Quicken’s Gilbert: Leave the Mortgage Deduction, Take the Tax Cut – NMP
Industry News

Quicken’s Gilbert: Leave the Mortgage Deduction, Take the Tax Cut

Sep 29, 2017
The long-awaited tax reform legislation from House Republicans will impose new limits on deductions that have been beloved by homeowners, according to a preview of the plan obtained by the Associated Press.

When asked to voice his opinion on President Trump’s proposed tax overhaul, Quicken Loans founder and Chairman Dan Gilbert preferred generous tax cuts to maintaining the status quo surrounding the mortgage interest deduction.
 
In an interview this morning on CNBC's "Squawk Box," Gilbert admitted that the deduction is a “nice thing to have,” but noted that under the Trump plan taxpayers can only claim the deduction if they itemize. But he also pointed out that the Trump plan would double the standard deduction, which could be more beneficial in the long run because it would offer an overall lower tax bill.
 
“As long as rates are at a reasonable level,” he said, “it's about the net number” paid in taxes as a percentage of income.
 
Gilbert’s comments echoed remarks made by Gary Cohn, director of the White House National Economic Council at a press conference yesterday. "People don't buy homes because of the mortgage deduction," Cohn said. "The number one reason why people buy homes is they're excited and optimistic about the economy."
 
About the author
Phil Hall
Link copied
Published
Sep 29, 2017
Get the NMP Daily
Analysis and Data
Price Cuts Hit Four-Year High As Mortgage Rates Top 7%

More than one in five listings took a price cut in September, but pending sales still posted their sharpest annual decline since March 2025

Home sellers are finally giving buyers some ground. The problem is mortgage rates are taking it right back.More than one in five homes listed for sale — 20.8% — had a price reduction in September, the highest share in nearly four years, according to Realtor.com's latest Mont...

Continue reading
Regulation and Compliance
New Appraisal Rules Could Vary By Lender Under GSE Exception

Fannie and Freddie are giving some lenders more time to adopt UAD 3.6, meaning mortgage brokers may need to navigate different appraisal requirements across wholesale partners

Mortgage brokers preparing for the Nov. 2 switch to UAD 3.6 just got some breathing room — depending on where they send the loan.Fannie Mae and Freddie Mac are offering temporary policy exceptions to approved lenders that cannot meet the Nov. 2 mandate for the redesigned Uni...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
Rocket Makes VantageScore Its Default After Testing Finds Borrower Savings

After four months of testing, Rocket will make VantageScore 4.0 its preferred model for eligible retail loans while keeping both scoring options available to brokers

Industry News
Sep 29, 2026
CHLA: More Freddie Mac MBS Buying Could Narrow Mortgage Spreads

Trade group estimates greater Freddie participation could compress spreads another 10 to 12 basis points as Fannie has taken the lead in GSE mortgage-bond buying

Industry News
Sep 23, 2026
Early Loan-Limit Race Splits Into Three Tiers

Lenders are now offering $845,000, $847,440, or $850,000 before FHFA sets the official 2027 limits

Industry News
Sep 23, 2026
Better, Garg Clash Over Claimed 46% Shareholder Support

Better disputes its former CEO’s preliminary consent count as the two sides trade accusations and an Oct. 2 target date approaches

C-Suite Strategies
Sep 23, 2026
Fannie Changes How Rent From A Former Home Counts

Fannie now prohibits leases for departing residences and permits market-analysis tools instead of Form 1007, creating a key documentation difference from Freddie Mac

Regulation and Compliance
Sep 22, 2026