US issues executive order to lower homeownership, mortgage costs

US President Donald Trump issued an executive order aimed at reducing regulatory barriers to mortgage origination and cutting costs that impede homeownership on Thursday.

The order directed the Federal Housing Finance Agency to instruct Fannie Mae and Freddie Mac to establish a pilot program that proactively cancels excessive mortgage insurance for eligible borrowers.

The directive called for expanding a title acceptance pilot into a nationwide program that allows automated reviews instead of lender title insurance policies on eligible refinance transactions.

The measure established the Task Force on Manufactured Housing Innovation to support modern manufacturing methods and eliminate duplicative federal reviews for factory-built housing.

The task force received a 180-day deadline to submit recommendations to the US president to encourage affordable home production and standardize permitting.

The order also instructed the Secretary of Agriculture and the Secretary of Veterans Affairs to reduce interest rates charged on single-family home loans made directly by their departments.