The White House outlined an executive order signed by President Donald Trump directing federal agencies to reduce mortgage insurance, refinancing and borrowing costs for single-family homeowners. The order also establishes a task force to facilitate modern manufacturing methods for factory-built housing eligible for federal housing programs. The Federal Housing Finance Agency (FHFA) director must create a pilot program to proactively cancel borrowers’ mortgage insurance premiums once they meet equity requirements based on their homes’ current market value. The director is also instructed to expand the FHFA’s title insurance waiver pilot into a permanent program, allowing more borrowers to use alternatives to title insurance and reducing refinancing closing costs. The order directs the secretaries of Agriculture and Veterans Affairs to reduce interest rates on single-family home loans made by their respective departments. Separately, the Task Force on Manufactured Housing Innovation will facilitate modern manufacturing methods to improve housing quality and lower construction costs.
The White House outlines executive order directing mortgage insurance relief, permanent title insurance waivers and lower federal home loan rates
The White House outlined an executive order directing the Federal Housing Finance Agency to establish a pilot for proactive mortgage insurance cancellation based on current home values and expand its title insurance waiver pilot into a permanent program. The order also requires lower interest rates on single-family loans made by the Agriculture and Veterans Affairs departments and establishes a task force to advance modern manufacturing methods for eligible factory-built housing.