The Trump administration’s tax-reform plan could boost home sales somewhat, though the National Association of Realtors and National Association of Home Builders have raised significant concerns about the treatment of deductions. At the end of April, the Trump administration released a one-page outline for reforming federal taxes. It calls for doubling the standard deduction to $24,000, maintaining the mortgage interest deduction and repealing the deduction for state and local taxes. William Brown, president of NAR, said the plan would effectively eliminate...
During his long career in mortgage finance, Marzol held senior posts at Fannie Mae where he served as executive vice president and chief credit officer...
The House Financial Services Committee last week spent three days marking up the Republican majority’s alternative to the Dodd-Frank Act. H.R. 10, the Financial CHOICE Act, introduced late last month by committee Chairman Jeb Hensarling, R-TX, would make a number of changes to the mortgage regulatory landscape. One provision would provide a safe harbor against litigation for residential mortgages held on the lender’s balance sheet since the origination of the loan if the mortgage fails to comply with ability-to-repay requirements. The measure also would revise the definition of “points and fees” under the Truth in Lending Act to exclude fees paid for affiliated business arrangements. Other language in the bill would exempt smaller creditors from TILA’s escrow requirements. Another provision ...
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