Emergency Mortgage Help for Protect the Home

Sec. 3. Modernization of Home Mortgage Disclosure Act (HMDA) Data Collection and Disclosure. (a) The CFPB will consider, as suitable and consistent with relevant law, proposing modifications to Guideline C to raise the property limit for exemption from HMDA data collection and reporting requirements for smaller banks, to exclude queries from the scope of HMDA, and to make sure that disclosures safeguard privacy and reduce burdens, consisting of insufficiently tailored, expensive, and complex software and training needed for reporting financial organizations.

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4. Capital and Liquidity Positioning. (a) The Vice Chairman for Supervision of the Federal Reserve, the Chairman of the NCUA Board, the Chairperson of the Board of Directors of the FDIC, the Comptroller of the Currency, and the Director of the Federal Housing Finance Firm (FHFA) will think about, as appropriate and consistent with relevant law: (i) revising capital guidelines, consistent with proper risk-management requirements, to tailor threat weights for all banks, consisting of neighborhood banks and other smaller banks, for portfolio home mortgages, maintenance rights, and warehouse credit lines to the product credit threat of the direct exposure; (ii) improving collateral assessment and transfer systems between the Federal Reserve and Federal Home Mortgage Banks (FHLBs); (iii) expanding access to longerdated FHLB advances tied to property home loan assets; (iv) creating targeted FHLB liquidity programs for entrylevel housing, owneroccupied purchase loans, and small residential builders; (v) accelerating security boarding and valuation processes through standardized information and digital paperwork; and (vi) refocusing the FHLBs' Affordable Housing Program on faster-cycle execution and higher financial utilize for small and owner-occupied real estate jobs.

(c) Within 120 days of the date of this order, the Director of the FHFA, in consultation with the heads of other appropriate executive departments and firms, shall submit a report to the Assistant to the President for Economic Policy and the Director of the Office of Management and Budget plan on the effectiveness of national real estate finance markets.

A Complete Manual to Housing Relief

Building and Housing Supply. (a) The Vice Chairman for Supervision of the Federal Reserve, the Director of the CFPB, the Chairman of the NCUA Board, the Chairperson of the Board of Directors of the FDIC, and the Comptroller of the Currency, will consider, as suitable and constant with applicable law, revising supervisory assistance both to omit one-to four-family domestic advancement and construction financing from commercial real estate concentration assistance and to make sure supervisory expectations support responsible building and construction loaning by community banks.

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6. Appraisal Modernization. (a) The Vice Chairman for Guidance of the Federal Reserve, the Director of the CFPB, the Chairman of the NCUA Board, the Chairperson of Board of Directors of the FDIC, the Comptroller of the Currency, and the Director of the FHFA will think about, as proper and constant with appropriate law and their statutory authorities: (i) updating appraisal regulations and guidance to expand using alternative evaluation designs, desktop and hybrid appraisals, and artificial intelligence valuation tools; (ii) simplifying appraiser credentials requirements; and (iii) lowering appraisal requirements for low-risk deals, consisting of low loan-to-value refinancing and smallbalance loans; and setting clear appraisal timelines.

Sec. 7. Digital Home Loan Modernization. (a) The Secretary of Agriculture, the Secretary of HUD, the Secretary of VA, and the Director of the FHFA will think about, as suitable and constant with applicable law: (i) removing unneeded wetsignature requirements for disclosures, applications, closing files, and similar documents; (ii) standardizing approval of electronic signatures, e-notes, and remote online notarization; and (iii) promoting digital home mortgage standards.

8. Servicing and Supervisory Certainty. (a) The Secretary of HUD, the Vice Chairman for Supervision of the Federal Reserve, the Director of the CFPB, the Chairman of the NCUA Board, the Chairperson of the Board of Directors of the FDIC, and the Comptroller of the Currency will consider, as appropriate and consistent with applicable law: (i) aligning supervisory expectations to support portfolio home mortgage servicing as a core neighborhood banking function; extending curefirst requirements to goodfaith servicing mistakes; streamlining loss mitigation requirements; and issuing a proposed guideline providing exemptions from complicated home mortgage services for smaller banks; and (ii) guaranteeing that supervisory examinations of carrying out, prudently underwritten portfolio loans do not focus on technical problems or depend on progressing supervisory analyses.

9. Enforcement. (a) The Vice Chairman for Guidance of the Federal Reserve, the Director of the CFPB, the Chairman of the NCUA Board, the Chairperson of the Board of Directors of the FDIC, and the Comptroller of the Currency shall consider, as suitable and constant with relevant law, promulgating a policy against enforcement actions for infractions of consumer monetary laws that: (i) dissuades enforcing civil monetary charges, except where the underlying infractions are willful, understanding, or reckless; (ii) considers good business conduct, including a bank's correction of good-faith, technical compliance mistakes; and (iii) allows organizations an affordable opportunity for self-identification and removal of suitable compliance matters.