(C) the extent to which such revisions com-
ply with the objectives of the Enterprise Regu-
latory Capital Framework, including the inter-
action with and treatment of any private mort-
gage insurance required in connection with a 
residential mortgage transaction; and 
(D) the economic impact of such revisions 
on various classes of lenders and borrowers af-
fected by such revisions; and 
(2) determine the extent to which such revi-
sions— 
(A) were conducted on the basis of, and how 
they might deviate from, the principle of risk- 
based pricing; 
(B) deviate from the data, econometric mod-
eling, and other inputs supplied by the enter-
prises during the revisions process; 
(C) achieve the objectives of the Enterprise 
Regulatory Capital Framework, including if 
such revisions have resulted in either a negative 
profitability gap or negative rate of return on 
the targeted rate of return on capital for any 
business segment under the recalibrated single- 
family pricing framework; and 
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(D) represent any increased risks to the 
safety and soundness of the enterprises. 
(b) REPORT.—The Comptroller General shall submit 
a report to the Congress setting forth the findings and con-
clusions of the study not later than the expiration of the 
14-month period beginning on the date of the enactment of 
this Act. 
SEC. 6. DEFINITIONS. 
In this Act: 
(1) DIRECTOR.—The term ‘‘Director’’ means the 
Director of the Federal Housing Finance Agency. 
(2) ENTERPRISE.—The term ‘‘enterprise’’ has the 
meaning given such term in section 1303 of the Fed-
eral Housing Enterprises Financial Safety and 
Soundness Act of 1992 (12 U.S.C. 4502). 
(3) LOAN-LEVEL PRICING ADJUSTMENT FEE.— 
The term ‘‘loan-level pricing adjustment fee’’ means 
an up-front fee paid by lenders when a mortgage loan 
is acquired by an enterprise. 
(4) 
RECALIBRATED
SINGLE-FAMILY
PRICING 
FRAMEWORK.—The term ‘‘recalibrated single-family 
pricing framework’’ means the loan-level pricing ad-
justment fee structure as referred to in the announce-
ment of the Federal Housing Finance Agency on Jan-
uary 19, 2023, relating to ‘‘Updates to the Enter-
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prises’ Single-Family Pricing Framework’’, and set 
forth in Federal National Mortgage Association Lend-
er Letter LL-2023-01 and Federal Home Loan Mort-
gage Corporation Bulletin 2023-1. 
(5) RISK-BASED PRICING.—The term ‘‘risk-based 
pricing’’ means the calibration of fees based on the ex-
pected credit losses to an enterprise of each single- 
family mortgage category as defined by an enterprise 
based on the credit score and loan-to-value ratio char-
acteristics of a mortgage. 
(6) STANDARD SINGLE-FAMILY PRICING FRAME-
WORK.—The term ‘‘standard single-family pricing 
framework’’ means the loan-level pricing adjustment 
fee structure in effect on April 30, 2023. 
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Union Calendar No. 79 
118TH CONGRESS 
1ST SESSION 
H. R. 3564 
[Report No. 118–103] 
A BILL 
To cancel recent changes made by the Federal 
Housing Finance Agency to the up-front loan 
level pricing adjustments charged by Fannie Mae 
and Freddie Mac for guarantee of single-family 
mortgages, and for other purposes. 
JUNE 7, 2023 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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