ICBA and other groups sent a letter to the Federal Housing Finance Agency regarding President Donald Trump's “Promoting Access to Mortgage Credit” executive order and recommended ways the agency could improve the availability and affordability of mortgage credit.
Details: In the joint letter to the FHFA, the groups urged the agency to:
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Modernize appraisal regulations and guidance to expand the use of alternative valuation models, desktop and hybrid appraisals, and artificial intelligence valuation tools.
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Simplify appraiser qualification requirements.
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Reduce appraisal requirements for low-risk transactions, including low loan-to-value refinancing and small-balance loans, and set clear appraisal timelines.
Background: Trump’s March executive order directs regulatory reforms that will help community banks promote housing affordability.
More ICBA Advocacy:
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ICBA last week said it supports the Consumer Financial Protection Bureau’s efforts to implement regulatory changes outlined in the executive order.
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In a national news release after the EO was issued, ICBA said it strongly supports reforms to CFPB mortgage requirements, HMDA reporting rules, capital and liquidity standards, and more to provide community banks with regulatory relief that will support mortgage lending.