Trump signs order to reduce mortgage costs and support manufactured housing

President Donald Trump signed an executive order aimed at reducing mortgage and homeownership costs, according to HousingWire.

The order directs the Federal Housing Finance Agency (FHFA) to create a pilot program for proactive mortgage insurance cancellation for borrowers who meet equity requirements based on current property values.

It also establishes a task force focused on manufactured housing to recommend ways to streamline federal requirements and encourage modern construction methods for factory-built homes.

To lower refinancing expenses, the order instructs the FHFA to expand a title insurance waiver pilot into a permanent program, allowing more borrowers to use alternatives to title insurance.

Additionally, the order asks the USDA and VA to reduce interest rates on certain direct government loans.

The White House stated the order aims to reduce regulatory barriers, lower closing costs, and promote innovation in housing and mortgage markets.