Janneke Ratcliffe, vice president of the housing finance policy center at the Urban Institute, testified before the Subcommittee on Housing and Insurance of the US House Financial Services Committee regarding pricing decisions with regard to loan-level price adjustments. Her testimony provided background and context about loan-level price adjustments, described their evolution, and the impact of private mortgage insurance on losses and costs. She reviewed what changed as a result of the May 1, 2023 adjustments and the implications.