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Sec. 3. Modernization of Home Mortgage Disclosure Act (HMDA) Data Collection and Disclosure. (a) The CFPB will think about, as proper and consistent with relevant law, proposing changes to Guideline C to raise the property threshold for exemption from HMDA information collection and reporting requirements for smaller sized banks, to exclude queries from the scope of HMDA, and to make sure that disclosures protect privacy and minimize concerns, including insufficiently customized, costly, and complex software and training needed for reporting financial organizations.

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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 think about, as suitable and consistent with applicable law: (i) revising capital policies, consistent with appropriate risk-management requirements, to customize risk weights for all banks, consisting of community banks and other smaller banks, for portfolio home mortgages, servicing rights, and storage facility lines of credit to the product credit danger of the direct exposure; (ii) updating collateral valuation and transfer systems in between the Federal Reserve and Federal Mortgage Banks (FHLBs); (iii) broadening access to longerdated FHLB advances connected to property home loan possessions; (iv) developing targeted FHLB liquidity programs for entrylevel real estate, owneroccupied purchase loans, and little residential contractors; (v) accelerating collateral boarding and assessment procedures through standardized information and digital paperwork; and (vi) refocusing the FHLBs' Budget Friendly Housing Program on faster-cycle execution and greater monetary leverage for small and owner-occupied real estate jobs.

(c) Within 120 days of the date of this order, the Director of the FHFA, in assessment with the heads of other pertinent executive departments and agencies, will send a report to the Assistant to the President for Economic Policy and the Director of the Office of Management and Spending plan on the efficiency of national real estate financing markets.

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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 appropriate law, revising supervisory assistance both to omit one-to four-family property development and construction financing from business real estate concentration assistance and to ensure supervisory expectations support responsible 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 shall think about, as suitable and consistent with suitable law and their statutory authorities: (i) improving appraisal guidelines and assistance to expand using alternative valuation models, desktop and hybrid appraisals, and expert system assessment tools; (ii) simplifying appraiser certification requirements; and (iii) reducing appraisal requirements for low-risk deals, including low loan-to-value refinancing and smallbalance loans; and setting clear appraisal timelines.

Sec. 7. Digital Home Mortgage Modernization. (a) The Secretary of Agriculture, the Secretary of HUD, the Secretary of VA, and the Director of the FHFA will consider, as proper and consistent with suitable law: (i) removing unneeded wetsignature requirements for disclosures, applications, closing files, and similar documents; (ii) standardizing approval of electronic signatures, e-notes, and remote online notarization; and (iii) promoting digital home loan requirements.

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 shall think about, as suitable and consistent with relevant law: (i) aligning supervisory expectations to support portfolio mortgage maintenance as a core community banking function; extending curefirst requirements to goodfaith servicing mistakes; simplifying loss mitigation requirements; and providing a proposed guideline providing exemptions from complex mortgage services for smaller sized banks; and (ii) making sure that supervisory examinations of carrying out, prudently underwritten portfolio loans do not focus on technical problems or rely 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 think about, as appropriate and constant with applicable law, promulgating a policy against enforcement actions for infractions of consumer monetary laws that: (i) dissuades enforcing civil monetary charges, except where the underlying infractions are willful, understanding, or reckless; (ii) considers great corporate conduct, including a bank's correction of good-faith, technical compliance errors; and (iii) permits organizations a reasonable chance for self-identification and removal of suitable compliance matters.