Immediate Housing Support to Protect Your Home

Sec. 3. Modernization of Home Mortgage Disclosure Act (HMDA) Data Collection and Disclosure. (a) The CFPB shall think about, as appropriate and constant with appropriate law, proposing changes to Policy C to raise the possession threshold for exemption from HMDA data collection and reporting requirements for smaller banks, to leave out queries from the scope of HMDA, and to make sure that disclosures protect personal privacy and reduce 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 Housing Finance Company (FHFA) shall consider, as suitable and consistent with relevant law: (i) revising capital regulations, consistent with appropriate risk-management requirements, to customize risk weights for all banks, consisting of neighborhood banks and other smaller banks, for portfolio home mortgages, servicing rights, and storage facility lines of credit to the product credit danger of the exposure; (ii) improving collateral evaluation and transfer systems between the Federal Reserve and Federal Mortgage Banks (FHLBs); (iii) broadening access to longerdated FHLB advances tied to domestic home loan possessions; (iv) producing targeted FHLB liquidity programs for entrylevel real estate, owneroccupied purchase loans, and little property home builders; (v) speeding up collateral boarding and appraisal procedures through standardized data and digital paperwork; and (vi) refocusing the FHLBs' Economical Real estate Program on faster-cycle execution and higher financial take advantage of for small-scale and owner-occupied real estate 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 companies, will send 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 finance markets.

Strategies to Prevent Foreclosure This Year

Building And Construction and Real Estate 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 consistent with suitable law, revising supervisory assistance both to omit one-to four-family domestic advancement and construction lending from commercial real estate concentration guidance and to ensure supervisory expectations support accountable 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 appropriate and consistent with applicable law and their statutory authorities: (i) modernizing appraisal regulations and assistance to broaden the usage of alternative evaluation models, desktop and hybrid appraisals, and expert system evaluation tools; (ii) streamlining appraiser credentials requirements; and (iii) reducing appraisal requirements for low-risk transactions, including low loan-to-value refinancing and smallbalance loans; and setting clear appraisal timelines.

Digital Home Mortgage Modernization. (a) The Secretary of Agriculture, the Secretary of HUD, the Secretary of VA, and the Director of the FHFA shall consider, as proper and consistent with suitable law: (i) removing unneeded 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 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 think about, as proper and consistent with applicable law: (i) aligning supervisory expectations to support portfolio mortgage maintenance as a core neighborhood banking function; extending curefirst standards to goodfaith maintenance errors; simplifying loss mitigation requirements; and releasing a proposed rule providing exemptions from complicated home loan services for smaller banks; and (ii) guaranteeing that supervisory assessments of carrying out, prudently underwritten portfolio loans do not focus on technical flaws or depend on evolving supervisory interpretations.

9. Enforcement. (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 shall consider, as proper and constant with appropriate law, promoting a policy against enforcement actions for violations of customer monetary laws that: (i) discourages imposing civil monetary charges, other than where the underlying offenses are willful, knowing, or negligent; (ii) thinks about excellent business conduct, including a bank's correction of good-faith, technical compliance errors; and (iii) enables institutions a reasonable chance for self-identification and remediation of appropriate compliance matters.