Promoting Access to Mortgage Credit
Directs agencies to reduce barriers to mortgage credit access, particularly for first-time homebuyers.
Section by Section
What each section does, and how they differ.
Establishes that regulatory burdens from Dodd-Frank Act have increased compliance costs for lenders, particularly community banks, restricting access to credit; policy directs reducing regulatory obstacles to expand credit for creditworthy borrowers.
Directs CFPB and banking regulators to consider tailoring ability-to-repay and qualified mortgage standards for smaller banks; proposes materiality-based standards, exemptions from fee caps, modernized rescission rights, and streamlined refinancing requirements.
Directs CFPB to consider raising asset thresholds for HMDA reporting exemptions, excluding certain inquiries, and reducing software and training burdens for smaller banks.
Directs banking regulators to revise capital rules to tailor risk weights for portfolio mortgages, modernize collateral systems, and expand Federal Home Loan Bank advance access for residential mortgage assets.
Directs supervisory guidance to exclude one-to-four-family residential development from commercial real estate concentration rules and support construction lending by community banks.
Directs regulators to modernize appraisal standards to expand alternative valuation models, desktop and hybrid appraisals, and AI tools; directs HUD and VA to align appraisal standards.
Directs relevant agencies to eliminate unnecessary wet-signature requirements, standardize electronic signatures and remote online notarization, and promote digital mortgage standards.
Directs regulators to align supervisory expectations supporting portfolio mortgage servicing by community banks and extend good-faith error treatment to servicing matters.
Directs agencies to develop enforcement policies discouraging civil monetary penalties except for willful violations and allowing time for remediation.
Directs banking regulators to eliminate duplicative or unnecessary licensing requirements for mortgage loan officers at smaller banks.
Standard boilerplate: preserves existing agency authority, conditions the order on appropriations, and creates no enforceable private rights.