President Donald J. Trump has signed an Executive Order designed to increase mortgage competition and lower homeownership costs by reducing the regulatory burdens that have hindered community banks and smaller lenders. The administration characterizes the move as a necessary reversal of "market distortions" caused by the Dodd-Frank Act and subsequent federal rulemaking.
Key components of the Executive Order include:
Digital Mortgage Modernization: To reduce lending costs and timelines, the administration is expanding the use of electronic signatures, e-notes, and remote online notarization.
Broader Housing and Economic Strategy:
The administration frames this order as part of a larger agenda to make the "American Dream" accessible again, building on previous actions such as:
The administration asserts that by cutting "red tape" and restoring competition among local lenders, these reforms will lower mortgage rates and expand credit access for rural, low-income, and first-time homebuyers.