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Trump executive order on mortgage costs: PMI pilot, title waiver

Fannie Mae and Freddie Mac would pilot proactive PMI cancellation on new loans only. Most steps hinge on an "if the Director determines" condition, and the only deadline is a 180-day task force report.

By Rowan Ashby Published 24.10.26 02:45 UTC 5 min read

President Donald Trump signing executive orders at the Resolute Desk in the Oval Office (file photo, April 2025) — The White House / Wikimedia Commons / Public domain · Source

The Trump executive order on mortgage costs, signed Oct. 22, 2026, tells the Federal Housing Finance Agency (FHFA) to pilot automatic PMI cancellation on new loans and make a refinance title insurance alternative permanent. It does not change rates on ordinary mortgages.

Key takeaways

The Trump executive order on mortgage costs, titled "Decreasing Housing Costs for the American People," was posted by the White House on Oct. 22, 2026.
FHFA is told to have Fannie Mae and Freddie Mac pilot proactive PMI cancellation using automated home valuations, but only for mortgages made after the pilot starts.
FHFA's existing title acceptance pilot, which lets some refinances skip a lender's title insurance policy, would become a nationwide ongoing program.
The only rate cut in the order covers direct home loans made by the Agriculture and Veterans Affairs departments, subject to law and available funding. Conventional mortgage rates and the Federal Reserve are not mentioned.
Most provisions start with an "if the Director determines" condition, and the order has no deadlines apart from a 180-day task force report.

Trump executive order on mortgage costs: what happened

The White House published the order and a fact sheet on Oct. 22, 2026 (US Eastern time). HousingWire and Mortgage Professional America (MPA) both reported the signing the same day. HousingWire said it had seen a draft before the order came out.

The fact sheet says the order will "eliminate a large monthly expense" for qualifying homeowners. The order came 12 days before the Nov. 3 US midterm elections. It is the latest in a series of 2026 housing actions, including a March 13 order on mortgage credit (Executive Order 14393).

What the order directs, section by section

Section	Agency	What it directs	Deadline or condition
Sec. 2: Mortgage insurance	FHFA, Fannie Mae, Freddie Mac	A pilot that uses automated valuation models to find borrowers with enough equity at current market value, then cancels their mortgage insurance proactively	Only if the FHFA Director finds it in the public's and the Enterprises' interest; applies only to loans made after the pilot is set up
Sec. 3: Manufactured housing	HUD and FHFA (co-chairs), with USDA, Commerce, VA	A Task Force on Manufactured Housing Innovation to streamline federal rules for factory-built homes	Recommendations due within 180 days
Sec. 4: Title insurance	FHFA, Fannie Mae, Freddie Mac	Expand the title acceptance pilot into a nationwide ongoing program for eligible refinances, and require that savings be passed to borrowers	Only if consistent with safety and soundness and the law; no deadline
Sec. 5: Direct loan rates	USDA, VA	Lower interest rates on single-family home loans the departments make directly	Consistent with law and "available appropriations"; no target rate

Source: text of the order on whitehouse.gov, published Oct. 22, 2026.

The PMI cancellation pilot

Under Section 2, servicers would have to tell borrowers when their insurance may be cancelled and cut paperwork and appraisal costs "to the extent permitted by law and operationally feasible." This differs from current federal rules. According to the Consumer Financial Protection Bureau (CFPB), PMI on most conventional loans can be cancelled on request when the balance is scheduled to reach 80% of the home's original value. It ends automatically at 78%. The pilot would measure equity against current market value, so rising home prices could count.

The title insurance alternative at refinancing

FHFA approved the title acceptance pilot in March 2024. According to FHFA, it covers certain refinances below 80% loan-to-value in selected areas. On those loans, Fannie Mae accepts an automated title review instead of a lender's title policy. The new order asks FHFA to "consider" raising the 80% limit, removing geographic limits, certifying more providers, and waiving appraisals and income re-checks for limited cash-out refinances that lower monthly payments.

What we know and what we don't know yet

Known: The text of the order, the agencies named, and the 180-day task force deadline, all from the White House.
Known: The PMI pilot does not cover existing loans. MPA noted that some in the industry raised this point.
Not yet known: When the pilots start, who qualifies, what equity threshold applies, and how much borrowers might save. Neither the White House nor FHFA has published savings estimates. Details are expected from FHFA.
Not yet known: How much USDA and VA rates will fall. The order sets no figure and depends on available funding.

Reaction

Mortgage Bankers Association president Bob Broeksmit welcomed the administration's "continued focus on lowering housing costs," according to MPA. Shannon McGahn of the National Association of Realtors said the order "takes steps toward making homeownership more sustainable" and that the group would review the details. Community Home Lenders of America said the title, manufactured housing and veterans' loan measures had "long been CHLA priorities," HousingWire reported.

Analysts at Keefe, Bruyette & Woods wrote on Oct. 21 that the impact on mortgage companies is "likely to be limited," HousingWire reported. They noted that refinances make up only about 7% of title premiums. MPA reported concerns that mortgage insurers could charge new borrowers more if low-risk loans leave their books early.

What it means

For borrowers searching "how to remove PMI," the existing CFPB rules still apply today. You can ask your servicer to cancel at 80% of original value, and cancellation is automatic at 78%. The order adds a possible future route for new Fannie Mae and Freddie Mac loans, but it does not cancel any insurance yet.

The title change matters most to people refinancing. That depends on mortgage rates, which track the bond market and the Fed's outlook, not this order. Our explainers on how the 10-year Treasury yield drives mortgage rates and the Fed's October rate debate cover those drivers. For wider cost-of-living pressure, see how gas prices are squeezing US budgets and how oil shocks feed into inflation and rates.

Frequently asked questions

Does Trump's mortgage executive order lower mortgage rates?

No. The order does not direct any change to rates on conventional mortgages and does not mention the Federal Reserve. Its only rate provision asks the Agriculture and Veterans Affairs departments to lower rates on home loans they make directly, subject to law and available funding.

How do I remove PMI from my mortgage now?

Under current federal rules described by the CFPB, you can ask your servicer in writing to cancel PMI when your balance is scheduled to reach 80% of the home's original value, if you are current and meet other conditions. PMI ends automatically when the balance is scheduled to reach 78%. The new pilot would apply only to Fannie Mae and Freddie Mac loans made after it starts.

What is the title insurance waiver for refinancing?

It is an FHFA pilot, approved in March 2024, that lets Fannie Mae accept an automated title review instead of a lender's title insurance policy on certain refinances below 80% loan-to-value in selected areas. The order asks FHFA to turn it into a nationwide ongoing program and to pass the savings to borrowers.

When will the PMI cancellation pilot start?

No start date has been announced. The order sets no deadline for the pilot and leaves it to the FHFA Director to decide whether it is in the public's interest. Eligibility details are expected from FHFA.