Top officials at the Internal Revenue Service met with mortgage industry groups this week to discuss possible fixes to the agency’s verification system, which lenders rely on to process mortgage loans.
Mortgage lenders are bracing for big delays in the processing of mortgage applications, citing a problem with the income verification system at the Internal Revenue Service.
The last-minute Republican additions to the Senate tax bill include one apparently designed to appease mortgage lenders who worried that the legislation could cost them billions of dollars and drive some small firms out of the business.
The mortgage industry is panicking over a provision in the Senate tax bill that some analysts and trade groups say may drive small lenders out of the business.
U.S. Treasury Secretary Steven Mnuchin has taken pains to stress that the Trump administration isn’t out to kill Americans’ beloved mortgage-interest tax deduction—but a side effect of the plan could turn it into a perk for only the wealthy.
