Trump orders US mortgage-insurance and refinancing changes
The October 22 order directs a mortgage-insurance pilot, a permanent refinancing waiver programme and lower rates on home loans made by two federal departments.
Loading… Բեռնվում է…
The October 22 order directs a mortgage-insurance pilot, a permanent refinancing waiver programme and lower rates on home loans made by two federal departments.
US President Donald Trump signed an executive order on 22 October directing federal agencies to pursue lower mortgage and homeownership costs. Its mortgage-insurance pilot is conditional and would cover only loans made after the programme is established—not cancel premiums on existing mortgages.
The refinancing changes build on an existing Federal Housing Finance Agency title-insurance waiver pilot. Refinancing means replacing an existing mortgage; title insurance covers risks involving property ownership rights. In its 22 October fact sheet, the White House said making the pilot permanent would let more borrowers use alternatives to title insurance and reduce refinancing closing costs and monthly homeownership expenses.
The Federal Housing Finance Agency director must first determine that the mortgage-insurance pilot serves the best interests of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, or the agency, and the American public. The two mortgage companies would then establish the pilot and use automated estimates of current home values and other data to identify potentially eligible borrowers.
Borrowers would still need to meet equity requirements based on their property’s current market value. Equity is the homeowner’s ownership stake in the property. Cancellation would also depend on payment-history requirements, financial safety and soundness, and all applicable statutory, contractual, regulatory and mortgage-company requirements.
The White House says cancelling premiums would eliminate a large monthly expense for qualifying borrowers. Under the order, mortgage servicers—the firms that handle loan payments—would be required to notify borrowers promptly when insurance may be cancelled and reduce unnecessary paperwork and appraisal costs, where legally permitted and operationally feasible.
The satellite operator expects access to more than twice OneWeb’s current bandwidth in return for spending in 2027–2034, with initial IRIS² services expected from 2030.
3 min
The order conditionally directs the agency to expand the existing title-acceptance pilot into an ongoing nationwide programme through both mortgage companies. On eligible refinances, a company could accept an automated title review or another approved assessment of title risk instead of a lender’s title-insurance policy.
That expansion requires the director’s determination that it serves the best interests of the companies or the agency, and the American public. It must also meet financial-safety and legal conditions. The director must require any savings from the programme to reach borrowers and lenders to tell borrowers about those savings.
The secretaries of the US Department of Agriculture and the US Department of Veterans Affairs are directed to reduce interest rates on single-family home loans made directly by their departments. Those reductions must comply with applicable law and available funding.
The order also establishes the Task Force on Manufactured Housing Innovation to recommend ways to improve quality and lower construction costs through modern manufacturing methods for factory-built homes eligible for federal housing programmes. Its work includes reducing duplicate approvals and inspections while maintaining safety, quality and consumer-protection standards.
The order does not itself give borrowers an enforceable right to savings: implementation is subject to applicable law and available funding, and the order expressly creates no enforceable right or benefit. The task force must submit recommendations to the president within 180 days of 22 October—a deadline for recommendations, not for delivering borrower savings.
Microsoft reported $33.17 billion in Azure revenue and a 22% year-over-year decline in Windows OEM and devices revenue. Its reporting overhaul brings quarterly disclosure of Azure’s dollar contribution.
2 min
The US wireless carrier’s third-quarter service revenue rose 6% to $19.4 billion as it raised its expectations for the full year.
1 min