,,ii  #aah? ,,congress  #a/ ,session    
,s4 #bbif  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #ac1 #bjbc,mr4   
,braun 7= himself1 ,mr4 ,m>%all1 ,mr4   
,tillis1 ,mrs4 ,hyde-,smi?1 ,mr4 ,moran1
 ,mr4 ,cotton1 ,mr4 ,cornyn1 ,mr4       
,b>rasso1 ,mr4 ,budd1 ,mr4 ,wick]1 ,mr4 
,cram]1 ,mr4 ,?une1 ,mr4 ,rubio1 ,mr4   
,cruz1 & ,mr4 ,scott ( ,florida7        
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,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          
,def9itions ,9 ?is ,act3 7#a7 ,director 
,! t]m ,director means ! ,director ( !  
,f$]al ,h\s+ ,f9ance ,ag5cy4  7#b7      
,ent]prise ,! t]m ent]prise has ! mean+ 
giv5 ! t]m 9 section #acjc ( ! ,f$]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  #c4      
,repeal ( recalibrat$ s+le-family pric+ 
framework ,n lat] ?an #fj days aft] !   
date ( ! enactm5t ( ?is ,act1 !         
,director %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$iately be=e
 ,may #a1 #bjbc4  #d4 ,re/rictions on   
,,fhfa adju/m5ts to s+le-family pric+   
framework  7a7 ,tempor>y prohibition on 
fur!r adju/m5ts to s+le-,family pric+   
framework ,dur+ ! p]iod beg9n+ on ! date
 ( ! revision ( ! recalibrat$           
s+le-family pric+ framework pursuant to 
section #c & end+ on ! date t is #ij    
days aft] ! date on :i* ! ,comptroll]   
,g5]al ( ! ,unit$ ,/ates submits to     
,congress ! report requir$ "u section   
#f1 ! ,director may n fur!r revise !    

s+le-family pric+ framework f !         
framework 9 effect pursuant to !        
revision requir$ by section #c4  7b7    
,adm9i/rative proc$ures = adoption (    
adju/m5ts to ! s+le-,family pric+       
framework ,aft] ! expiration ( ! p]iod  
describ$ 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[+3  7,l7 ,additional p[]s z     
cons]vator ,! ,ag5cy %all1 z cons]vator 
= an ent]prise1 to ! greate/ ext5t      
feasible1 require t any modifications1  
includ+ increases1 decreases1 or        
elim9ations1 approv$ to a loan-level    

pric+ adju/m5t fee1 z is def9$ 9 section
 #b ( ! ,middle ,class ,borr[]          
,protection ,act ( #bjbc1 *>g$ by an    
ent]prise %all be bas$ on ! risk pos$ by
 ! mortgage loan to ! ent]prise4  4  #e4
 ,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    
#f4 ,,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$]al ,h\s+ ,f9ance
 ,ag5cy z ! basis = ^? revisions1       
includ+ ! au?ority cit$ 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 ^?  

revisions2  7,b7 ! data1 econometric    
model+1 & o!r inputs suppli$ by !       
ent]prises dur+ ! revision process2     
7,c7 ! ext5t to :i* ! 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 ( ! revisions on 
v>i\s classes ( l5d]s & borr[]s affect$ 
by ! revisions2  7#b7 det]m9e ! ext5t to
 :i* ! 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+ 
! revision process2  7,c7 a*ieve !      
objectives ( ! ,ent]prise ,regulatory   
,capital ,framework1 includ+ if !       
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+ effect2 &  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 ,n lat]  
?an #ad mon?s aft] ! date ( enactm5t (  
?is ,act1 ! ,comptroll] ,g5]al ( !      
,unit$ ,/ates %all submit to ,congress &
 make publicly available on a website ( 
! ,gov]nm5t ,acc\ntability ,(fice a     
report sett+ =? ! f9d+s & conclusions ( 
! /udy conduct$ "u subsection 7a74