Will the October 2026 Housing Executive Order Cancel My PMI or Cut My Refinance Costs? What Changes Now for Utah Borrowers (and What Doesn't Yet)

Not by itself, and not yet. The Oct 22 executive order tells the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, to set up new programs. The PMI-cancellation pilot applies only to mortgages made after the pilot is established, so it doesn't reach a loan you already have. The refinance pieces, like skipping a lender's title insurance policy or waiving appraisals, depend on FHFA deciding to act. The VA and USDA part covers only loans those agencies make directly.

Until an agency acts, today's rules are the ones that matter. You can ask to cancel PMI when your balance is scheduled to hit 80% of your home's original value, and it ends automatically at 78% if you're current (CFPB).

Here's what the order says, what it doesn't, and what you can do under today's rules.

Quick Answer

• Existing loan with PMI: the order's pilot doesn't apply to it. Today's 80% / 78% rules do.
• New loan: a future pilot could review it for PMI removal using automated home values. No start date has been set.
• Refinancing: FHFA may expand a program that accepts an automated title review instead of a lender's title policy, and "shall consider" waiving appraisals and cutting fees on some refinances. None of it is guaranteed or dated.
• FHA loan: the order doesn't mention FHA mortgage insurance (MIP).
• VA or USDA loan from a lender: the order covers loans VA and USDA make directly. It doesn't mention guaranteed loans.

What Is the Oct 22 Housing Executive Order?

On Oct 22, 2026, President Donald J. Trump signed an executive order titled "Decreasing Housing Costs for the American People." It was published in the Federal Register on Oct 28 as Executive Order 14438 (91 FR 68007).

It directs agencies. It isn't a regulation.

The order says it must be carried out "consistent with applicable law and subject to the availability of appropriations." It also says it doesn't create any right or benefit "enforceable at law" for anyone (Sec. 6). In plain terms, nothing changes for borrowers until FHFA, VA, or USDA acts.

It has four parts:

• A pilot for canceling mortgage insurance on Fannie Mae and Freddie Mac loans (Sec. 2)
• A task force on manufactured and factory-built housing, with recommendations due within 180 days (Sec. 3)
• A program to accept automated title reviews on some refinances, plus other refinance cost cuts FHFA is to consider (Sec. 4)
• Lower rates on home loans made directly by VA and USDA (Sec. 5)

Will the Executive Order Cancel My PMI?

Not on a loan you have today. Here's what Sec. 2 actually says.

It's conditional

The FHFA Director "shall, if he determines" it's in the best interests of Fannie Mae, Freddie Mac, FHFA, and the public, direct them to set up a pilot program.

It's for future loans only

The pilot is "applicable only to mortgages made after the establishment of the pilot program."

How it would work

Fannie and Freddie would periodically review loans they own, guarantee, or securitize. They'd use automated valuation models (computer estimates of home value) and other data to spot borrowers who appear to meet the equity and other requirements to cancel mortgage insurance.

Requirements still apply

Mortgage insurance would be canceled only if:

• you meet the equity requirements based on your home's current value,
• cancellation fits safety-and-soundness standards and the Enterprise's contracts, and
• you meet "all other applicable statutory, contractual, regulatory, and Enterprise requirements."

The procedures are also to include payment-history requirements. Servicers would notify eligible borrowers "to the extent permitted by law and operationally feasible."

No start date

The order doesn't set one, and FHFA hadn't announced a pilot as of Nov 3, 2026.

How Do I Remove PMI Under Today's Rules?

Federal law already gives you a path. These rules cover mortgages on single-family primary residences that closed on or after July 29, 1999 (CFPB). For PMI basics, see Do You Really Need 20% Down?

Ask at 80%

You can ask your servicer to cancel PMI on the date your balance is scheduled to fall to 80% of your home's original value. You can ask sooner if extra payments get you there early. Your servicer must grant the request if:

• you ask in writing,
• you have a good payment history and are current,
• there are no junior liens, like a second mortgage, and
• you can show the home's value hasn't dropped below its original value, for example with an appraisal.

Automatic at 78%

Your servicer generally must end PMI on the date your balance is scheduled to reach 78% of original value, as long as you're current.

Automatic at the midpoint

PMI also ends the month after you reach the halfway point of your loan term. On a 30-year loan, that's after 15 years.

What "original value" means

It's generally the lower of the purchase price or the appraised value when you bought. If you refinanced, it's the appraised value at the refinance (CFPB).

Fannie and Freddie can be more generous

They often have their own cancellation guidelines, which can't be less favorable than the federal rules (CFPB).

New since Sept 16: your servicer may reach out

At FHFA's direction, Fannie Mae now permits servicers to contact borrowers whose loans may be close to, or may have reached, the loan-to-value levels for dropping mortgage insurance based on the home's current value (Fannie Mae Lender Letter LL-2026-07). It permits outreach. It doesn't require it. You can ask your servicer yourself. Under Fannie's servicing rules, current-value removal is borrower-initiated, and value is shown with a valuation that includes an interior and exterior inspection. Ask your servicer what's required for your loan.

More on conventional loans.

Does the Executive Order Remove FHA Mortgage Insurance (MIP)?

No. The order doesn't mention FHA.

FHA mortgage insurance follows HUD's own rules

For FHA case numbers assigned on or after June 3, 2013:

• Original loan-to-value of 90% or less (at least 10% down): annual MIP runs for 11 years, or the loan term if shorter.
• Original loan-to-value above 90%: annual MIP runs for the life of the loan, up to 30 years.

A higher home value doesn't remove FHA MIP. HUD says it "will not consider new appraised values" when figuring MIP cancellation. The common route out is refinancing into a conventional loan. See FHA vs Conventional and conventional refinance.

Will the Executive Order Make Refinancing Cheaper?

Maybe, on some Fannie Mae and Freddie Mac refinances, if FHFA acts. Sec. 4 has three pieces.

Title insurance

The FHFA Director shall, "if he determines" it's in the best interests and consistent with safety, soundness, and law, direct Fannie and Freddie to expand the existing title acceptance pilot into an ongoing, nationwide program. Under it, they could 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."

Things FHFA "shall consider"

In expanding that program, the Director is to consider:

• covering refinances with loan-to-value ratios above the current 80 percent limit where title risk stays low,
• removing geographic limits and approving more title-assessment providers,
• waiving appraisals, income re-verification, and other paperwork on "limited cash-out refinances that reduce the borrower's monthly payment," and
• reducing or eliminating loan-level price adjustments (pricing add-ons Fannie and Freddie charge) and other fees on those refinances.

"Limited cash-out" is Fannie and Freddie's name for a refinance that mainly replaces your existing loan, with little or no cash back.

Savings go to borrowers

The Director shall require that any savings from the program be passed to borrowers, and that lenders tell borrowers about them.

What this means for you

"If he determines" and "shall consider" mean none of this is guaranteed, and no dates are set. If it happens, it would reach loans owned or backed by Fannie Mae or Freddie Mac. Not sure who owns your loan? Ask your servicer.

If you're weighing a refinance now, compare it on today's terms. See our refinance options and run the numbers with the refinance comparison calculator.

Does the Executive Order Lower VA or USDA Loan Rates?

Only on loans made directly by VA or USDA. Sec. 5 tells the Secretaries of Agriculture and Veterans Affairs to reduce rates on single-family home loans "made directly by their respective departments," consistent with law and available appropriations.

Most VA buyers use a VA-guaranteed loan from a private lender. The order covers direct loans. It doesn't mention guaranteed loans. More on VA loans, and if you already have one, see VA IRRRL in Utah.

What Doesn't the Executive Order Do?

• It doesn't take effect on its own. Nothing changes until FHFA, VA, or USDA acts.
• It sets no dates for the PMI pilot, the title program, or the VA and USDA rate cuts.
• It doesn't reach existing loans through the PMI pilot.
• It doesn't touch FHA MIP.
• It doesn't address credit reports, including how many reports lenders pull.
• It doesn't set mortgage rates. Market rates still come from bond markets.

Should I Wait for the New Rules Before I Refinance or Drop PMI?

We won't predict what FHFA does. Here's a simple way to decide:

• Near 80% or 78% of original value, or think your home's value rose? Ask your servicer now under existing rules. Keep making payments on time, since payment history is a condition under both today's rules and the order.
• Does a refinance make sense today? Compare it on today's terms. A future program isn't guaranteed.
• Have a loan now? Keep in mind the PMI pilot won't apply to it.

Run the numbers in our mortgage calculator, and see how our loan process works. Wondering whether rates in general are worth waiting on? See Should You Wait for Mortgage Rates to Drop?

Frequently Asked Questions

Does the executive order apply to my existing mortgage?

The PMI pilot doesn't. It applies only to mortgages made after the pilot is established. The refinance changes, if FHFA adopts them, would apply when you refinance into an eligible Fannie Mae or Freddie Mac loan.

When will the PMI pilot start?

There's no date. FHFA must first decide to direct Fannie and Freddie to set it up. As of Nov 3, 2026, FHFA hadn't announced one.

Can I get PMI removed now?

Yes, under today's rules. You can ask in writing when your balance is scheduled to hit 80% of original value, and it ends automatically at 78% if you're current. Your servicer may also consider removal based on current value under Fannie Mae or Freddie Mac rules. Ask your servicer what they require.

Will my servicer contact me about dropping PMI?

Maybe. Since Sept 16, 2026, Fannie Mae permits servicers to reach out to borrowers who may qualify based on current value. It isn't required, so you can ask.

Does the executive order get rid of FHA mortgage insurance?

No. The order doesn't mention FHA. FHA MIP follows HUD's rules: 11 years with at least 10% down, otherwise the loan term, for case numbers from June 3, 2013 on.

Will I be able to refinance without title insurance or an appraisal?

Possibly, on eligible Fannie Mae or Freddie Mac refinances, if FHFA expands the program. The order says FHFA "shall consider" waiving appraisals on limited cash-out refinances that lower your monthly payment. That isn't guaranteed or dated.

Does the executive order lower the rate on my VA loan?

It covers loans VA makes directly, not VA-guaranteed loans from lenders. If you have a VA-guaranteed loan, the order doesn't mention it.

Did the executive order change credit report requirements?

No. It doesn't address how many credit reports lenders pull.

"Wondering whether you can drop PMI or whether a refinance makes sense today, under the rules that apply now? Talk to a Hometown loan officer."

Talk to a Loan Officer

Based on Executive Order 14438 as published Oct 28, 2026, and CFPB, HUD, and Fannie Mae guidance as of Nov 3, 2026. Programs described in the order aren't in effect until the agencies act. This article is general education, not legal advice. See our disclosures.