New Housing Order Targets PMI, Refinance Title Costs and Manufactured Homes—What Changes Now?

President Donald Trump signed an executive order Oct. 22 targeting mortgage-insurance payments, refinance title costs and barriers to factory-built housing. For borrowers reading the headlines on Oct. 23, the important distinction is between instructions to federal agencies and a program that a lender or servicer can actually offer today.

The order, “Decreasing Housing Costs for the American People,” sets out conditional changes involving Fannie Mae and Freddie Mac and establishes a manufactured-housing task force. It does not cancel private mortgage insurance across existing mortgages or guarantee a cheaper refinance. Agency decisions, eligibility rules and implementation remain central.

PMI: a prospective pilot, not blanket cancellation

Section 2 calls for the Federal Housing Finance Agency director to direct Fannie Mae and Freddie Mac to establish a proactive mortgage-insurance cancellation pilot if he determines it serves the specified interests of the enterprises or FHFA and the public. Crucially, it would apply only to mortgages made after the pilot is established.

The proposed process would periodically review enterprise-owned, guaranteed or securitized single-family loans, using automated valuations and other data to identify borrowers who appear to meet cancellation requirements. Actual cancellation would still depend on equity, payment history, safety and soundness, contractual obligations and other applicable requirements. Servicer notifications and reduced administrative barriers are directed only to the extent legally permitted and operationally feasible.

Existing cancellation pathways continue. The Consumer Financial Protection Bureau explains that many eligible borrowers can request PMI cancellation at 80% of a home’s original value, subject to conditions; automatic termination generally occurs at the scheduled 78% point if payments are current. Those rules are not the same as cancellation based on today’s market value, and different loan types have different requirements.

Refinances: title alternatives depend on eligibility

Section 4 conditionally directs expansion of the title acceptance pilot into an ongoing nationwide program through both enterprises. For eligible refinances, an enterprise could accept an FHFA-approved automated title review or other title-risk assessment instead of a lender’s title insurance policy. That is not a universal removal of title costs or a substitute for every kind of title protection.

The director must consider extending eligibility above the current 80% loan-to-value limit, removing geographic restrictions and approving additional providers. The order also calls for considering appraisal and income-documentation waivers for certain payment-reducing limited cash-out refinances where existing data support them, and reducing or eliminating loan-level price adjustments and other enterprise fees. These are items to consider, not already-waived requirements. Savings resulting from the implemented program must be passed through and disclosed to borrowers.

Factory-built homes: recommendations within 180 days

Section 3 establishes a task force co-chaired by HUD and FHFA, with Agriculture, Commerce and Veterans Affairs participating. Recommendations are due within 180 days of the order. Its work includes reducing duplicative approvals and inspections and encouraging modern manufacturing while maintaining safety, quality and consumer protections. This is not immediate expanded eligibility for every manufactured or modular home.

USDA and VA: direct loans only

Section 5 directs Agriculture and Veterans Affairs to reduce rates on single-family home loans made directly by their departments, consistent with law and available appropriations. It does not promise an immediate rate cut on all privately originated VA-guaranteed mortgages, VA interest-rate reduction refinances or VA cash-out loans.

What to do before making a decision

Borrowers should ask their servicer about current MI cancellation options rather than wait for a prospective pilot. Request written lender and title quotes, compare total refinance costs with expected savings, and confirm the loan’s investor and program eligibility. Loan officers should distinguish announced policy from available products and verify implementation notices before quoting new benefits. Neither an effective date nor guaranteed savings should be assumed from this order alone.

Sources: White House executive order, Oct. 22, 2026, sections 2–6; Reuters independent report, Oct. 22; CFPB cancellation guidance linked above. The order is executive direction, not proof of a completed program rollout, and creates no privately enforceable right or benefit.

Cover: original mortgage.news editorial graphic, created Oct. 23, 2026, showing a home, document and shield. It is not a government seal, official form or photograph.