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(vi) refocusing the FHLBs' Affordable Housing Program on faster-cycle execution and greater financial leverage for small-scale and owner-occupied housing projects. (b) The Director of the FHFA and the Vice Chairman for Supervision of the Federal Reserve shall consider, as appropriate and consistent with applicable law, authorizing FHLBs' intermediate access to the Federal Reserve's discount window for FHLBs' member depository institutions under standardized collateral, operational, and risk-management protocols. (c) Within 120 days of the date of this order, the Director of the FHFA, in consultation with the heads of other relevant executive departments and agencies, shall submit 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 housing finance markets. The report shall identify recommendations for regulatory or legislative changes necessary to address any regulatory or oversight gaps.
Sec. 5. Construction and Housing 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 applicable law, revising supervisory guidance both to exclude one-to four-family residential development and construction lending from commercial real estate concentration guidance and to ensure supervisory expectations support responsible construction lending by community banks.
Sec. 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 consider, as appropriate and consistent with applicable law and their statutory authorities: (i) modernizing appraisal regulations and guidance to expand the use of alternative valuation models, desktop and hybrid appraisals, and artificial intelligence valuation tools; (ii) simplifying appraiser qualification requirements; and (iii) reducing appraisal requirements for low-risk transactions, including low loan-to-value refinancing and small‑balance loans; and setting clear appraisal timelines. (b) The Secretary of Housing and Urban Development (HUD) and the Secretary of Veterans Affairs (VA) shall consider, as appropriate and consistent with applicable law: (i) aligning appraisal standards between the Federal Housing Administration and VA Home Loan Program where risk is comparable; (ii) clarifying the distinction in an appraisal inspection between safety and habitability concerns that necessitate pre-closing repairs versus cosmetic concerns; and (iii) expanding post-closing repair flexibility.
Sec. 7. Digital Mortgage Modernization. (a) The Secretary of Agriculture, the Secretary of HUD, the Secretary of VA, and the Director of the FHFA shall consider, as appropriate and consistent with applicable law:
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