What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

Mortgage

Senate passes tax overhaul, but House set to revote

Expect to send to president’s desk Wednesday

In the early morning hours Wednesday, the Senate passed its sweeping tax overhaul bill, which will become the Republican’s first major legislative victory since President Donald Trump took office.

The vote, which took place around 2:30 a.m. ET, passed the bill with all Republicans voting for it and all Democrats voting against it.

Tuesday, House Republicans passed the same bill, however due to three provisions Democrats say were violated in the Republican's bill, the House will be forced to vote again Wednesday after the provisions are removed.

Trump is expected to hold a press conference Wednesday after the House re-passes the bill. He will sign the bill into law by Christmas.

Unlike previous versions of the bill, this final version cuts the mortgage interest deduction to $750,000, down from the current $1 million, but up from the House’s proposed cut to $500,000.

The housing industry is more on board with this latest version of the bill, some even saying that they give it their full support.

One selling point of the final version is that it kept the capital gains provision intact. This provision allows married couples filing their taxes jointly to exclude up to $500,000 in capital gains on the sale of a home, as long as they have used it as a primary residence for at least two of the last five years, while an individual can exclude up to $250,000.

The House and Senate each proposed to make this rule more strict, however neither provision made it through the final committee, and the rule will remain the same.

For a detailed analysis of the final bill’s changes to the current tax system, such as an increase to the standard deduction or the slashing of the corporate tax rate, click here.

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