The Essential Manual to Housing Relief

Modernization of Home Mortgage Disclosure Act (HMDA) Data Collection and Disclosure. (a) The CFPB shall think about, as appropriate and consistent with suitable law, proposing changes to Guideline C to raise the asset threshold for exemption from HMDA information collection and reporting requirements for smaller banks, to leave out inquiries from the scope of HMDA, and to make sure that disclosures secure personal privacy and minimize problems, consisting of insufficiently tailored, pricey, and complex software and training needed for reporting financial organizations.

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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 Finance Company (FHFA) will consider, as appropriate and constant with applicable law: (i) modifying capital policies, constant with proper risk-management requirements, to customize risk weights for all banks, including community banks and other smaller banks, for portfolio home mortgages, maintenance rights, and storage facility credit lines to the product credit danger of the direct exposure; (ii) updating collateral valuation and transfer systems between the Federal Reserve and Federal Mortgage Banks (FHLBs); (iii) expanding access to longerdated FHLB advances tied to residential mortgage assets; (iv) producing targeted FHLB liquidity programs for entrylevel real estate, owneroccupied purchase loans, and little domestic builders; (v) accelerating security boarding and evaluation processes through standardized data and digital documents; and (vi) refocusing the FHLBs' Inexpensive Housing Program on faster-cycle execution and higher financial take advantage of 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 agencies, will send a report to the Assistant to the President for Economic Policy and the Director of the Workplace of Management and Spending plan on the effectiveness of nationwide housing financing markets.

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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, shall consider, as appropriate and consistent with appropriate law, modifying supervisory guidance both to leave out one-to four-family residential development and building loaning from commercial realty concentration guidance and to ensure supervisory expectations support accountable building and construction financing 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 think about, as proper and constant with appropriate law and their statutory authorities: (i) updating appraisal regulations and assistance to broaden making use of alternative valuation designs, desktop and hybrid appraisals, and expert system valuation tools; (ii) simplifying appraiser credentials requirements; and (iii) minimizing appraisal requirements for low-risk deals, including low loan-to-value refinancing and smallbalance loans; and setting clear appraisal timelines.

Digital Home Mortgage Modernization. (a) The Secretary of Farming, the Secretary of HUD, the Secretary of VA, and the Director of the FHFA will consider, as appropriate and consistent with appropriate law: (i) getting rid of 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. 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 consider, as suitable and constant with applicable law: (i) lining up supervisory expectations to support portfolio home loan servicing as a core neighborhood banking function; extending curefirst requirements to goodfaith servicing errors; simplifying loss mitigation requirements; and issuing a proposed guideline offering exemptions from complex mortgage services for smaller banks; and (ii) guaranteeing that supervisory assessments of performing, wisely underwritten portfolio loans do not focus on technical problems or count on progressing 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 proper and consistent with suitable law, promulgating a policy versus enforcement actions for offenses of customer monetary laws that: (i) dissuades imposing civil financial charges, except where the underlying violations are willful, knowing, or negligent; (ii) thinks about good business conduct, consisting of a bank's correction of good-faith, technical compliance mistakes; and (iii) permits organizations a reasonable chance for self-identification and remediation of appropriate compliance matters.