Reviewing Refinancing vs Foreclosure Options

Sec. 3. Modernization of Home Mortgage Disclosure Act (HMDA) Data Collection and Disclosure. (a) The CFPB shall consider, as appropriate and consistent with appropriate law, proposing amendments to Regulation C to raise the asset limit for exemption from HMDA data collection and reporting requirements for smaller banks, to exclude questions from the scope of HMDA, and to make sure that disclosures secure privacy and decrease burdens, consisting of insufficiently customized, costly, and complex software 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 Company (FHFA) will think about, as suitable and consistent with suitable law: (i) revising capital guidelines, consistent with proper risk-management requirements, to customize threat weights for all banks, consisting of neighborhood banks and other smaller sized banks, for portfolio mortgages, servicing rights, and storage facility lines of credit to the material credit threat of the exposure; (ii) improving security valuation and transfer systems between the Federal Reserve and Federal Mortgage Banks (FHLBs); (iii) expanding access to longerdated FHLB advances tied to domestic home mortgage assets; (iv) producing targeted FHLB liquidity programs for entrylevel real estate, owneroccupied purchase loans, and little domestic contractors; (v) speeding up collateral boarding and appraisal processes through standardized data and digital documentation; and (vi) refocusing the FHLBs' Budget Friendly Housing Program on faster-cycle execution and greater monetary take advantage of for small and owner-occupied housing tasks.

(c) Within 120 days of the date of this order, the Director of the FHFA, in assessment with the heads of other appropriate executive departments and agencies, shall send a report to the Assistant to the President for Economic Policy and the Director of the Workplace of Management and Budget on the performance of nationwide housing financing markets.

Reviewing Assistance vs Short Sale Options

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 think about, as appropriate and constant with suitable law, revising supervisory guidance both to leave out one-to four-family domestic development and building and construction loaning from industrial genuine estate concentration assistance and to guarantee supervisory expectations support responsible construction loaning 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 appropriate and constant with appropriate law and their statutory authorities: (i) modernizing appraisal regulations and guidance to broaden making use of alternative valuation models, desktop and hybrid appraisals, and artificial intelligence appraisal tools; (ii) streamlining appraiser qualification requirements; and (iii) decreasing 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 will consider, as suitable and constant with appropriate law: (i) eliminating unnecessary 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 mortgage standards.

8. Maintenance 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 constant with relevant law: (i) lining up supervisory expectations to support portfolio mortgage maintenance as a core community banking function; extending curefirst standards to goodfaith maintenance errors; simplifying loss mitigation requirements; and providing a proposed rule providing exemptions from complicated mortgage services for smaller sized banks; and (ii) guaranteeing that supervisory evaluations of carrying out, prudently underwritten portfolio loans do not concentrate on technical problems or rely on evolving 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 will think about, as proper and constant with applicable law, promulgating a policy versus enforcement actions for violations of consumer monetary laws that: (i) discourages imposing civil monetary penalties, other than where the underlying offenses are willful, understanding, or careless; (ii) thinks about great corporate conduct, including a bank's correction of good-faith, technical compliance errors; and (iii) permits institutions an affordable opportunity for self-identification and remediation of appropriate compliance matters.