Decreasing Housing Costs For The American People

Eligible homeowners could avoid mortgage insurance and refinancing expenses, while federal policy would support faster, lower-cost production of manufactured and factory-built homes.

What the order does ​

• Directs the Federal Housing Finance Agency to consider a pilot that proactively cancels mortgage insurance when current home values and borrower records satisfy applicable requirements.
• Requires participating mortgage servicers to notify eligible borrowers and minimize unnecessary documents, appraisal costs, and administrative barriers.
• Creates a Federal task force to recommend within 180 days ways to standardize approvals, reduce duplicative rules, and expand financing for manufactured and factory-built housing.
• Directs the task force to assess federal incentives for standardized State and local permitting and licensing and to prepare related legislative recommendations.
• Directs the Federal Housing Finance Agency to consider expanding automated title review nationwide for eligible refinances and easing certain appraisal, documentation, and fee requirements.
• Requires savings from the title-review program to reach borrowers and be disclosed by lenders.
• Directs the Departments of Agriculture and Veterans Affairs to reduce interest rates on their direct single-family home loans, subject to law and available funding.

Who it affects ​

• Homeowners with mortgages owned, guaranteed, or securitized by Fannie Mae or Freddie Mac.
• Borrowers refinancing eligible Fannie Mae or Freddie Mac loans.
• Borrowers using direct home loans from the Departments of Agriculture or Veterans Affairs.
• Manufacturers, builders, and buyers of manufactured and factory-built homes.
• Mortgage lenders, servicers, title-assessment providers, and housing regulators.