Neither the creation of a dealer loan or dealer consumer credit contract, nor the first assignment of such loan or contract to a lender, is a secondary market transaction (see 1024.2). \hline\\ Laws and regulations are constantly evolving and subject to reinterpretation. (2) Is subject to the partial exemption, i.e certain no-interest loans secured by subordinate liens made for the purpose of down payment or similar home buyer assistance, property rehabilitation, energy efficiency or foreclosure avoidance or prevention. The CFPB's new guidance is a reminder that RESPA referrals potentially can occur in the digital marketplace, from endorsement language to the use of programmatic, e.g., algorithmic, functions. Housing Discrimination: What Is It, and What Can You Do About It? storm damage Mortgage broker transactions that are table-funded are not secondary market transactions. Comment for 1024.32 - General Disclosure Requirements. Any loan secured by vacant or unimproved property, unless within two years from the date of the settlement of the loan, a structure or a manufactured home will be constructed or placed on the real property using the loan proceeds. Persons may rely on Regulation Z in determining whether the exemption applies. There are also partial exemptions for certain Mortgage Loans. If a parcel of vacant land is to be used as the location for an industrial or manufacturing facility, the same expertise and knowledge of the players comes into play. RESPA does not applyto extensions of credit to the government, government agencies, or instrumentalities, or in situations where the borrower plans to use property or land primarily for business, commercial, or agricultural purposes. Any violation of this section is a violation of section 8 of RESPA (12 U.S.C. If a developer is buying land to subdivide it, then they have their subdivision plans, one or more attorneys to deal with the local laws and zoning, and construction people ready to advise in order to get the work of putting in streets and utilities and putting up houses. A form used by a settlement or closing agent itemizing all charges imposed on a borrower and seller in a real estate transaction. "CFPB Consumer Laws and Regulations," Page 1-2. The Department of Housing and Urban Development (HUD) originally. 3465 0 obj
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10. The source of the payment does not determine whether or not a service is compensable. Real estate brokers cannot pay agents to refer clients to the brokers affiliate mortgage company. \hline The following variations in layout and format are within the discretion of persons reproducing the HUD-1 and do not require prior HUD approval: size of pages; tint or color of pages; size and style of type or print; vertical spacing between lines or provision for additional horizontal space on lines (for example, to provide sufficient space for recording time periods used in prorations); printing of the HUD-1 contents on separate pages, on the front and back of a single page, or on one continuous page; use of multicopy tear-out sets; printing on rolls for computer purposes; reorganization of sections B through I, when necessary to accommodate computer printing; and manner of placement of the HUD number, but not the OMB approval number, neither of which may be deleted. 1024.15 Affiliated business arrangements. 3. The Real Estate Settlement Procedures Act (RESPA) is a federal law that requires lenders to provide specific disclosures to the parties involved in a real estate transaction. LE is only good for 10 days. 2602(2)). After 2011, those responsibilities were assumed by the CFPBbecause of theDodd-FrankWall Street Reform and Consumer Protection Act. If a loan for a structure or manufactured home to be placed on vacant or unimproved property will be secured by a lien on that property, the transaction is covered by this part. There is often a team of professionals involved, from real estate agents to attorneys and project managers. RESPA, along with other regulatory guidelines, is designed to help protect homebuyers and existing homeowners from unfair practices when dealing with real estate agents, brokers, lenders and affiliated companies. Loan types covered by RESPA are many, but there are several loan types specifically exempt from the law. 7. 9. Any of these suits can be brought in any federal district court if the court is in the district where either the property is located or the alleged RESPA violation occurred. (2) Upon request by any person, the Bureau is authorized to determine if inconsistencies with State law exist; in doing so, the Bureau shall consult with appropriate Federal agencies. These facts may be used as evidence of a violation of section 8 and may serve as a basis for a RESPA investigation. h225W0Pw/+Q05L)6 1024.10 One-day advance inspection of HUD-1 or HUD-1A settlement statement; delivery; recordkeeping. Spring Fresh produces premium bottled water. If the servicer does not incorporate the initial escrow account statement into the HUD-1 or HUD-1A settlement statement, then the servicer shall submit the initial escrow account statement to the borrower as a separate document To make it easier for borrowers to understand RESPA disclosures, the Consumer Financial Protection Bureau (the agency that executes the law via regulation) has required that lenders provide prospective borrowers with two disclosure forms to make it easier for them to compare their options: a loan estimate and a closing cost disclosure. If the lender issues a commitment for permanent financing, it is covered by the regulation. Certain actions, like paying for a referral of business, or giving a gift or discount for a referral of business, can get . 7
:1
)KK$QDLi 90FB|6q2emFZTm:d [i. The Real Estate Settlement Procedures Act (RESPA) was enacted by the U.S. Congress in 1975 to provide homebuyers and sellers with complete settlement cost disclosures. It's important to understand the statutory language and what activities will constitute a violation. A plaintiff has up to three years to bring a suit for specific improprieties against their loan servicer. Some loans are not covered by RESPA, including loans for business, commercial or agricultural purposes, among other uses. No person shall give and no person shall accept any fee, kickback or other thing of value pursuant to any agreement or understanding, oral or otherwise, that business incident to or part of a settlement service involving a federally related mortgage loan shall be referred to any person. 2. RESPA requires lenders, mortgage brokers, or servicers of home loans to disclose to borrowers any information about the real estate transaction. 1024.9 Reproduction of settlement statements. Loans secured by real estate for a business or agricultural purpose are not covered by RESPA. Determine a family's network plan costs, with the following co-payments: 35 physician visits, 10 specialist visits, 8 physical therapy appointments at $80 each, and 2 emergency room visits. The Filtration Department completely processed 200,000 liters in February. Jim Kimmons is a real estate broker and author of multiple books on the topic. RESPA does allow an exception in which brokers and agents can exchange reasonable payments in return for goods or services provided by other settlement service providers, as long as those arrangements are compliant with the law and regulatory guidelines. Policy/Procedures: Adopt policy and comprehensive procedures for implementing RESPA, including an explanation of the coverage of the regulation, exemptions, disclosure requirements, Section 8 prohibitions, escrow and force-placed insurance rules, servicing standards, and other related requirements. 1024.33 Mortgage servicing transfers. (6) A conversion of a loan to different terms which are consistent with provisions of the original mortgage instrument, as long as a new note is not required, even if the lender charges an additional fee for the conversion. Nor may the prohibitions of this part be avoided by creating an arrangement wherein the purchaser of services splits the fee. The Real Estate Settlement Procedures Act (RESPA) provides consumers with improved disclosures of settlement costs and to reduce the costs of closing by the elimination of referral fees and kickbacks. A HUD-1 Settlement Statement includes an itemized list of all charges and credits to the buyer and to the seller in a consumer credit mortgage transaction. Laws and Regulations RESPA CFPB April 2015 RESPA 1 Regulation X Real Estate Settlement Procedures Act The Real Estate Settlement Procedures Act of 1974 (RESPA) (12 U.S.C. A mortgage disclosure that lists all estimated charges and fees associated with your loan. The statement must include: The Good Faith Estimate Has Been Replaced by the Loan Estimate. \hline \hspace{5pt}\text{Finished Goods Inventory}&&11,300\\ If space permits, such information may be added at the end of the HUD-1 However, RESPA does not protect all types of loans. RESPA does not prohibit joint market efforts between a real estate broker and a lender as long as advertising costs paid by each party are related to the value of any goods or services that might be received in return. Comment for 1024.33 - Mortgage Servicing Transfers, Comment for 1024.34 - Timely Escrow Payments and Treatment of Escrow Balances, Comment for 1024.35 - Error Resolution Procedures, Comment for 1024.36 - Requests for Information, Comment for 1024.37 - Force-Placed Insurance. In place of this would be a system where services are bundled, but the real estate agent or lender is responsible for directly paying for all other costs. What type of loans are exempt from RESPA? In addition, nothing in RESPA or Regulation X should be construed to preempt the entire field of regulation of the practices covered by RESPA or Regulation X, including the regulations in Subpart C with respect to mortgage servicers or mortgage servicing. Review Considerations; Review Area. Where Can I Find Servicing Related Information About a Lenders Responsibility Under RESPA? Buyers may sue a seller who violates this provision for an amount equal to three times all charges made for the title insurance. \text{Water}\hspace{15pt}&\text{110,000}\\ During the year, Scott Sales sold 830 jackets for $40 each. 2. The following changes and insertions are permitted when the HUD-1 settlement statement is reproduced: Based on the data given for the two companies, determine the business type of each one. Unless a loan is made as a construction-to-permanent loan, it is not covered. M. Issuing a GFE when not all information has been provided. Follow the lobbying efforts of all the major national real estate services organizations. transactions that are table funded (the loan is funded by a contemporaneous advance of loan funds and an assignment of the loan to the person advancing the funds) are not secondary market transactions and therefore are covered by RESPA. 461(c), substituted provisions setting forth the liability of persons violating the prohibitions or limitations of this section for provisions setting forth liability, in addition to penalties provided in par. (A captive insurance company is a wholly owned subsidiary of a larger firm that is tasked with writing insurance policies for the parent and does not insure any other company.). That is the end of it: Court dismisses CFPB redlining complaint against Townstone, Tweets from https://twitter.com/RESPANews/lists/around-the-industry, National Settlement Services Summit (NS3), Delivery 3X a week plus breaking news as it happens, Comprehensive title insurance industry news, Recent acquisitions, mergers, real estate stats, Exclusive in-depth coverage of the industry's hottest stories, Delivery 2X a week plus breaking news as it happens, Be one of the first to know where NS3 is being held, Save on registration with Super-Early Bird rates, Discover the networking opportunities NS3 offers, Find out if CE credits will be offered for your area, Preview the latest RESPAnews.com Top Story, Legal, regulatory and legislative information impacting the settlement services industry, News from HUD, Congress, state legislatures and other regulatory agencies. James Chen, CMT is an expert trader, investment adviser, and global market strategist. Real Estate Settlement Procedures Act (RESPA), 12 CFR Part 1024 (Regulation X) o RESPA origins and purpose o Knowledge of the prohibitions, limitations and exemptions set by RESPA o Types of loans to which RESPA is applicable o Settlement services o Required disclosures to the customer for an MLO who is also a broker One business day before you settle your loan, you have the right to inspect your U.S. Department of Housing and Urban Development (HUD) HUD-1 Settlement Statement. (5) An assumption, unless the mortgage instruments require lender approval for the assumption and the lender approves the assumption. intersecting continua, based on : a. cognitive demands and contextual support. Use Health Care Benefits Schedule. If you want to request a wider IP range, first request access for your current IP, and then use the "Site Feedback" button found in the lower left-hand side to make the request. The buyer is usually someone with whom the seller has a familial relationship. Regulation X: Real Estate Settlement Procedures Act, Pages 2-3. Real Estate Settlement Procedures Act - RESPA: The Real Estate Settlement Procedures Act, or RESPA, was enacted by Congress to provide homebuyers and sellers with improved disclosures of . Similarly, neither the creation of a dealer loan or consumer credit contract, nor the first assignment of such loan or contract to a lender, is a secondary market transaction. A determination by the Bureau that an inconsistency with State law exists will be made by publication of a notice in the Federal Register. (3) Temporary financing. (Premium pricing get a credit by getting a higher rate. 21Purchased420units@$16=6,720July25Purchased250units@$20=5,000Sept. When buying a home, it can be helpful to work with a trust, licensed real estate agent, or broker who can guide you through the process. Related Topics: Good Faith Estimate (GFE) Explain Law oversight over TRID What are the The rules for who may compensate an MLO TILA-RESPA Integrated Disclosure Rule (TRID) (a.k.a Know Before You Owe) ? This includes purchase loans, refinances, and reverse mortgage loans. Compute the amount of ending inventory Scott would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. Consumer Financial Protection Bureau. Real estate brokers cannot refer business to an affiliated title company without disclosing that relationship to their customers. It also does not cover loans for vacant land nor construction loans. \text{Wages of workers operating filtration equipment}&\text{\$\hspace{10pt}34,950}\\ The format and a completed example for an initial escrow account statement are set out in Public Guidance Documents entitled "Initial Escrow Account Disclosure StatementFormat" and "Initial Escrow Account Disclosure StatementExample", available in accordance with 1024.3 The Real Estate Settlement Procedures Act (RESPA) covers most federally-related home and real estate loans for consumers. The HUD-1 may be translated into languages other than English. "Real Estate Settlement Procedures Act FAQs," Page 10-14. Any documents provided pursuant to this section shall be retained for five (5) years from the date of execution. (2) Business purpose loans. An additional page may be attached to the HUD-1 for the purpose of including customary recitals and information used locally in real estate settlements; for example, breakdown of payoff figures, a breakdown of the borrower's total monthly mortgage payments, check disbursements, a statement indicating receipt of funds, applicable special stipulations between buyer and seller, and the date funds are transferred. RESPA covers any creditor that makes or invests in residential real estate loans aggregating more than $1 million per year. Better understand the Real Estate Settlement Procedures Act (RESPA), 12 CFR Part 1024 (Regulation X); (5 minutes) better understand Consumer's Consent to Receive Electronic Records; (1 minute) get a comprehensive knowledge of the prohibitions, limitations and exemptions set by RESPA; (4 minutes) 1024.39 Early intervention requirements for certain borrowers. Specifically, the aforementioned provisions do not apply to a federally related mortgage loan that: (1) Is subject to the special disclosure (TILA-RESPA Integrated Disclosure) requirements for certain consumer credit transactions secured by real property set forth in Regulation Z. It also prohibits a person from giving or accepting any part of a charge for services that are not performed. No person shall give and no person shall accept any portion, split, or percentage of any charge made or received for the rendering of a settlement service in connection with a transaction involving a federally related mortgage loan other than for services actually performed. 1026.33 Requirements for Reverse Mortgages., Consumer Financial Protection Bureau. An agreement or understanding for the referral of business incident to or part of a settlement service need not be written or verbalized . Pursuant to 1024.9(a)(11), a servicer may add the initial escrow account statement to the HUD-1 or HUD-1A settlement statement. From its inception, RESPA has regulated mortgage loans attached to one- to four-family residential properties. I 884xQ| /
- Format for initial escrow account statement 1. Section 10 of RESPA limits the amount of money a lender may require the borrower to hold in an escrow account for payment of taxes, hazard insurance and other charges related to the property. A. However, they can provide financial incentives to do so. A kicker is added to a debt instrument to make it more desirable to potential investors. What Is a HUD-1 Settlement Statement?. The person reproducing the HUD-1 may insert its business name and logo in section A and may rearrange, but not delete, the other information that appears in section A. \hspace{5pt}\text{Merchandising Inventory}&12,300&\\ Those are the buyers RESPA is meant to protect, not the professionals. Yes, reverse mortgages are covered by RESPA, and lenders must disclose certain details about the loan and its costs to borrowers. If the proceeds will be used to locate a manufactured home or construct a structure within two years from the date of settlement, the loan is covered. The Act requires lenders, mortgage brokers, or RESPA was passed as part of an effort to limit the use of escrow accounts and to prohibit abusive practices in the real estate industry, such as kickbacks and referral fees. Spring Fresh had no beginning Work-in-Process Inventory in the Filtration Department in February. (4) Vacant land. -If service is transferred it is 60 days to send out NEW initial escrow statements. The servicer has 60 business days to correct the issue or give its reasons for the validity of the accounts current status. The form may be shortened correspondingly. . The statement shall include a trial running balance for the account Bona fide discount point - means an amount equal to 1 percent of the loan amount paid by the consumer that reduces the interest rate or time-price differential applicable to the transaction based on a calculation that is consistent with established industry practices for determining the amount of reduction in the interest rate or time-price differential appropriate for the amount of discount points paid by the consumer. hn7_OPq~IIC[pwdL!AZ~RTj1 (d) Partial exemptions for certain mortgage loans. Investopedia requires writers to use primary sources to support their work. (7) A bona fide transfer of a loan obligation in the secondary market however, the mortgage servicing requirement still apply. 7. endstream
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The relatively greater sophistication of the professional investors, buyers, and sellers are in stark contrast to the first-time homebuyer or someone who has only purchased a couple of homes in their lifetime. A bona fide transfer of a loan obligation in the secondary market is not covered by RESPA and this part, except with respect to RESPA (12 U.S.C. Section 8 of RESPA prohibits a person from giving or accepting any thing of value for referrals of settlement service business related to a federally related mortgage loan. IDENTIFICATION OF PAYEES: RESPA requires lenders, mortgage brokers, or servicers of home loans to provide disclosures to borrowers concerning real estate transactions, settlement services, and consumer protection laws. Enforcement initially fell under the jurisdiction of the U.S. Department of Housing and Urban Development (HUD). 1024.14 Prohibition Against Kickbacks and Unearned Fees., Consumer Financial Protection Bureau. (The statutory exemption restated in this paragraph refers only to fee divisions within real estate brokerage arrangements when all parties are acting in a real estate brokerage capacity, and has no applicability to any fee arrangements between real estate brokers and mortgage brokers or between mortgage brokers. Due to aggressive automated scraping of FederalRegister.gov and eCFR.gov, programmatic access to these sites is limited to access to our extensive developer APIs. Pursuant to 1024.17(h)(2), the servicer may incorporate the initial escrow account statement into the HUD-1 or HUD-1A settlement statement. 1. The Real Estate Settlement Procedures Act (RESPA) covers most federally-related home and real estate loans for consumers. What Actions an MLO must take when there is incomplete information on a TRID disclosure? Any loan secured by vacant or unimproved property, unless within two years from the date of the settlement of the loan, a structure or a manufactured . An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider. 6672. 11. "CFPB Consumer Laws and Regulations," Page 3-4. \text{Net Purchases}&153,500&\\ Bridge or Swing loans are not covered by the regulation. Customers also must be made aware that theyre not required to use the title company to which theyve been referred. Types of loans to which RESPA is applicable, - One-to-four family residential property. However, if the loan is a construction-to-permanent loan in one package, it is subject to RESPA. Understanding the Real Estate Settlement Procedures Act (RESPA), Enforcement Procedures for RESPA Violations, Enforcement Procedures for RESPAViolations, U.S. Department of Housing and Urban Development (HUD), How the Real Estate Settlement Procedures Act (RESPA) Works, Bundle of Rights Definition in Real Estate and What's Included, What Is Regulation Z (Truth in Lending)? (1) State laws that are inconsistent with RESPA or this part are preempted to the extent of the inconsistency. endstream
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;eQ)Zo:d7f"oS\ *H=tYrif\Coce.b7yc2n*2z]b%cXk)oe[l9:]-nZhwO }y CvPq!#>5T Not later than 60 business days after receiving the request, the servicer must make any appropriate corrections to the borrowers account, and must provide a written clarification regarding any dispute. Consumer Financial Protection Bureau. A "bridge loan" or "swing loan" in which a lender takes a security interest in otherwise covered 1- to 4-family residential property is not covered by RESPA and this part. Borrowers should continue to make the required payments until the issue is resolved. \text{Sept. 19} \hspace{16pt}\text{Purchased 150 units @ \$22} \hspace{16pt} = \hspace{17pt} \text{3,300} \hspace{10pt}\\ GNMA, or FHLMC (or its successors). Certain transactions are exempt from coverage: (1) A Loan primarily for business, commercial or agricultural purposes. Discuss the interpretations that you would make from your model specification. Any assumption in which the lender's permission is both required and obtained is covered by RESPA and this part, whether or not the lender charges a fee for the assumption. One of its purposes is to help consumers become better shoppers for settlement services. A company may not pay any other company or the employees of any other company for the referral of settlement service business. (The statutory exemption restated in this paragraph refers only . 12 USC Section 2609 or Section 10 is titled Limitation on requirement of advance deposits in escrow accounts. SUBMISSION AT SETTLEMENT, OR WITHIN 45 CALENDAR DAYS OF SETTLEMENT: As noted in 1024.17(c)(2), the servicer shall conduct an escrow account analysis before establishing an escrow account to determine the amount the borrower shall deposit into the escrow account, subject to the limitations of 1024.17(c)(1)(i). C. Knowledge of the prohibitions, limitations and exemptions set by RESPA, Exemptions: Loans for business, commercial, or agricultural purposes, D. Types of loans to which RESPA is applicable, RESPA applies to federally related mortgage loans, A service that brings us to loan settlement, F. Required disclosures to the customer for an MLO who is also a broke, G. Bona fide discount points and application points and application during a mortgage loan origination, Can not mark up a discount points can only charge for services being performed. q17Es hs6m!lCbh56fgN! -affect the value of the property i.e. 1024.20 List of homeownership counseling organizations. endstream
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Required information from a borrower that must be included on an application (Regulation X), Application - means the submission of a borrower's financial information in anticipation of a credit decision relating to a federally related mortgage loan, which shall include the borrower's name, the borrower's monthly income, the borrower's social security number to obtain a credit report, the property address, an estimate of the value of the property, the mortgage loan amount sought, and any other information deemed necessary by the loan originator. Why is resource planning important for a new construction project? (1) State laws that are inconsistent with RESPA or this part are preempted to the extent of the inconsistency. The lender must perform an escrow account analysis once during the year and notify borrowers of any shortage. Indicate how you would collect the data and how you would define each variable used in the model. A plaintiff has up to three years to bring a suit against their loan servicer. \text{July 25} \hspace{20pt}\text{Purchased 250 units @ \$20} \hspace{15pt} = \hspace{17pt} \text{5,000} \hspace{10pt}\\ In part two of this RESPA basics multi-part series, RESPA News reviews Section 8 and the prohibition against kickbacks and unearned fees, as well as exceptions to the law. Initially passed by Congress in 1974, RESPA became effective on June 20, 1975. 3437 0 obj
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Title insurance protects lenders and homebuyers from financial loss due to defects in a property title, such as outstanding lawsuits and liens. 1024.38 General servicing policies, procedures, and requirements. &SG>Jpf|^$|"Fv^|+/|? RESPA is a federal statute now regulated by the Consumer Financial Protection Bureau (CFPB). -Increase in closing cost (initial rate increases on an unlocked loan) %%EOF
During this 60-day period, the servicer may not provide information to a consumer reporting agency concerning any overdue payment related to such period or qualified written request. If a lender issues a commitment for permanent financing, with or without conditions, the loan is covered by this part. Section 10 also sets out penalties for those who violate the section. TIME OF SUBMISSION OF INITIAL ESCROW ACCOUNT STATEMENT FOR AN ESCROW ACCOUNT ESTABLISHED AFTER SETTLEMENT: The servicer may include the initial escrow account statement in the basic text or may attach the initial escrow account statement as an additional page to the HUD-1 or HUD-1A settlement statement \\\hline "Real Estate Settlement Procedures Act (RESPA) Examination Procedures.". 1. The term "payment" is used throughout 1024.14 and 1024.15 as synonymous with the giving or receiving of any "thing of value" and does not require transfer of money. Reproduction of the HUD-1 must conform to the terminology, sequence, and numbering of line items as presented in lines 100-1400. (2) That satisfies the criteria in Regulation Z, 12 CFR 1026.3(h). Nor may the prohibitions of this part be avoided by creating an arrangement wherein the purchaser of services splits the fee. If the borrowerhas a grievance against theirloan servicer, there are specific steps they must follow before any suit can be filed. When an accounts payable account is paid in cash, the owner's equity in the business decreases. L. Changes that can be made to the HUD1/GFE. Define the three business types: service, merchandising, and manufacturing. See interpretation of 5(c) Relation to State laws. 3rd party settlement service providers consist of Mortgage Brokers, Real Estate Brokers, attorneys, appraisers inspectors, notaries, credit reporting agencies and title insurers. (a) Section 8 violat. Conveyance is the act of transferring ownership of a piece of property from one party to another. payment and the portion deposited into the escrow account. Real Estate Settlement Procedures Act (RESPA), 12 CFR Part 1024 (Regulation X) 1. (X6+V}QzVp-R(PNbPA/`]([8Ylj[5]ho^8,ZajN4;X; If you are human user receiving this message, we can add your IP address to a set of IPs that can access FederalRegister.gov & eCFR.gov; complete the CAPTCHA (bot test) below and click "Request Access". Any assumption in which the lender does not have the right expressly to approve a subsequent person as the borrower on an existing federally related mortgage loan. The borrower must contact their loan servicer in writing, detailing the nature of their issue. )%#jF|JD|{XOZia%g_\_\m:@JL Hj"~=SJDhbt81hft[MSiZ;a~8?8@y(#"#QF8EF$~i?R.:Bcy)(8UBQF$EFDH(#"#z25K=K=*OogD2=?HKh;hA;|/~fR.@n^R;ADh=FU14;@9@9@t[X^?ILIqx~:l{zn_. hbbd``b``k / X Dt[%L@00RDR l$
\text{Beginning balances:}\\