What Does the October 22, 2026 Housing Cost Executive Order Change?

What does the order direct?

On October 22, 2026, the White House published an executive order titled "Decreasing Housing Costs for the American People." As of October 23, 2026, it has not yet been published in the Federal Register, so it does not yet carry an executive order number. (Official text, whitehouse.gov)

The order is a set of instructions to federal agencies. It does not change any loan, fee or rate by itself. In its own words, it "shall be implemented consistent with applicable law and subject to the availability of appropriations," and it "is not intended to, and does not, create any right or benefit" enforceable by any party (Sec. 6 of the official text). The order itself establishes the task force described below; every other piece takes effect only when the named agency acts. It has four directives.

1. A pilot to cancel mortgage insurance proactively (Sec. 2)

The order tells the Director of the Federal Housing Finance Agency (FHFA) to have Fannie Mae and Freddie Mac set up a pilot program. That instruction is conditional: the Director acts only "if he determines" the pilot serves the interests of Fannie Mae and Freddie Mac (or FHFA) and the American public.

If the pilot goes ahead, it would:

• Apply "only to mortgages made after the establishment of the pilot program."
• Periodically review single-family mortgage loans that Fannie Mae and Freddie Mac own, back or securitize, "using automated valuation models and other available data to assess current market value," to identify borrowers "who appear to satisfy equity and other requirements" for cancellation.
• Cancel mortgage insurance proactively when the Enterprise determines that the borrower meets the equity requirements based on the property's current market value (as determined through an automated valuation model or other means approved by the Director), that cancellation is consistent with safety and soundness and with the Enterprise's contracts, and that the borrower meets "all other applicable statutory, contractual, regulatory, and Enterprise requirements for cancellation." The procedures are to include safety and soundness standards and payment-history requirements.
• Require servicers, "to the extent permitted by law and operationally feasible," to notify borrowers promptly when mortgage insurance may be canceled under the pilot, and to reduce or eliminate "unnecessary documentation requests, appraisal costs, and other administrative barriers." (order text)

2. A Task Force on Manufactured Housing Innovation (Sec. 3)

The order establishes a task force co-chaired by the Secretary of Housing and Urban Development (HUD) and the FHFA Director, or their designees. It also includes the Secretaries of Agriculture, Commerce and Veterans Affairs, or their designees. Within 180 days of the order (by our count, about April 20, 2027), the task force is to send the President recommendations "to facilitate the use of modern manufacturing methods in the production of manufactured and other factory-built housing eligible for Federal housing programs." (order text)

The recommendations are to include actions to:

• promote specifications, inspections and approvals across federal housing and housing-finance programs;
• establish reciprocal recognition among agencies of approvals and inspections, "where doing so would avoid unnecessary duplication";
• eliminate federal requirements and duplicative reviews that "unnecessarily impede" advanced manufacturing techniques or increase the time or cost of bringing homes to market;
• use federal financing, insurance, loan-backing, purchasing and other program authorities to encourage innovation and increased production of "affordable manufactured and factory-built homes"; and
• promote competition among manufacturers and other market participants "while maintaining appropriate standards for safety, quality, durability, and consumer protection."

The task force will also "evaluate whether, and under what existing statutory authorities," federal grant funding may be conditioned on, or used to encourage, state and local adoption of standardized permitting and licensing for factory-built housing, and it is to prepare legislative recommendations on that subject. The agencies on the task force are to take "appropriate action" within their own authorities to implement its recommendations.

3. A wider title alternative on some refinances (Sec. 4)

In 2024, FHFA approved a "title acceptance pilot." FHFA said the pilot "will waive the requirement for lender's title insurance or a legal opinion on certain low-risk refinance transactions." (FHFA statement, March 7, 2024)

The order tells the FHFA Director, again "if he determines" it is in the interests of the Enterprises or FHFA and the American public, and consistent with safety and soundness, his authorities as regulator and conservator, and applicable law, to have Fannie Mae and Freddie Mac expand that pilot "into an ongoing program, available nationwide through both Enterprises." Under it, an Enterprise "may accept an automated title review or other title-risk assessment approved by the FHFA in lieu of a lender's title insurance policy on eligible refinance transactions."

In expanding it, the Director "shall consider":

• extending the program to refinances with loan-to-value ratios "above the current 80 percent limit where title risk remains low";
• removing geographic limitations and adding approved title-assessment firms "to promote competition";
• waiving appraisals, income re-verification and other documentation requirements for "limited cash-out refinances that reduce the borrower's monthly payment, where the Enterprise's existing data support doing so"; and
• "reducing or eliminating loan-level price adjustments and other Enterprise fees on such refinances."

Those four items are things to consider, not requirements. The order does require that cost savings from the program "be passed through to borrowers and that lenders inform borrowers of those savings."

This covers the lender's title policy on certain refinances only. FHFA's 2024 statement notes that "Homeowners are not covered under lender's title insurance" and that homeowners "may choose to purchase their own, separate title insurance policy if they want title protection."

4. Lower rates on USDA and VA direct home loans (Sec. 5)

The order says the Secretaries of Agriculture and Veterans Affairs "shall, consistent with applicable law... and available appropriations, reduce the interest rates charged on single-family home loans made directly by their respective departments." The order sets no rate and no date.

These are direct-loan programs with their own eligibility rules. USDA describes its Section 502 Direct Loan Program as assisting low- and very-low-income applicants "in eligible rural areas." (USDA Rural Development) VA's Native American Direct Loan program helps eligible Native American veterans, and non-Native American veterans married to a Native American, buy, build or improve a home on federal trust land (see the VA program page in the sources below). The order does not mention VA-backed loans made by private lenders.

What has not changed as of October 23, 2026?

• It doesn't cancel anyone's mortgage insurance today. As of October 23, 2026, the pilot has not been established. When it is, it applies only to mortgages made after it starts.
• It doesn't change existing loans. No current rate, fee or insurance premium changes because of the order alone.
• It doesn't mention FHA loans. The mortgage insurance section speaks only to loans Fannie Mae and Freddie Mac own, back or securitize.
• It doesn't set new loan terms, rates or fees. Loan-to-value limits, appraisal waivers and fee reductions for the title program are listed as things the FHFA Director "shall consider."
• It doesn't change local permitting. For factory-built housing, the task force makes recommendations and evaluates grant incentives. City and state permitting rules stay as they are unless those governments change them.
• It creates no enforceable rights for borrowers (Sec. 6(c)).

As of October 23, 2026, I found no FHFA, Fannie Mae or Freddie Mac announcement putting either FHFA piece into effect, and no USDA or VA notice of a new direct-loan rate under the order. Those announcements are what to watch for, measured against the official order text.

How might it affect plans in Pasadena and the San Gabriel Valley?

Sidney Manzo can walk you through how these changes may affect the timing of a sale or purchase and coordinate with your lender, escrow officer and title officer. Loan terms, mortgage insurance and title coverage come from your lender, your servicer and your escrow or title officer; tax questions belong with a CPA; and questions about your rights belong with a California attorney or a HUD-approved housing counselor. With that in mind, here is how the order may touch different plans.

If you're buying. The mortgage insurance pilot, if it launches, applies only to loans made after it starts. As of October 23, 2026, the pilot has not launched, so when you compare conventional loan offers that include mortgage insurance, ask each lender whether the pilot is live yet and whether your loan would be included. Leave it out of your budget until FHFA or the Enterprises publish the details.

If you own and are thinking about refinancing. The title section affects refinances, not purchases. If FHFA expands the program under the order, an Enterprise may accept an approved title-risk assessment instead of a new lender's title policy on an eligible Fannie Mae or Freddie Mac refinance. Ask your lender whether your loan would qualify and how any savings would be shown to you. The order says lenders are to inform borrowers of those savings.

If you already pay mortgage insurance. The pilot as written doesn't reach loans made before it starts. Your servicer can explain the cancellation process that applies to your loan today.

If you're selling. The order doesn't directly affect a sale. Over time, lower refinance or insurance costs could change how some buyers budget, but the order sets no figures, and any effect depends on how the agencies carry it out.

If you're interested in factory-built or manufactured homes. The task force's recommendations are due within 180 days of the order. Local zoning and permitting are set by your city and the state, so check with the planning department where the property sits before relying on any federal change.

What should you check before you decide?

A short checklist

• Save the official order text rather than relying on summaries.
• Watch FHFA, Fannie Mae and Freddie Mac for any notice that the mortgage insurance pilot or the expanded title program has started.
• Ask your lender or servicer whether your current or planned loan is owned or backed by Fannie Mae or Freddie Mac. Both FHFA pieces depend on it.
• Before a refinance, ask your lender whether title acceptance is available and how any savings would be shown to you.
• If you pay mortgage insurance now, ask your servicer how cancellation works for your loan today.
• Check the USDA or VA program page for its direct-loan requirements if one of those programs may fit you.
• Bring questions about taxes or your rights to a CPA, a California attorney or a HUD-approved housing counselor.

Decision points

1. Timing: waiting versus moving now. As of October 23, 2026, none of these programs has a start date. Waiting only for the order is a bet on timing nobody has announced. Weigh your plans on today's terms, and treat any future pilot as a possible extra.
2. Purchase versus refinance. The title change, if it comes, is written for certain refinances. The mortgage insurance pilot is written for new loans made after it starts.
3. Lender's title policy versus owner's policy. The order addresses only the lender's policy. Whether to buy an owner's title policy is a separate choice. Ask your escrow or title officer, or a California attorney.
4. Conventional, FHA, USDA or VA. The order treats each differently, and it doesn't mention FHA. Your lender can compare them for your situation.

This note summarizes a federal executive order and related agency statements as of October 23, 2026. It is general information, not legal, tax or lending advice. I am not an attorney, tax adviser or lender. Program details can change when agencies publish their rules.

Sidney Manzo, CA DRE #01108914