In an interview with CNBC earlier this week, Mortgage Bankers Association CEO David Stevens said reducing or even eliminating the mortgage interest deduction could be worth deliberating as part of a comprehensive reform of the American tax code.

"We're not religiously wed to the mortgage interest deduction," Stevens said on "Squawk Box," in a sign the real estate financing industry may be open to dealing on the popular tax break.

But, for any changes to the mortgage interest deduction to be on the table, a broad tax reform package would have to provide offsetting protection for working Americans, Steven said.

"Entry level home buyers typically don't deduct, don't itemize. And wealthy borrowers won't really care," Stevens said. "[But] everybody needs to understand the American that benefits from the mortgage interest deduction is the middle-class home buyer."

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