Hi, I’m Adam DeSanctis. This is the Mortgage Minute, the latest news from the Mortgage Bankers Association. I hope you had a great 4th of July, and what is a significant win for MBA members? The full US House of Representatives last Thursday passed HR one, the Republican led Tax Reconciliation package by a vote of 218 to 214. The mega bill includes numerous MBA supported tax changes, increases the debt development by $5 trillion, and contains spending cuts in energy defense and border security measures. The bill was signed into law by President Donald Trump at a White House ceremony on July 4th. Through direct advocacy efforts with the Republican lawmakers and their key staff MBA secured numerous tax policy changes that preserve and in several cases enhance key elements of the 2017 Tax Cuts and Jobs Act. The bill makes permanent the mortgage interest deduction permanently reinstates the de deductibility of mortgage insurance premiums, maintains the 20% deduction for qualified business income under a permanent section 199a. Makes permanent the deductibility of business interest for real property transactions and keeps current law treatment of section 10.31 like kind exchanges. Among other things, MB is reviewing the legislation in greater detail and will provide a comprehensive summary of the tax provisions pertinent to real estate finance and we’ll share it with you. That’s it for this week. Thank you for listening.
Adam DeSanctis, Director of Public Affairs at Mortgage Bankers Association
As a strategic public affairs and communications executive with nearly two decades of experience, Adam has deep expertise in strategy, management, and media relations. He is widely considered to be an expert in a variety of communications, including advocacy, brand, executive, crisis, grassroots, and social media. In his career, he has been the MBA spokesperson on a wide variety of real estate research and advocacy-related issues, promoted MBA research and advocacy efforts to financial, political, and trade industry media and on MBA’s social media channels, and secured media opportunities for MBA leadership on key real estate trends and issues, generated media coverage for MBA’s research and data on mortgage applications, credit availability, homebuilder applications, mortgage forbearance/delinquencies, commercial real estate originations, and forecasts, and other industry analysis, developed key strategic initiatives for MBA’s organizational public affairs plan, media relations and member communications support for mPower, MBA’s Opens Doors Foundation and MBA’s Diversity, Equity, and Inclusion programs.