Executive Order 14438 Signed October 22, 2026 Targets Mortgage and Title Insurance Costs

On October 22, 2026, the President signed Executive Order 14438, titled "Decreasing Housing Costs for the American People." The order was filed for public inspection on October 27 and is scheduled for publication in the Federal Register on October 28, 2026.

The order directs the Federal Housing Finance Agency (FHFA) and several federal departments to act on mortgage insurance, title insurance, manufactured housing and federal direct loan rates. A new federal task force has 180 days, until about April 20, 2027, to deliver its recommendations.

Mortgage Insurance Cancellation Pilot for Fannie Mae and Freddie Mac Loans

Section 2 tells the FHFA Director to direct Fannie Mae and Freddie Mac to create a pilot program, if the Director finds it is in the best interests of those companies, the FHFA and the public. Under the pilot, the companies would periodically review single-family loans they own, guarantee or securitize.

The reviews would use automated valuation models and other data to estimate current market value. The goal is to identify borrowers who appear to meet the equity and other requirements for cancelling mortgage insurance. The pilot applies only to mortgages made after the program is set up.

Mortgage insurance would be cancelled proactively when the borrower meets equity requirements based on current value, cancellation is consistent with safety and soundness and contract terms, and all other legal requirements are met. Servicers would be required, where the law allows and it is operationally feasible, to notify borrowers promptly and reduce documentation requests, appraisal costs and other barriers.

Title Insurance Alternative on Refinance Transactions

Section 4 directs the FHFA Director, under similar conditions, to have Fannie Mae and Freddie Mac expand the existing title acceptance pilot into an ongoing nationwide program at both companies. On eligible refinances, either company could accept an automated title review or other FHFA approved title risk assessment in place of a lender's title insurance policy.

In expanding the program, the Director must consider:

• Extending eligibility to refinances with loan to value ratios above the current 80 percent limit where title risk remains low

• Removing geographic limits and certifying more title assessment providers

• Waiving appraisals, income reverification and other documents for limited cash out refinances that lower the monthly payment

• Reducing or eliminating loan level price adjustments and other fees on these refinances

The order requires that any cost savings be passed through to borrowers and that lenders tell borrowers about those savings. The program covers the lender's title policy on eligible refinances. The order does not mention owner's title insurance or purchase transactions.

Manufactured Housing Task Force and Direct Loan Rates

Section 3 creates the Task Force on Manufactured Housing Innovation. It is co-chaired by the Secretary of Housing and Urban Development and the FHFA Director, and it includes the Secretaries of Agriculture, Commerce and Veterans Affairs.

Within 180 days, the task force must recommend ways to support modern manufacturing methods for manufactured and other factory built homes eligible for federal housing programs. The topics include shared recognition of licenses, certifications and inspections across agencies, removal of duplicative federal reviews, and use of federal financing to encourage more production.

The task force must also evaluate whether federal grant funding can be tied to, or used to encourage, state and local adoption of standardized permitting and licensing for these homes. It is to prepare legislative recommendations on that point, consistent with Executive Order 14394 of March 13, 2026.

Section 5 directs the Secretaries of Agriculture and Veterans Affairs to reduce interest rates on single-family home loans made directly by their departments. This is subject to applicable law, including 42 U.S.C. 1490a(a)(1)(B) and 38 U.S.C. 3762(c)(1), and available appropriations.

Implementation Limits and Next Steps

Several provisions depend on a determination by the FHFA Director. The order states that it will be carried out consistent with applicable law and subject to available funding, and that it creates no enforceable rights for any party.

The order itself does not change loan terms, insurance requirements or interest rates. Any program details would come through later actions by the FHFA, Fannie Mae, Freddie Mac, the Department of Agriculture and the Department of Veterans Affairs. Specific terms and dates for homeowners, buyers and lenders involved in residential real estate transactions would appear in those agency announcements.