; and (C) product or service delivery will be conducted in a manner that is efficient and effective, and that will comply with the requirement under section 521(d). (c) Risk transfer requirement (1) Requirement After the expiration of the 24-month period referred to in subsection (a)(2)(A), the FHA shall ensure that, in each fiscal year, not less than 10 percent of any new business in mortgages on 1- to 4-family residential property is insured pursuant to a risk transfer agreement with respect to such mortgage that complies with the standards established pursuant to subsection (a). (2) Limitation In any fiscal year, the FHA may not comply with paragraph (1) by entering into risk transfer agreements with respect only to one or a limited number of types or categories of mortgages, or mortgages having only particular, or a particular range of, original principal obligation amounts, but shall enter into risk transfer agreements for all types and amounts of mortgages insured by the FHA, to the extent required under paragraph (1). (3) New business For purposes of this subsection, with respect to a fiscal year, the term new business means the aggregate dollar amount of the principal obligations of mortgages for which a commitment to insure is made pursuant to the National Housing Act or this title, as applicable, during such fiscal year. (d) Reports to Congress Upon the expiration of each of the 3- and 5-year periods beginning on the date of the enactment of this Act, the FHA shall submit a report to the Congress on the findings and results of risk transfer activities under this section. Such reports shall describe the model and standards for entering into risk transfer agreements, analyze appropriate dollar amount limits for the original principal obligations of mortgages that should be subject to a risk transfer requirement, identify the effects of such risk transfer activities on the Mutual Mortgage Insurance Fund, identify the effects of such risk transfer activities with respect to the Government National Mortgage