News & Events zu Essent Group Ltd (ESNT)ESNTEssent Group Ltd

Trump Signs Executive Order to Lower Single-Family Home Loan Costs

President Donald J. Trump on Thursday signed an Executive Order to "lower the costs of single-family homeownership and mortgages and promote innovation throughout the housing market." The Order directs the Director of the Federal Housing Finance Agency to create a pilot program to cancel borrowers' mortgage insurance premiums proactively once they have satisfied their equity requirements based on the current market value, which will eliminate a large monthly expense for qualifying Americans across the country. The Order establishes the Task Force on Manufactured Housing Innovation to increase the quality of and lower the cost of building a home by facilitating the use of modern manufacturing methods in the production of factory-built housing eligible for federal housing programs. The Order directs the FHFA Director to reduce homeowners' refinancing costs by expanding the FHFA's title insurance waiver pilot into a permanent program to allow more borrowers to utilize cost-friendly alternatives to title insurance and to reduce the closing costs of refinancing and monthly expenses associated with homeownership. The Order directs the Secretary of Agriculture and Secretary of Veterans Affairs to reduce interest rates on single-family home loans made by their respective Departments.

FHFA Director Proposes Eliminating Extra Mortgage Insurance

Shares of MGIC Investment (MTG), NMI Holdings (NMIH) and Essent Group (ESNT) have moved lower after Federal Housing Finance Agency Director Bill Pulte said in a series of posts on X: "If your Home is worth more, or you have paid the loan down far enough, you should be able to drop EXTRA Mortgage Insurance. Right now Fannie Mae will not let your loan company call and tell you that you may qualify because your home has gone up in value! You have to know to ask. Freddie Mac will let them call. That is crazy. We are fixing that. Fannie Mae will follow Freddie's rule: if you may qualify to drop unnecessary extra insurance because your home has gained value, they can contact you and walk you through how to cancel your PMI. You can stop paying for coverage you do not need and keep the money. ... The Mortgage Insurance Companies make incredible amounts of money and have truly unbelievable PROFIT percentages as a percentage of revenue. I am asking Mortgage Insurance Companies to allow savings for Consumers where proper and appropriate."