Future Trends in Housing Assistance

Sec. 3. Modernization of Home Home Mortgage Disclosure Act (HMDA) Data Collection and Disclosure. (a) The CFPB shall think about, as appropriate and constant with applicable law, proposing amendments to Guideline C to raise the possession limit for exemption from HMDA information collection and reporting requirements for smaller banks, to exclude questions from the scope of HMDA, and to make sure that disclosures safeguard privacy and reduce problems, consisting of insufficiently customized, expensive, and complex software and training needed for reporting banks.

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4. Capital and Liquidity Alignment. (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 Financing Company (FHFA) will consider, as appropriate and consistent with relevant law: (i) revising capital policies, consistent with suitable risk-management requirements, to tailor threat weights for all banks, including neighborhood banks and other smaller banks, for portfolio home mortgages, servicing rights, and warehouse credit lines to the material credit threat of the direct exposure; (ii) updating collateral evaluation and transfer systems between the Federal Reserve and Federal Mortgage Banks (FHLBs); (iii) expanding access to longerdated FHLB advances tied to property home loan properties; (iv) producing targeted FHLB liquidity programs for entrylevel housing, owneroccupied purchase loans, and small residential home builders; (v) speeding up collateral boarding and assessment procedures through standardized data and digital documents; and (vi) refocusing the FHLBs' Budget Friendly Real estate Program on faster-cycle execution and higher financial take advantage of for small-scale and owner-occupied real estate jobs.

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

Reviewing Assistance vs Foreclosure Prevention

Building And Construction 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 appropriate and consistent with suitable law, modifying supervisory assistance both to leave out one-to four-family residential advancement and building financing from industrial genuine estate concentration guidance and to ensure supervisory expectations support responsible construction loaning by neighborhood 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 suitable and constant with appropriate law and their statutory authorities: (i) modernizing appraisal regulations and guidance to broaden making use of alternative valuation models, desktop and hybrid appraisals, and artificial intelligence valuation tools; (ii) streamlining appraiser qualification requirements; and (iii) minimizing appraisal requirements for low-risk deals, consisting of low loan-to-value refinancing and smallbalance loans; and setting clear appraisal timelines.

Digital Home Loan Modernization. (a) The Secretary of Farming, the Secretary of HUD, the Secretary of VA, and the Director of the FHFA shall consider, as suitable and constant with appropriate law: (i) removing unnecessary 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 loan standards.

8. Servicing and Supervisory Certainty. (a) The Secretary of HUD, 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 will think about, as appropriate and constant with suitable law: (i) aligning supervisory expectations to support portfolio home mortgage servicing as a core community banking function; extending curefirst standards to goodfaith maintenance errors; streamlining loss mitigation requirements; and providing a proposed guideline offering exemptions from intricate home mortgage services for smaller banks; and (ii) ensuring that supervisory evaluations of carrying out, wisely underwritten portfolio loans do not concentrate on technical flaws or rely on developing supervisory interpretations.

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 will consider, as proper and consistent with relevant law, promulgating a policy versus enforcement actions for violations of consumer financial laws that: (i) dissuades imposing civil financial charges, except where the underlying offenses are willful, understanding, or reckless; (ii) considers good business conduct, consisting of a bank's correction of good-faith, technical compliance mistakes; and (iii) permits institutions an affordable opportunity for self-identification and removal of appropriate compliance matters.