MBA Calls on Senate to Fix Tax Bill’s Treatment of Mortgage Servicing Rights

MBA Calls on Senate to Fix Tax Bill’s Treatment of Mortgage Servicing Rights

WASHINGTON, D.C. (November 29, 2017) – (RealEstateRama) — David H. Stevens, President and CEO of the Mortgage Bankers Association, released the following statement regarding a provision (Section 13221 ) in the Senate Tax Reform Bill that would require any item of income that an accrual taxpayer recognizes for accounting purposes, including mortgage servicing rights, also be recognized for tax purposes:

“This provision would have severe, unintended consequences resulting in higher costs for borrowers and diminished access to credit, caused when servicers of all shapes and sizes are forced to exit the business because they can’t, or won’t, operate under this new rule. It would also negatively impact trillions of dollars of mortgage servicing rights held by small community banks, non-bank lenders, regional and large banks, and commercial and multifamily lenders. MBA calls on members of the Senate to address this provision without further delay, before the bill gets to the Senate floor.”

CONTACT
Rob Van Raaphorst

(202) 557- 2799

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MBA

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.

Contact:

Mortgage Bankers Association
1331 L Street, NW
Washington, DC 20005

Phone: (202) 557-2700

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