Future Trends in Mortgage Support

Sec. 3. Modernization of Home Home Mortgage Disclosure Act (HMDA) Data Collection and Disclosure. (a) The CFPB will think about, as suitable and consistent with applicable law, proposing modifications to Policy C to raise the asset threshold for exemption from HMDA information collection and reporting requirements for smaller sized banks, to omit questions from the scope of HMDA, and to ensure that disclosures secure privacy and decrease concerns, consisting of insufficiently tailored, pricey, and complex software and training required for reporting financial organizations.

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4. Capital and Liquidity Alignment. (a) The Vice Chairman for Guidance 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 suitable law: (i) modifying capital guidelines, consistent with appropriate risk-management requirements, to customize threat weights for all banks, including community banks and other smaller sized banks, for portfolio home loans, maintenance rights, and storage facility lines of credit to the material credit danger of the exposure; (ii) improving collateral evaluation and transfer systems between the Federal Reserve and Federal Home Loan Banks (FHLBs); (iii) expanding access to longerdated FHLB advances tied to residential home loan properties; (iv) developing targeted FHLB liquidity programs for entrylevel real estate, owneroccupied purchase loans, and small residential home builders; (v) accelerating security boarding and appraisal processes through standardized information and digital documentation; and (vi) refocusing the FHLBs' Affordable Real estate Program on faster-cycle execution and greater monetary utilize for small 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 relevant executive departments and firms, will send a report to the Assistant to the President for Economic Policy and the Director of the Office of Management and Budget plan on the performance of nationwide housing financing markets.

Immediate Housing Support to Protect Your Home

Building 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 think about, as appropriate and constant with applicable law, revising supervisory assistance both to leave out one-to four-family property advancement and building and construction financing from business genuine estate concentration guidance and to guarantee supervisory expectations support responsible building and construction lending 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 shall consider, as suitable and consistent with suitable law and their statutory authorities: (i) improving appraisal guidelines and assistance to broaden using alternative evaluation designs, desktop and hybrid appraisals, and expert system valuation tools; (ii) streamlining appraiser qualification requirements; and (iii) lowering appraisal requirements for low-risk transactions, consisting of low loan-to-value refinancing and smallbalance loans; and setting clear appraisal timelines.

Digital Mortgage Modernization. (a) The Secretary of Farming, the Secretary of HUD, the Secretary of VA, and the Director of the FHFA will think about, as appropriate and constant with appropriate law: (i) eliminating unnecessary wetsignature requirements for disclosures, applications, closing documents, and similar documents; (ii) standardizing acceptance of electronic signatures, e-notes, and remote online notarization; and (iii) promoting digital home mortgage requirements.

8. Maintenance 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 shall think about, as suitable and consistent with appropriate law: (i) lining up supervisory expectations to support portfolio mortgage maintenance as a core neighborhood banking function; extending curefirst requirements to goodfaith servicing mistakes; streamlining loss mitigation requirements; and providing a proposed guideline providing exemptions from intricate mortgage services for smaller sized banks; and (ii) making sure that supervisory examinations of performing, prudently underwritten portfolio loans do not focus on technical defects or depend 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 think about, as appropriate and consistent with relevant law, promulgating a policy versus enforcement actions for violations of customer financial laws that: (i) discourages enforcing civil financial penalties, other than where the underlying offenses are willful, understanding, or negligent; (ii) thinks about excellent business conduct, consisting of a bank's correction of good-faith, technical compliance mistakes; and (iii) enables organizations an affordable opportunity for self-identification and remediation of suitable compliance matters.