Sec. 6. Definitions
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In this Act: The term Director means the Director of the Federal Housing Finance Agency. The term enterprise has the meaning given such term in section 1303 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4502 ). The term loan-level pricing adjustment fee means an up-front fee paid by lenders when a mortgage loan is acquired by an enterprise. The term recalibrated single-family pricing framework means the loan-level pricing adjustment fee structure as referred to in the announcement of the Federal Housing Finance Agency on January 19, 2023, relating to Updates to the Enterprises’ Single-Family Pricing Framework , and set forth in Federal National Mortgage Association Lender Letter LL-2023-01 and Federal Home Loan Mortgage Corporation Bulletin 2023-1.
The term risk-based pricing means the calibration of fees based on the expected 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 characteristics of a mortgage. 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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