events
  • HousingWire Magazine delivered to your home or office
  • Become a member today

    Already a member? log in

    Most Popular Articles

    Ex-loanDepot COO: Tony Hsieh cut corners to boost volume

    The suit, filed by former COO Tammy Richards, accuses loanDepot CEO Anthony Hsieh of ordering the sales team to “trust [their] borrowers” and close loans, disregarding proper underwriting etiquette. 

    Sep 23, 2021 By and

    Latest Articles

    New home sales rise for second consecutive month

    Regionally, on a year-to-date basis, new home sales fell 1.0% in the Northeast and 2.3% in the West, but rose 4.4% in the Midwest and 4.5% in the South.

    Sep 24, 2021 By
    3d rendering of a row of luxury townhouses along a street

    Log In

    Forgot Password?

    Don't have an account? Please