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Trump Signs Order to Cut Single-Family Housing Costs: Automatic Mortgage Insurance Cancellation
President Trump signed an executive order on Oct 22 directing the FHFA to pilot automatic cancellation of mortgage insurance once homeowners meet equity thresholds, and making the refinance title insurance waiver pilot permanent.
Why it matters
President Trump signed an executive order on Thursday, October 22, directing the Federal Housing Finance Agency (FHFA) to launch a pilot program that automatically cancels a homeowner's mortgage insurance once the homeowner meets equity requirements measured against current home values — no application needed. The order also makes permanent the pilot waiving title insurance on refinances. The goal is to lower the cost of owning a single-family home, a move that lands ahead of the midterm elections amid high mortgage rates.
Details
The order also creates a "prefab housing innovation" task force to promote factory-built housing, and instructs the agriculture and veterans affairs secretaries to cut interest rates on their departments' single-family loan programs. Mortgage insurance is typically required when buyers put down less than 20% and is paid monthly by the homeowner; automatic cancellation could directly ease monthly payments for many borrowers.
Sources
Reuters (via Kitco) and HousingWire, which reviewed a draft of the order.
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