Impact on Condos & Co-ps Remains to Be Seen – Executive Order Targets Mortgage Costs

An executive order aims to reduce mortgage costs by piloting automated valuation models for mortgage insurance cancellation, expanding title insurance waivers on refinances, waiving appraisals and income reverification on certain refinances, and lowering direct loan rates. A task force will promote modern manufactured housing methods. Relief for co-op and condo borrowers is limited, mainly benefiting refinancing, with no changes to condo project standards.