NAR applauded President Trump’s new housing affordability executive order, which targets mortgage insurance, construction costs and refinance fees.
The National Association of Realtors (NAR) on Thursday applauded President Trump’s new housing affordability executive order, saying it helps address homeownership costs.
Shannon McGahn, NAR executive vice president and chief advocacy officer, said in a statement, “President Trump’s latest Executive Order helps address the costs associated with homeownership and takes steps toward making homeownership more sustainable for American families.”
NAR’s policy team said the order directs Fannie Mae, Freddie Mac and their regulator, the Federal Housing Finance Agency (FHFA), to develop a program for timely cancellation of mortgage insurance. Homeowners currently must request its release once the mortgage is 78% or less of the property value. NAR said this would put more money in homeowners’ pockets.
It also creates a task force of HUD, FHFA, USDA, Commerce and the VA to explore ways to raise quality and lower home construction costs through modern manufacturing.
FHFA is also to expand its program that waives title insurance requirements and fees on certain refinances, while the VA and USDA are to cut rates on direct home purchase loans.
McGahn added, “We also look forward to working with federal policymakers to advance practical solutions that lower costs, expand housing opportunities, and help more Americans achieve the dream of homeownership.” NAR plans to monitor and comment as changes roll out.