Key Benefits of New Mortgage Support Initiatives

Modernization of Home Mortgage Disclosure Act (HMDA) Data Collection and Disclosure. (a) The CFPB shall consider, as proper and constant with relevant law, proposing modifications to Regulation C to raise the asset limit 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 secure privacy and lower burdens, including insufficiently tailored, costly, and complex software application and training needed for reporting monetary organizations.

apfsc.org

4. Capital and Liquidity Positioning. (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 Real Estate Financing Firm (FHFA) shall consider, as appropriate and consistent with relevant law: (i) modifying capital guidelines, constant with appropriate risk-management requirements, to tailor danger 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 material credit threat of the exposure; (ii) modernizing security assessment and transfer systems in between the Federal Reserve and Federal Mortgage Banks (FHLBs); (iii) expanding access to longerdated FHLB advances connected to property home mortgage assets; (iv) developing targeted FHLB liquidity programs for entrylevel real estate, owneroccupied purchase loans, and little property contractors; (v) accelerating security boarding and valuation procedures through standardized data and digital documentation; and (vi) refocusing the FHLBs' Economical Real estate Program on faster-cycle execution and greater financial leverage for small-scale and owner-occupied housing tasks.

(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 firms, shall submit a report to the Assistant to the President for Economic Policy and the Director of the Workplace of Management and Spending plan on the performance of nationwide real estate financing markets.

Future Trends in Mortgage Relief

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, shall consider, as suitable and constant with relevant law, revising supervisory assistance both to omit one-to four-family residential development and building and construction financing from industrial genuine estate concentration guidance and to make sure supervisory expectations support responsible construction financing by community banks.

apfsc.org

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) updating appraisal policies and guidance to expand the usage of alternative assessment models, desktop and hybrid appraisals, and expert system evaluation tools; (ii) simplifying appraiser qualification requirements; and (iii) lowering appraisal requirements for low-risk deals, consisting of 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 suitable and constant with relevant law: (i) getting rid of unnecessary wetsignature requirements for disclosures, applications, closing files, and similar files; (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 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 consider, as appropriate and constant with suitable law: (i) lining up supervisory expectations to support portfolio home loan servicing as a core neighborhood banking function; extending curefirst requirements to goodfaith maintenance errors; streamlining loss mitigation requirements; and providing a proposed guideline providing exemptions from complex mortgage services for smaller banks; and (ii) guaranteeing that supervisory assessments of performing, wisely underwritten portfolio loans do not concentrate on technical defects or rely on progressing 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 suitable and constant with appropriate law, promulgating a policy against enforcement actions for offenses of consumer financial laws that: (i) prevents imposing civil financial charges, except where the underlying offenses are willful, understanding, or careless; (ii) thinks about good business conduct, including a bank's correction of good-faith, technical compliance errors; and (iii) enables organizations a reasonable chance for self-identification and remediation of proper compliance matters.