### Question
How is the "average fees" defined?


### Answer
The term **average fees** is defined in *12 U.S.C. § 4547* as follows -

> the average contractual fee rate of single-family guaranty arrangements by an enterprise entered into during 2011, plus the recognition of any up-front cash payments over an estimated average life, expressed in terms of basis points

#### Citation:
  - *12 U.S.C. § 4547*
  - Heading: **CHAPTER 46-GOVERNMENT SPONSORED ENTERPRISES > SUBCHAPTER I-SUPERVISION AND REGULATION OF ENTERPRISES > Part B-Additional Authorities of the Director > subpart 1-general authority**

