#aah? ,,congress #a/ ,session ,h4 ,r4 #cefd ,,an ,,act ,to cancel rec5t *anges made by ! ,f$]al ,h\s+ ,f9ance ,ag5cy to ! up-front loan level pric+ adju/m5ts *>g$ by ,fannie ,mae & ,fr$die ,mac = gu>antee ( s+le-family mortgages1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,middle ,class ,borr[] ,protection ,act ( #bjbc4 #b4 ,repeal ( recalibrat$ s+le-family pric+ framework ,n lat] ?an ! expiration ( ! #fj-;day p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy %all revise ! recalibrat$ s+le-family pric+ framework *>g$ by ! ent]prises = gu>antee ( mortgages on s+le-family h\s+ s t su* fees are id5tical to ! fees ( ! /&>d s+le-family pric+ framework 9 effect imm$iately be=e ,may #a1 #bjbc4 #c4 ,re/rictions on ,,fhfa adju/m5ts to s+le-family pric+ framework 7a7 ,tempor>y prohibition on fur!r adju/m5ts to s+le-family pric+ framework ,dur+ ! p]iod beg9n+ ^u ! date ( ! revision ( ! recalibrat$ s+le-family pric+ framework pursuant to section #b & end+ #ij days aft] ! submission to ! ,congress ( ! report requir$ "u section #e1 ! ,director may n fur!r revise ! s+le-family pric+ framework f su* framework 9 effect pursuant to ! revision requir$ by section #b4 7b7 ,adm9i/rative proc$ures = adoption ( adju/m5ts to ! s+le-family pric+ framework ,aft] expiration ( ! p]iod ref]r$ to 9 subsection 7a71 :5 propos+ adju/m5ts to ! s+le-family pric+ framework1 ! ,director %all foll[ proc$ures t are z close z practicable to ^? requirem5ts = a ,f$]al ag5cy issu+ a rule "u *apt] #e ( title #e1 ,unit$ ,/ates ,code 7commonly ref]r$ to z ! ,adm9i/rative ,proc$ure ,act74 7c7 ,,fhfa requirem5t = ! use ( risk-bas$ pric+ ,section #acfg7;b77#b7 ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #dfag7;b77#b77 is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,l7 ,additional p[]s z cons]vator ,! ,ag5cy %all1 z cons]vator = an ent]prise1 to ! greate/ ext5t feasible require t any modifications1 includ+ increases1 decreases1 or elim9ations1 approv$ to a loan-level pric+ adju/m5t fee1 z su* t]m is def9$ 9 section #f ( ! ,middle ,class ,borr[] ,protection ,act ( #bjbc1 *>g$ by an ent]prise %all be bas$ on ! risk pos$ by ! mortgage loan to ! ent]prise4 4 #d4 ,prohibition ( loan-level price adju/m5ts bas$ on debt-to-income ratio ,! ,director & ! ent]prises %all n impose any loan-level pric+ adju/m5t fee t is bas$ on ! ratio ( ! debt ( ! mortgagor to ! income ( ! mortgagor4 #e4 ,,gao /udy 7a7 ,/udy ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all conduct a /udy ( ! revisions made by ! ,f$]al ,h\s+ ,f9ance ,ag5cy to ! /&>d s+le-family pric+ framework "u ! recalibrat$ s+le-family pric+ framework to-- 7#a7 analyze-- 7,a7 ! me?odology1 policy consid]ations1 & any o!r objectives us$ by ! ,f$]al ,h\s+ ,f9ance ,ag5cy z ! basis = su* revisions1 includ+ ! au?ority cit$ by ! ,director "u ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #deja et seq47 to require su* revisions2 7,b7 ! data1 econometric model+1 & o!r inputs suppli$ by ! ent]prises dur+ ! revisions process2 7,c7 ! ext5t to :i* su* revisions comply ) ! objectives ( ! ,ent]prise ,regulatory ,capital ,framework1 includ+ ! int]action ) & treatm5t ( any private mortgage insurance requir$ 9 connection ) a resid5tial mortgage transaction2 & 7,d7 ! economic impact ( su* revisions on v>i\s classes ( l5d]s & borr[]s affect$ by su* revisions2 7#b7 det]m9e ! ext5t to :i* su* revisions-- 7,a7 7 conduct$ on ! basis (1 & h[ !y might deviate f1 ! pr9ciple ( risk-bas$ pric+2 7,b7 deviate f ! data1 econometric model+1 & o!r inputs suppli$ by ! ent]prises dur+ ! revisions process2 7,c7 a*ieve ! objectives ( ! ,ent]prise ,regulatory ,capital ,framework1 includ+ if su* revisions h result$ 9 ei!r a negative pr(itability gap or negative rate ( return on ! t>get$ rate ( return on capital = any bus9ess segm5t "u ! recalibrat$ s+le-family pric+ framework2 7,d7 repres5t any increas$ risks to ! safety & s\ndness ( ! ent]prises2 & 7#c7 assess ! b5efits t w\ld accrue to fir/-"t1 l[-income homebuy]s bas$ on ! recalibrat$ s+le-family pric+ framework tak+ effect4 7#d7 assess ! impacts t ! recalibrat$ s+le-family pric+ framework tak+ effect w\ld h on af=dable h\s+ pres]vation1 rural h\s+1 & manufactur$ h\s+4 7b7 ,report ,! ,comptroll] ,g5]al %all submit a report to ! ,congress sett+ =? ! f9d+s & conclusions ( ! /udy1 & make ! report publicly available onl9e on a website ( ! ,dep>tm5t1 n lat] ?an ! expiration ( ! #ad-mon? p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act4 #f4 ,def9itions ,9 ?is ,act3 7#a7 ,director ,! t]m ,director means ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy4 7#b7 ,ent]prise ,! t]m ent]prise has ! mean+ giv5 su* t]m 9 section #acjc ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #dejb74 7#c7 ,loan-level pric+ adju/m5t fee ,! t]m loan-level pric+ adju/m5t fee means an up-front fee paid by l5d]s :5 a mortgage loan is acquir$ by an ent]prise4 7#d7 ,recalibrat$ s+le-family pric+ framework ,! t]m recalibrat$ s+le-family pric+ framework means ! loan-level pric+ adju/m5t fee /ructure z ref]r$ to 9 ! ann\ncem5t ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy on ,janu>y #ai1 #bjbc1 relat+ to ,updates to ! ,ent]prises' ,s+le-,family ,pric+ ,framework1 & set =? 9 ,f$]al ,national ,mortgage ,association ,l5d] ,lett] ,,ll-#bjbc-ja & ,f$]al ,home ,loan ,mortgage ,corporation ,bullet9 #bjbc-a4 7#e7 ,risk-bas$ pric+ ,! t]m risk-bas$ pric+ means ! calibration ( fees bas$ on ! expect$ cr$it losses to an ent]prise ( ea* s+le-family mortgage category z def9$ by an ent]prise bas$ on ! cr$it score & loan-to-value ratio *>act]i/ics ( a mortgage4 7#f7 ,/&>d s+le-family pric+ framework ,! t]m /&>d s+le-family pric+ framework means ! loan-level pric+ adju/m5t fee /ructure 9 effect on ,april #cj1 #bjbc4 #g4 ,ent]prise gu>antee fees ,subsection 7f7 ( section #acbg ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #dedg7;f77 is am5d$ by /rik+ ,octob] #a1 #bjcb & ins]t+ ,octob] #a1 #bjcc4 ,pass$ ! ,h\se ( ,repres5tatives ,june #bc1 #bjbc4;,cl]k4