How Housing Relief Works for You

Sec. 3. Modernization of Home Mortgage Disclosure Act (HMDA) Data Collection and Disclosure. (a) The CFPB shall think about, as proper and constant with applicable law, proposing amendments to Regulation C to raise the property threshold for exemption from HMDA data collection and reporting requirements for smaller sized banks, to exclude inquiries from the scope of HMDA, and to make sure that disclosures secure privacy and lower burdens, including insufficiently tailored, costly, and complex software application and training required 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 Real Estate Financing Agency (FHFA) will consider, as suitable and consistent with applicable law: (i) modifying capital guidelines, constant with proper risk-management requirements, to customize risk weights for all banks, including community banks and other smaller banks, for portfolio home mortgages, servicing rights, and storage facility lines of credit to the product credit threat of the exposure; (ii) updating security valuation and transfer systems in between the Federal Reserve and Federal Home Loan Banks (FHLBs); (iii) broadening access to longerdated FHLB advances connected to domestic mortgage possessions; (iv) creating targeted FHLB liquidity programs for entrylevel housing, owneroccupied purchase loans, and little domestic contractors; (v) accelerating collateral boarding and valuation processes through standardized information and digital documentation; and (vi) refocusing the FHLBs' Inexpensive Real estate Program on faster-cycle execution and higher financial leverage for small-scale and owner-occupied housing 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 companies, 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 efficiency of nationwide real estate finance markets.

Future Changes in Housing Relief

Sec. 5. Construction and Real Estate 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 appropriate law, revising supervisory assistance both to leave out one-to four-family property advancement and construction loaning from business genuine estate concentration guidance and to guarantee supervisory expectations support accountable construction financing by neighborhood 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 consistent with relevant law and their statutory authorities: (i) updating appraisal guidelines and guidance to broaden the use of alternative assessment designs, desktop and hybrid appraisals, and synthetic intelligence assessment tools; (ii) simplifying 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.

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 shall consider, as suitable and constant with suitable law: (i) eliminating unnecessary wetsignature requirements for disclosures, applications, closing files, and comparable files; (ii) standardizing acceptance of electronic signatures, e-notes, and remote online notarization; and (iii) promoting digital mortgage standards.

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 will consider, as suitable and consistent with appropriate law: (i) aligning supervisory expectations to support portfolio home loan maintenance as a core community banking function; extending curefirst standards to goodfaith servicing errors; streamlining loss mitigation requirements; and releasing a proposed guideline supplying exemptions from complex home loan services for smaller sized banks; and (ii) ensuring that supervisory examinations of performing, prudently underwritten portfolio loans do not concentrate on technical flaws or depend on developing 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 think about, as appropriate and consistent with appropriate law, promulgating a policy versus enforcement actions for violations of consumer monetary laws that: (i) prevents imposing civil financial penalties, other than where the underlying infractions are willful, understanding, or reckless; (ii) considers good corporate conduct, consisting of a bank's correction of good-faith, technical compliance errors; and (iii) allows organizations a sensible chance for self-identification and remediation of suitable compliance matters.