; and (ii) submit to the Congress a report describing the justification for the determination referred to in clause (i). (3) Selection of mortgage insurance For each transaction under the pilot program involving a qualifying loan, the loan originator shall select an eligible mortgage insurance provider or providers, consistent with existing market practice. (4) Mortgage insurance premiums Mortgage insurance premiums applicable to qualifying loans purchased by an enterprise under the pilot program shall be subject to requirements and limitations under applicable State laws. (5) Guarantee fees Each enterprise shall set and publish guarantee fees, including up-front delivery fees and loan level price adjustments, commensurate with the enterprise’s reduced credit risk resulting from any new risk-transfer transaction under the pilot program. (c) Report Not later than the conclusion of the fifth year of the pilot program, the Director shall submit a report to the Congress that assesses the extent to which the pilot program under this section has— (1) transferred credit risk from the enterprises to the private sector; (2) resulted in reduced guarantee fees for mortgage originators