Essential Advantages of New Home Relief Programs

Sec. 3. Modernization of Home Home Loan Disclosure Act (HMDA) Data Collection and Disclosure. (a) The CFPB will think about, as proper and constant with applicable law, proposing modifications to Guideline C to raise the property threshold for exemption from HMDA information collection and reporting requirements for smaller banks, to omit questions from the scope of HMDA, and to guarantee that disclosures secure personal privacy and reduce concerns, including insufficiently tailored, 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 Firm (FHFA) will think about, as appropriate and constant with relevant law: (i) revising capital regulations, consistent with proper risk-management requirements, to customize danger weights for all banks, consisting of neighborhood banks and other smaller banks, for portfolio mortgages, servicing rights, and warehouse credit lines to the material credit threat of the exposure; (ii) modernizing security appraisal and transfer systems between the Federal Reserve and Federal Home Loan Banks (FHLBs); (iii) expanding access to longerdated FHLB advances connected to residential home loan properties; (iv) producing targeted FHLB liquidity programs for entrylevel housing, owneroccupied purchase loans, and little residential home builders; (v) accelerating security boarding and assessment procedures through standardized data and digital paperwork; and (vi) refocusing the FHLBs' Cost Effective Housing Program on faster-cycle execution and greater monetary take advantage of for small-scale and owner-occupied housing projects.

(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 companies, will submit a report to the Assistant to the President for Economic Policy and the Director of the Workplace of Management and Budget plan on the performance of national housing financing markets.

Comparing Assistance vs Foreclosure Options

Construction and Housing Supply. (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, modifying supervisory guidance both to omit one-to four-family domestic advancement and building loaning from business real estate concentration guidance and to make sure supervisory expectations support accountable building and construction lending by community banks.

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6. Appraisal Modernization. (a) The Vice Chairman for Supervision 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 appropriate and constant with applicable law and their statutory authorities: (i) updating appraisal regulations and guidance to broaden using alternative valuation designs, desktop and hybrid appraisals, and expert system appraisal tools; (ii) streamlining appraiser qualification requirements; and (iii) lowering appraisal requirements for low-risk transactions, including low loan-to-value refinancing and smallbalance loans; and setting clear appraisal timelines.

Digital Mortgage 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 consistent with appropriate law: (i) removing unnecessary wetsignature requirements for disclosures, applications, closing files, and comparable documents; (ii) standardizing acceptance of electronic signatures, e-notes, and remote online notarization; and (iii) promoting digital home loan standards.

8. Maintenance 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 constant with appropriate law: (i) aligning supervisory expectations to support portfolio home mortgage maintenance as a core neighborhood banking function; extending curefirst requirements to goodfaith servicing mistakes; streamlining loss mitigation requirements; and issuing a proposed guideline offering exemptions from intricate mortgage services for smaller sized banks; and (ii) making sure that supervisory assessments of performing, wisely underwritten portfolio loans do not concentrate on technical flaws or count on progressing 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 suitable and constant with relevant law, promulgating a policy against enforcement actions for offenses of consumer monetary laws that: (i) dissuades imposing civil monetary penalties, 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 errors; and (iii) permits organizations a reasonable chance for self-identification and removal of appropriate compliance matters.