Trump Executive Order 14438 on Decreasing Housing Costs for the American People
Executive Order 14438 directs the Federal Housing Finance Agency and the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation to establish a pilot program. The pilot program reviews single-family mortgage loans using automated valuation models to identify borrowers who satisfy requirements for cancellation of mortgage insurance. The Director shall direct the Enterprises to establish procedures for this pilot program.
Purpose
The Administration must reduce regulatory barriers to mortgage origination and costs that impede homeownership. The Administration must embrace innovative risk and value assessment technologies that incorporate Super Intelligence to drive down mortgage and homeownership costs. The Administration must promote competition and innovation throughout the housing and mortgage market.
Standardizing the Permitting of Homes
The executive order establishes the Task Force on Manufactured Housing Innovation. The Secretary of Housing and Urban Development and the Director of the Federal Housing Finance Agency, or their designees, will co-chair the Task Force. Within 180 days of the order’s date, the Task Force must submit recommendations to the President through the Assistant to the President for Economic Policy. These recommendations must include actions to promote specifications, establish reciprocal recognition among agencies, eliminate Federal requirements that impede advanced manufacturing, use Federal authorities to encourage innovation, and promote competition among manufacturers.
Reducing Excessive Title Insurance, Especially in the Refinancing of Americans Homes
The Director must direct Enterprises to expand the title acceptance pilot into an ongoing nationwide program if it is in the best interests of the Enterprises, the FHFA, and the American public, and consistent with financial safety and soundness and applicable law. The Director shall consider extending eligibility to refinance transactions with loan-to-value ratios above the current 80 percent limit where title risk remains low. The Director shall also consider removing geographic limitations and certifying additional title assessment providers. The Director shall waive certain documentation requirements for limited cash-out refinances that reduce the borrower’s monthly payment, and reduce or eliminate loan-level price adjustments and other Enterprise fees on such refinances. The Director must require that cost savings from the program be passed through to borrowers, and lenders must inform borrowers of those savings.
Department of Agriculture and Department of Veterans Affairs Direct Loan Rates
The Secretary of Agriculture and the Secretary of Veterans Affairs must reduce the interest rates charged on single-family home loans made directly by their departments. This action must be consistent with applicable law, including 42 U.S.C. 1490a(a)(1)(B) and 38 U.S.C. 3762(c)(1). The reduction must be made using available appropriations.
Executive Order 14438 was signed on October 22, 2026, and published in the Federal Register on October 28, 2026 (91 FR 68007).