October 23, 2026

On October 22, 2026, President Donald Trump signed an Executive Order (the “EO”) titled “Decreasing Housing Costs for the American People” to reduce mortgage expenses, streamline refinancing and promote housing affordability. The EO directs the Federal Housing Finance Agency (“FHFA”) Director, subject to specified determinations, to establish a pilot program for Fannie Mae and Freddie Mac that proactively cancels mortgage insurance on eligible loans originated after the program begins. The program considers current property values, borrower equity and applicable eligibility requirements. The EO seeks to reduce housing costs through changes to mortgage insurance cancellation, refinancing requirements and federal housing programs.

The EO also directs the FHFA Director, subject to specified conditions, to expand the Enterprises’ title acceptance pilot nationwide, allowing approved automated title assessments in place of lender’s title insurance for eligible refinances. The program requires lenders to pass resulting cost savings to borrowers. Additionally, the EO establishes a federal task force to submit recommendations on permitting standardization and manufactured housing innovation within 180 days. The EO also directs the Departments of Agriculture and Veterans Affairs to reduce interest rates on their direct single-family housing loans, subject to applicable law and available appropriations.

For mortgage lenders, servicers and investors, the EO may affect mortgage insurance administration, refinancing costs and loan servicing practices as federal agencies implement its directives

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If you have questions about this publication, please contact Adam Friedman, Ralph Vartolo or Michael DeRosa,
Friedman Vartolo LLP, 1325 Franklin Avenue, Suite 160, Garden City, NY 11530, Phone: (212) 471-5100 | Fax: (212) 471-5150.