Draft order targets mortgage insurance and refinance costs

A proposed White House executive order would ask federal agencies to reduce several costs tied to buying or refinancing a home. The plan has not been signed. Its measures would address private mortgage insurance cancellation, refinance expenses, USDA and VA direct-loan rates, and factory-built housing.

The Federal Housing Finance Agency would direct Fannie Mae and Freddie Mac to use property data and valuation tools to find borrowers who may qualify to end private mortgage insurance. Servicers could then notify eligible borrowers, with fewer paperwork and appraisal hurdles where legally and operationally possible.

The proposal would also make Fannie Mae’s title-waiver refinancing pilot permanent nationwide and consider broader eligibility. Some limited cash-out refinances that reduce monthly payments could receive fewer documentation requirements and lower fees when existing data supports the change. The order says lenders would need to pass savings to borrowers and explain them. Separately, USDA and VA direct home loans could carry lower rates. A task force led by HUD and the FHFA would have 180 days to recommend ways to speed factory-built housing approvals, reduce duplicated reviews, and support more affordable production.