Trump signs executive order targeting mortgage and housing costs

President Donald Trump on Thursday signed an executive order aimed at lowering mortgage rates for some government borrowers, reducing refinance costs and spurring manufactured home production, among a series of proposals.

The order directs the U.S. Department of Agriculture (USDA) and Department of Veterans Affairs (VA) to lower mortgage rates on single-family loans they underwrite and guarantee, while other federal agencies are charged with creating a “task force” for standardizing permitting and production of factory-built housing.

Scotsman Guide reported Tuesday that the president’s team was weighing such an order, after obtaining a draft of the document. A spokesperson for the White House confirmed Thursday afternoon that the president had signed the order.

A copy subsequently uploaded to the government’s website revealed that the signed version hewed very closely to the draft previously reported, except for some revised section headings.

Many of the proposals in the executive order, titled “Decreasing Housing Costs for the American People,” would require industry input to execute, such as waiving appraisals and income reverification for certain cash-out refinances. The industry broadly reacted favorably to the order’s proposals.

“As we’ve seen, the barrier to entry for homebuying continues to rise, and making refinancing and homebuying more accessible could provide meaningful financial relief,” said Scott Peyree, CEO of LendingTree, a consumer finance platform.

Other measures could be implemented at greater speed, such as the reduction of loan-level pricing fees on eligible refinances, or a provision directing Fannie Mae and Freddie Mac to review their portfolios for borrowers eligible for “proactive cancellation of excessive mortgage insurance,” in keeping with equity and contractual requirements.

The order also seeks to make permanent and expand a title insurance waiver pilot program initially launched in 2024 at the Federal Housing Finance Agency (FHFA) during the Biden administration.

While applauding the Trump administration for wanting to help address housing affordability, the American Land Title Association (ALTA), a trade group representing the title industry, said in a statement that expansion of the title waiver program should be undertaken with caution.

“Title professionals and title insurance are essential safeguards for American homeowners and the integrity of our nation’s housing market,” said Chris Morton, CEO of ALTA, in a statement.

“Now more than ever, we need to ensure that efforts to lower housing costs do not shift significant financial risks onto American families or the broader housing finance system,” Morton added.

“The American Dream of homeownership is a vital pillar of our great country,” reads the final order. “It is the policy of my Administration to reduce regulatory barriers to mortgage origination and costs impeding homeownership.”

A task force for manufactured and factory-built housing would also help achieve that goal, the order posits, involving the Department of Housing and Urban Development, the Commerce Department, the USDA and the VA, as well as the FHFA that oversees Fannie and Freddie.

HUD Secretary Scott Turner, who will co-chair the task force with FHFA Director Bill Pulte, praised the executive order in a press release.

“For decades, home building has been crippled by regulatory red tape, but the Task Force on Manufactured Housing Innovation can usher in the next generation of housing by modernizing standards and speeding up approvals across government,” Turner stated.

Pulte weighed in on social media, calling Trump’s directive “the greatest Housing Executive Order in History” and saying “millions of Americans will save thousands and thousands of dollars.”

Among various functions, the task force will be asked to develop recommendations to align and streamline manufactured and modular production and financing standards across federal housing programs, while reviewing areas to deregulate and “promote competition.”

“Our lender members welcome these latest initiatives to reduce the costs of refinancing and expand innovative manufactured housing options for potential homebuyers,” said Bob Broeksmit, president and CEO of the Mortgage Bankers Association, in a statement provided to Scotsman Guide.

Broeksmit added that the MBA will work with federal agencies toward “a timely and thorough implementation.”

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This article has been updated with additional comments.