Order seeks lower mortgage costs and faster factory-built home approvals

The order directs federal agencies to pursue changes aimed at lowering homebuying and mortgage costs. Several steps depend on agency decisions, legal requirements, and financial safeguards.

• Mortgage insurance: The Federal Housing Finance Agency director is to direct Fannie Mae and Freddie Mac to create a pilot that reviews eligible loans for possible insurance cancellation. Servicers would notify borrowers when cancellation may apply and reduce unnecessary paperwork where feasible.
• Factory-built housing: A new task force has 180 days to recommend ways to align federal requirements and reduce delays for manufactured and other factory-built homes. It will also assess incentives for standardized state and local permitting.
• Refinancing: The director may expand a title-review pilot into a nationwide program for eligible refinances. Any savings must be passed on to borrowers, who must be told about them.
• Direct home loans: The Agriculture and Veterans Affairs departments are directed to reduce rates on their single-family loans, consistent with law and available funding.