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Sec. 3. Modernization of Home Mortgage Disclosure Act (HMDA) Data Collection and Disclosure. (a) The CFPB will think about, as appropriate and constant with suitable law, proposing changes to Guideline C to raise the possession limit for exemption from HMDA information collection and reporting requirements for smaller sized banks, to omit queries from the scope of HMDA, and to ensure that disclosures protect personal privacy and lower problems, consisting of insufficiently tailored, costly, and complex software application 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 Housing Finance Agency (FHFA) shall consider, as proper and constant with appropriate law: (i) revising capital policies, consistent with suitable risk-management requirements, to tailor danger weights for all banks, consisting of neighborhood banks and other smaller sized banks, for portfolio home loans, maintenance rights, and warehouse lines of credit to the material credit risk of the direct exposure; (ii) updating collateral evaluation and transfer systems between the Federal Reserve and Federal Home Mortgage Banks (FHLBs); (iii) expanding access to longerdated FHLB advances connected to residential home mortgage properties; (iv) developing targeted FHLB liquidity programs for entrylevel housing, owneroccupied purchase loans, and little property home builders; (v) speeding up collateral boarding and appraisal processes through standardized data and digital paperwork; and (vi) refocusing the FHLBs' Economical Housing Program on faster-cycle execution and greater financial take advantage of for small and owner-occupied real estate tasks.

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

Future Changes in Housing Support

Building And 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 think about, as suitable and consistent with suitable law, modifying supervisory guidance both to exclude one-to four-family property development and building and construction lending from industrial real estate concentration guidance and to guarantee supervisory expectations support responsible building and 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 suitable and constant with suitable law and their statutory authorities: (i) updating appraisal regulations and guidance to broaden the use of alternative appraisal models, desktop and hybrid appraisals, and expert system evaluation tools; (ii) simplifying appraiser certification 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 Loan Modernization. (a) The Secretary of Farming, the Secretary of HUD, the Secretary of VA, and the Director of the FHFA shall consider, as proper and consistent with appropriate law: (i) getting rid of 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 mortgage standards.

8. Maintenance 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 will think about, as appropriate and consistent with suitable law: (i) lining up supervisory expectations to support portfolio mortgage servicing as a core community banking function; extending curefirst standards to goodfaith maintenance mistakes; simplifying loss mitigation requirements; and providing a proposed guideline offering exemptions from complex home loan services for smaller banks; and (ii) guaranteeing that supervisory evaluations of performing, prudently underwritten portfolio loans do not focus on technical flaws or count on progressing supervisory interpretations.

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 consider, as appropriate and constant with appropriate law, promulgating a policy against enforcement actions for violations of consumer financial laws that: (i) discourages imposing civil financial penalties, except where the underlying infractions are willful, understanding, or careless; (ii) considers excellent corporate conduct, including a bank's correction of good-faith, technical compliance errors; and (iii) permits organizations a reasonable chance for self-identification and remediation of appropriate compliance matters.