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 Association, and make recommendations regarding expanding the risk transfer requirement under subsection (c). (e) Effective date This section shall take effect on the date of the enactment of this Act. During the transition period under section 551, any reference in this section to the FHA shall be construed to refer to the Secretary of Housing and Urban Development to the extent the Secretary has not delegated authority under this section to the FHA pursuant to section 552(1). 204. Premiums (a) Establishment The FHA shall establish and collect premium payments for mortgage insurance provided pursuant to this title and the amendments made by this title, and shall provide for sharing of premiums with entities entering into risk transfer agreements with the FHA pursuant to section 203 based on the relative portion of the mortgage insured and the risk of loss borne. (b) Minimum premiums In the case of mortgages on 1- to 4-family residential properties insured by the FHA, the premiums established and collected by the FHA shall include an annual premium payment payable during the entire term of the mortgage, in the following amounts: (1) LTV equal to or exceeding 80 percent In the case of a mortgage for which the outstanding principal obligation is equal to or exceeds 80 percent of the appraised value of the property, the annual premium payment shall be an amount that is not less than 0.55 percent of the remaining insured principal balance (excluding the portion of the remaining balance attributable to any premium collected at the time of insurance and without taking into account delinquent payments or prepayments), as the FHA shall establish. (2) LTV less than 80 percent In the case of a mortgage for which the outstanding principal obligation is less than 80 percent of