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22 The Exchange Michael Woods joined Potestivo & Associates, P.C., in 2006. He is the firm's EVP and is based in the Rochester, Michigan, office. Woods began as the Supervising Attorney of the Foreclosure and Loss Mitigation Departments and with dedication rose to the AVP—Managing Attorney position. He oversees the day-to-day operations of the firm and works to promote efficiency across all firm departments and processes. Woods graduated from Central Michigan University with a Bachelor of Science in political science supported by a concentration in public administration. He then moved to Miami where he earned his law degree from the University of Miami School of Law. Woods is active in several industry and professional associations, including the Michigan Mortgage Lenders Association, the Default Attorney Group, the Legal League 100, the Macomb County Bar Association, and the State Bar of Michigan's Real Property Law Section. Woods spoke to DS News about the impact of the expiration of the QM Patch, cyber security, and challenges facing the legal industry in 2020. What impact would the expiration of the QM Patch have on the housing industry? e general arguments in favor of its expiration are that it would provide a more level playing field for lenders and reduce the risks associated with offering loans to borrowers with a DTI in excess of 43%. at said, there seems to be a larger demographic of those in favor of the idea behind the QM patch, which has been about finding ways to give people greater access to the American Dream of homeownership and maintaining some balance and leverage between the government and private sector. e most recent statistics show that approximately 20-30% of GSE loans today have a borrower with a DTI over 43%. ose are market numbers that are hard for anyone to ignore, so what I imagine we'll see is an effort to reform the rules in conjunction with other current housing industry initiatives, especially entering the upcoming election cycle. What are your thoughts on the Roth v. Nationstar ruling? And what could be the impacts of it? It can provide some guidance to mortgage servicers sending informational statements post-bankruptcy discharge. I consulted our firm's Supervising Bankruptcy Attorney, Cheryl Cook, for her specific recommendations as these cases can often provide our industry with some best practices. From an impact standpoint, creditors servicing mortgage debt can do a couple of things. First, they can make sure that they are properly coding their bankruptcy accounts with the current case status and ensuring the inclusion of safe harbor language in their communications. Second, they can review their post-bankruptcy statements—not only for the "safe harbor" language identified in the Roth opinion, but also for placement—some of the factors relied on by the Roth Court turned on where the language appeared on the statements. In the Roth case, the Court noted that the disclaimer was printed in bold type on the first page—not on the back, not in tiny print at the bottom. e Roth statements also reiterated the bankruptcy protections, and further included the word "voluntary" on the payment coupon itself. Having counsel review the language proposed for the servicers' post-bankruptcy communications with debtors could certainly give servicers a bit of comfort in evaluating whether their statements pose a risk in post- bankruptcy servicing. ese suggestions are made in connection with whether there could be a potential violation of 11 U.S.C §524. In the Roth case, the Court of Appeals does a good job "For some, it's trying to remain competitive, for others it's creating separation from the competition." Michael Woods EVP, Potestivo & Associates Get to Know Industry Executives Beyond the Boardroom

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