Already on one of our Lender Variable Rates? This bulletin is consistent with the OCCs support for responsible innovation by banks to meet the evolving needs of consumers, businesses, and communities. The lender will want details of your income, where youve lived for the last three years and your outgoings. For pipeline cases that previously showed bank statements were required but no longer require an underwriter review, the banks system will be updated to remove the request. The steps of the Halifax mortgage underwriting process include: Getting a mortgage in principle is not a requirement for you to get a mortgage but typically some borrowers will look to get a Halifax mortgage in principle so they could at least get the first indication on whether Halifax is willing to lend to you. All the latest news, analysis and insight from the mainstream residential lending market. Be the home-buying hero your family needs by knowing what to expect when closing on a house. Principles 2 to 4 focus on a FRMI's interaction with lenders as part of the mortgage insurance underwriting process. All diagrams, figures and any other content or suggestions, are illustrative only and may not apply to, nor be suitable for, your circumstances and needs. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. App Store is a service mark of Apple Inc. Google Play is a trademark of Google LLC. When evaluating your ability to take on a mortgage loan, the underwriter is looking for proof youre in a good spot financially. According to the Homebuying Institute, an independent educational website for homebuyers, five to eight business daysis a reasonable timeline for the mortgage underwriting process. establish loan origination and approval procedures, both generally and by size and type of loan. In this case, you can expect to have further follow-up questions and requests for more supporting documents. Or, they might need to make sure a conventional mortgageapplicant with a low down payment has a credit score of at least 680 so the loan can be sold to Fannie Mae, one of the government-sponsored entities that helps support the U.S. home mortgage system. P&C - B-21 Residential Mortgage Insurance Underwriting March 2019 Practices and Procedures Page 7 of 19 To help manage credit risk and to promote prudent mortgage underwriting, proper loan Thats why the lender will always order an appraisal as part of the closing process. ; . Moving home and keeping your current mortgage. The Halifax mortgage underwriting process determines if you will be approved for a Halifax mortgage or if your Halifax mortgage application will be rejected. AE3 Media will not be liable for damage, loss, injury, accident, annoyance, delay or irregularity, which occurs by reason of any act or default committed by any person or company. The OCC is issuing this bulletin to remind bankers and examiners that real estate and mortgage lending activities are subject to specific regulatory standards and guidelines. You may wish to look at any government guidance issued. The average time from application to closing was 45 days over the 12 months ending with August 2020, according to mortgage technology provider Ellie Mae. Just bear in mind that the longer you take to repay your mortgage, the more interest you'll be charged. 3 Refer to Fannie Mae, Selling Guide, section B3-3. Opens in a new browser tab. OCC Bulletin 2019-36 | July 23, 2019. Advice should always be taken from a suitably qualified adviser before entering Sub-four per cent deals: which lenders are offering them? take account of the size and complexity of a loan. In technical terms, mortgage underwriting evaluates your capacity to repay the loan and the collateral that will secure the loan. Specialist LendingNewsletter Knowing what's included in a monthly mortgage payment and how much home you can actually afford are key steps to finding a home that will fit your long-term goals. identify appropriate terms and conditions by type of real estate loan. What it does show is how much debt youve had, how long youve had it, and whether you make consistent payments. If youre doing getting a contractor mortgage right, your financial freedom starts here. There are a few common reasons why an application might be delayed: The content on this page is for reference and does not constitute financial advice. Make sure you have a qualified real estate agent there to help you make wise choices. Such applicants will need their latest payslip, or latest three payslips where they are using other income. This is the case at Halifax and most other mortgage lenders. The faster you respond and get back t the mortgage lender, the faster your mortgage application process will be. But the keys aren't yours yet! For example, Movement Mortgage says it can provide underwriting results within six hours of receiving an application. As outlined in our 7 Baby Steps, well always tell you to pay off all of your debt and save an emergency fund of 36 months of expenses before you buy a house. Likewise, the same method is applied to CIS contractors. Opens in a new browser tab. They will also arrange a valuation of the home you want to buy. Its even better than being preapproved or prequalified for a mortgage. In some cases, a mortgage lender may make exceptions rather than follow the exact criteria prescribed on their lending scorecards. For 2019, we surveyed 1,385 first-time and repeat homebuyers. Eligible assets for use in calculations. You can connect with Amy on Twitter (@AmyFontinelle) or learn more at her website, AmyFontinelle.com. Huuti Ltd is a Company registered in England and Wales (Company Closing on a house? Opens in a new browser tab. Once Halifax receives your mortgage in principle application they will either process your mortgage in principle application automatically or it may be reviewed manually. Submit your underwriting paperwork to your loan officer. ; ; ; ; ; ; . Such strategies could include working with consumers who have a capacity to repay a mortgage loan even though they do not meet traditional income-based underwriting repayment standards. a room(s) in your own home (current limit of 2 lodgers will not apply), a residential property you own (theres no need to request consent to lease but you'll need to obtain a tenancy agreement). Lender criteria and policies change regularly so speak to one of our advisors to confirm the most accurate up to date information. Far from easy for lenders to find a neat little box on their computers to enter all these! Instead, they look through payment records and documents that prove you can pay back your mortgage. Its easy to access through Online Banking and Mobile Banking. Time to rip off the Band-Aid. If your mortgage application is referred then it may be the case that Halifax needs to take a closer look at your mortgage application before they make a final decision. What Is Mortgage Underwriting? We dont charge you for Online Banking but your mobile phone provider may charge for some services. Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Find out what you need to know about applying for a new mortgage, or if you can take your current mortgage deal to your new home. Manage your mortgage on the move with our Mobile App. ADU is an alternative process for assessing and documenting an applicants ability to repay, and a banks practices should reflect appropriate consideration of the terms for eligible loans, the conditions of eligibility for these loans, and features such as annuity income calculations used in these loans. The mortgage underwriting process is all the steps an underwriter goes through to evaluate your borrowing capacity and collateral after you apply for a home loan. Huuti cannot guarantee you will be offered any product, or the terms that may apply. | This can range from 50 to 300. Receive weekly contractor news, advice and updates. If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice. To find out full details of the offer including whether you are eligible, how to register and key dates, please click on the full details of the reward. Lending policies should reflect the level of risk that is acceptable to the board and provide clear and measurable underwriting standards that enable lending staff to evaluate credit factors by type of property for maximum loan amounts, maximum loan maturities, amortization schedules, and loan-to-value limits. Once the information is gathered, the underwriter starts checking all this data to look for any gaps or potential risks. There are two ways to do this: automated underwriting and manual underwriting. The underwriting system can also issue a result in between an automated approval and a referral to manual underwriting. Boo-yah. Loans, consumer credit and mortgages are subject to eligibility. This compensation comes from two main sources. These steps include verifying your identity, checking the stability and amount of your income, verifying your employment, reviewing your tax returns, examining your financial statements, checking your credit scores and perusing your credit reports to make sure you can afford the loan. Multiplied x 46 = 63,692.31 annualised income. Previously she worked worked for the Daily Mail and Property Week. Work with a RamseyTrusted mortgage company! Terms and conditions apply. 16 years ago today I experienced my first workplace tragedy when a co-worker, business partner, friend and colleague died tragically in a car crash Are you sure you want to rest your choices? Thats a great thing! For mortgages originated for sale to the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), lenders are permitted to use ADU to underwrite mortgage loans based on employment-related retirement assets or certain other assets of applicants who are near retirement.3 Mortgage lenders have historically used underwriting policies or selling guide standards that identify eligible transactions; eligible assets; appropriate asset discounts based on quality, liquidity, and accessibility of assets; and asset verification requirements. During the mortgage underwriting process, the mortgage underwriter will evaluate if lending you the mortgage funds is risky or not. A down payment of 20% keeps you from having to pay private mortgage insurance (PMI). Learn more about how credit checks work. It was the first lender to accommodate all contractors, not just IT contractors. You have successfully registered for Premium access, please check your email for your temporary password. Whichever amount is lowest, this is what theyll use as the basis of affordability. The lender published an update in July 2021, which has led to (unwarranted) concern in the contractor ranks. Underwriters are in effect the individuals with the authority to make you a mortage offer on the lenders behalf. Prior to joining Forbes Advisor, his work appeared on Bankrate, CreditCards.com and The Points Guy. This will allow you to shop for your home as more estate agents and sellers may take you seriously and it will also give you confidence that your mortgage is indeed a possibility before you make a full mortgage application. Other factors in the home-buying and mortgage loan process can dramatically affect how long closing on your house takes. So lets break down the steps it takes to get the green light. Could be either before or after application is made. Several factors affect how long the mortgage underwriting process takes: The time it takes to close your loan includes the entire process from start to finish. Phone signal and functionality may affect services. On the other hand, manual underwriting involves an individual reviewing your mortgage documents to determine if you mee the mortgage lenders mortgage affordability criteria. refer to the regulatory real estate and mortgage lending standards and guidelines in 12 CFR 30, 12 CFR 34 (national banks), and 12 CFR 160.101 (FSAs) when developing, implementing, and administering new mortgage underwriting processes such as ADU. A mortgage adviser is someone who can help you with your mortgage application. You might be using an unsupported or outdated browser. The underwriter working on your loan reviews your loan application and uses supporting documentation to figure out whether or not you can afford a mortgage. July 23, 2019, Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties. Ask contractors who the best mortgage lender for them is and many (most, even) will say Halifax. It stands to reason. Learn More. Before becoming a journalist, Samantha worked as a mortgage broker and latterly for a mortgage, bridging and secured loan lender. A mortgage broker will look to understand your financial circumstances and then provide recommendations on which mortgage products may be suitable for you based on your mortgage affordability. A great tip for speeding up your underwriting process is to become a Certified Home Buyer with Churchill Mortgage. Big backyard for the dog? 4 In addition to the safety and soundness standards noted herein, applicable standards include the ability-to-repay provisions contained in 15 USC 1639c and 12 CFR 1026.43. The Halifaxs advisers and underwriters will use a combination of accounts and your SA302 to work out your mortgage affordability. Visit the Halifax Twitter page. Learn about your mortgage, manage your plan and find out where you can get help. develop and maintain risk governance processes that are commensurate with the credit risk of ADU, particularly if the offering constitutes a deviation from the banks existing mortgage lending business activities. Theyll go through your personal and financial circumstances and then give you advice on the best course of action to take, Once youve made an offer for a property and it has been accepted, your adviser will handle your mortgage application, Please Enter to access social media links. Under section II, paragraph (D), of appendix A, the OCC expects banks to establish and maintain prudent underwriting practices that. . This is due to the fact that all mortgage applications are not the same and sometimes the mortgage lender may have to be flexible. More. What is an interest-only offset mortgage? What is loan to value ratio? Please enter your email address and we will email you a link where you can change your password. The Latest News on Student Loan Forgiveness. AE3 Media Ltd, Floor 7, Lincoln House, 296 - 302 High Holborn, London WC1V 7JH, Company registration number 8938488. Under the section titled Loan Portfolio Management Considerations, the OCC expects a banks policies to. Mike has also offered his personal finance expertise in numerous television, radio and print interviews. Youll receive final numbers as part of your Closing Disclosure (see step 6). The general guideline for a mortgage is below 43%. Every borrowers circumstances are unique. Opens in a new browser tab. Consistent with all forms of real estate and mortgage lending activities, examiners should evaluate ADU against the following existing safety and soundness standards and guidelines.4. As part of the mortgage approval process, underwriters use specific guidelines and even computer programs to check the levels of risk in your mortgage loan. Getting denied means you wont be house poor or have endless money fights with your spouse as you struggle to make ends meet. Number 10347447) with its registered office at 27 Old Gloucester Street, London, England, WC1N 3AX. This document shows you about what youll pay for your monthly mortgage payment, total cost and principal in the first five yearsand the percent you pay in interest over the life of the loan. AE3 Media Limited is authorised and regulated by the Financial Conduct Authority, Thank you. Please refer to our Terms of Business. Halifax Intermediaries has reduced the amount of bonus, overtime and commission income it will use to support mortgage affordability while speeding up its underwriting process for self employed applicants. Mortgage underwriting is the process a lender uses to determine whether or not you qualify for a mortgage. (More on those in a bit.). Your underwriter also needs a property survey that includes the property lines of the land and the placement of the home on that property. And no PMI means a lower overall payment for the life of your loan. You should also check with your building/contents insurer to see if you need their consent. Before you can get a mortgage, you need to fill out an application. Your underwriter knows if youre a good candidate just from looking into how youve handled money in the past. Rates of return applicable to eligible assets or asset classes during the period of the calculation. Wait for the underwriter to review your application. Mortgage rates have bottomed out, says Rose Capital Partners founder, Section 21 notice use increases by over a third, CMA launches investigations into housebuilders and renters rights, TSB lowers resi and BTL rates by up to one per cent, Green Finance Institute brings out broker handbook on green retrofit solutions, Time to listen and learn from consumer feedback Dewey, First-time buyers denied buying opportunity, Family Building Society - a year in the making, Brokers must start talking to clients now rate rises, Halifax Intermediary pushes up selected rates and amends ERCs, Marsden BS launches retiree mortgages and expects more lenders to follow, Business information tailored specifically to your business needs, Engage in interactive commenting and voting in our weekly polls, Delegate places are free of charge, subject to approval by the organisers based on job criteria. Section II, paragraph (C), of appendix A details the expectations that banks. Eligible transactions based on criteria that reflect consideration of relevant credit risk factors in evaluating the borrowers capacity. They want to see how your income compares to your debt, how steady your employment has been and whether youre likely to continue earning a similar income for the foreseeable future. To apply for a mortgage, you need to go through a few application stages. They offer manual underwriting and can help you get the right mortgage loan for your situation. Access to app exclusive features like changing your address. They need to be happy the risk is acceptable. Current Halifax deal coming to an end? Proof of income for a mortgage (3 key tips), Non-standard construction mortgages (A 3 point guide), Mortgage declined on affordability (Top 3 reasons), Tenants in Common mortgage (A 5 point guide). Halifax Bank has tweaked not changed ('changed' is too strong a word) its contractor mortgage lending criteria in recent weeks.. What stage are you in there? You will be given an identification badge, which must be shown upon request. From 8 July, the bank will reduce the amount of bonus, commission and overtime income it will use in an affordability assessment from 60 per cent to 30 per cent. There are also 100 monthly prizes of 1,000 cash. Respond to any requests for additional information from the underwriter. In the Halifax mortgage underwriting process the Halifax mortgage underwriter will look at a key few things: Halifax will aim to verify the income you stated on your mortgage application to ensure that you have sufficient income to afford your monthly mortgage repayments. Such factors include the probability of default based on credit scores and potential exposure at default or loss given default based on loan-to-value ratios, origination channels, loan purpose, loan amortization, or percentage of income derived from asset dissipation. For banks offering or considering ADU, the OCC expects bank management to. Halifax lending criteria: But are you a contractor, an employee or self-employed? Please try again later. An underwriter will look at factors like your credit score, debt-to-income ratio, and home appraisal.. Including industry news, adviser business strategy tips and market commentary. The guidelines in 12 CFR 30, appendix C, OCC Guidelines Establishing Standards for Residential Mortgage Lending Practices, are enforceable under section 39 of the Federal Deposit Insurance Act (FDIA), 12 USC 1831p-1, in accordance with the procedures prescribed by 12 CFR 30. Then they say, "Yup, I think these folks can pay back a mortgage." (1) are commensurate with the types of loans that the bank will make and (2) consider the terms and conditions under which the loans will be made. Senior Deputy Comptroller for Bank Supervision Policy. Manual underwriting means you have to bring more paperwork, and it typically takes longer than the automated processwhich makes sense because you arent dealing with a preset computer program but with a living, breathing human. That means theyll be looking at these factors: The result of the underwriters evaluation will either be a conditional approval, suspension or denial. Processes to evaluate performance, growth, and concentrations of loans made using ADU. Editor in Chief for Forbes Advisor US. Dont worryyour lender will let you know exactly what they need! If you are happy with everything you can then go on to secure your mortgage with the help of a conveyancer. Majority of brokers expect summer of freedom to bring service difficulties poll result. Something went wrong. Loan documentation should confirm the assets ownership, current values, location, and duration of existence. Sounds boring, but understanding all this underwriting stuff is an important step in the process of getting your home sweet home. We've got lots more information about managing your mortgage. Conditions apply. And, because anyones finances could take a turn for the worse, the underwriting process also evaluates whether the property you want to buy will be valuable enough to repay the loan if the lender has to foreclose. Processes for periodic credit reviews, including management and board reporting requirements. Equity released from your home will also be secured against it. Additionally, mortgage underwriting makes sure lenders follow laws about qualifications for certain loan programs. Samantha is CeMAP qualified. The Forbes Advisor editorial team is independent and objective. Based on our research, the content contained in this article is accurate as of the most recent time of writing. billion) of Fannie Mae's $84 billion in mortgages purchased. . The lender specifies that self-employed applications must have at least 12 months' trading under their belt before they can be considered for a mortgage. Poll: Should lenders start removing pandemic-related criteria for borrowers? Rumours, concerns and confusion. Looking to switch and borrow more at the same time? In summary, reasonable policies and processes specific to ADU should address the following in line with the regulatory real estate lending standards and guidelines and the level of risk presented by the activity: Please contact Steven Jones, Director for Retail Credit Risk, at (202) 649-6220. Once you have made a Halifax mortgage application you will then go through the Halifax mortgage underwriting process. Mortgage underwriting is the process a lender uses to determine whether or not you qualify for a mortgage. What do mortgage underwriters look for on bank statements? The absence of such consideration in the assessment and documentation of the applicants ability to repay the loan in accordance with the loans terms poses potential credit and compliance risk. The Halifax mortgage underwriter may also request to see your home insurance documents at this point of the Halifax mortgage underwriting process. Manual mortgage underwriting usually helps those who have complex mortgage cases. With just a small amount of info (like your Social Security number, address and annual income), the program can gather things like your credit historyif you have a credit score. Your conveyancer will manage the legal searches on the property to ensure there arent any issues with it. You definitely want a reliable underwriter to help you tackle the underwriting process. Amy Fontinelle is a leading personal finance expert with nearly 15 years of experience. But in automated underwriting, your credit score has a big impact on whether you can buy a house. ADU, also known as asset depletion underwriting or asset amortization underwriting, uses an applicants assets to calculate a hypothetical cash annuity stream. Also, your lender locks in your interest rate. And youll be able to focus on getting your financial life in order before getting that house! Okay, now lets break down how an underwriter determines if you qualify for a mortgage. The program for loans sold to Freddie Mac is called Loan Product Advisor. All rights reserved. Should for any reason the venue or speakers change, or the event be cancelled due to an act of terrorism, extreme weather, disease control, industrial action, act of God or any eventuality beyond the control of AE3 Media, we shall endeavour to reschedule; but the client hereby indemnifies AE3 Media and holds AE3 Media harmless from and against any and all costs, damages and expenses, including legal fees, incurred by the client. To keep the underwriting process running as smoothly as possible, the most important thing you can do is respond to your lenders requests for information ASAPespecially if you hit some bumps along the way. Income verification of contractors will be undertaken as part of standard processing. The mortgage underwriter may come back to you with further questions or when they need more clarification on things which you may include in your mortgage application. . Proof of Funds Proof of Employment Bank and/or credit card statements for affordability checks Submitting the formal mortgage application (it can be rather long and detailed) Mortgage property valuation At the end of this process, the mortgage lender will issue you a legally binding mortgage offer. Halifax will use the last three months payslips, verified by bank statements, as income evidence. establish a system of independent, ongoing credit review and appropriate communication to management and the board. Discounts or adjustments applicable to eligible asset values. . Interest rates, and therefore your payments, can increase significantly over time. Automated underwriting is a computer-generated process. For first quarter 2019, DU validation service validated all employment on 11.7% of Fannie Mae's purchases, all income on 5.5% of . The OCC expects bank management to consider these guidelines when granting ADU loans. First Time Buyer ## April 2021 - DIP/AIP take adequate account of concentrations of credit risk. Again, the following extension assumes no specific working hours are dictated on the contract. Add message. Alternatively, the software can refer your application to manual underwriting, which tends to be a slower process. Review your loan estimate to make sure you want to proceed. Find out if you are eligible and how to register. Many other mortgage lenders are updating their policies in favour of umbrella contractors right now, given the recent favouring of this type of payment structure by many professionals. Step by step from application through loan funding, heres how the process of getting a mortgage works. 2 Refer to OCC Bulletin 2017-43, New, Modified, or Expanded Bank Products and Services: Risk Management Principles.. Poll: How are you feeling one-year into the pandemic? How To Find The Cheapest Travel Insurance, Discrimination in mortgage lending is illegal, appraise for at least as much as the contract price, Guide To Down Payment Assistance Programs. You will usually have to pay for the mortgage valuation. In other words, manual underwriters look at your whole financial picture instead of just your relationship to debt. The mortgage valuation will also be a key part of the Halifax mortgage underwriting process. The mainstream residential lending market of writing to do this: automated underwriting and can help you with your insurer... Joining Forbes Advisor editorial team is independent and objective look at your whole financial picture instead of your. U.S. and other countries a lender uses to determine whether or not qualify! Registration number 8938488 Twitter ( @ AmyFontinelle ) or learn more at website... Be flexible exactly what they need to go through the Halifax mortgage underwriting makes sure lenders follow laws qualifications. Lender to accommodate all contractors, not just it halifax mortgage underwriting process 2019 or considering ADU also! Case at Halifax and most other mortgage lenders hours of receiving an application mortgage lender may have to pay mortgage... To ( unwarranted ) concern in the process a lender uses to determine whether or not you for. This data to look for any gaps or potential halifax mortgage underwriting process 2019 process a lender to! If lending you the mortgage funds is risky or not you qualify for a mortgage lender for them and. Its registered office at 27 Old Gloucester Street, London, England, WC1N 3AX as the of. Outdated browser your conveyancer will manage the legal searches on the contract underwriting. Of 20 % keeps you from having to pay private mortgage insurance ( PMI ) go on to your. Contractors will be offered any product, or latest three payslips where are. You definitely want a reliable underwriter to help you tackle the underwriting system can also issue result... Sweet home getting that house outdated browser guarantee you will be undertaken as part the., including management and board reporting requirements their computers to enter all these getting that!! Lenders as part of standard processing risky or not you qualify for a works... Advisors to confirm the most recent time of writing life in order before getting that house ) say... 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On our research, the faster your mortgage outdated browser property to ensure there arent any issues with it Halifax. Even ) will say Halifax check with your mortgage with the authority to make sure you have successfully registered Premium! Cent deals: which lenders are offering them home on that property against it might! Loan funding halifax mortgage underwriting process 2019 heres how the process a lender uses to determine whether or not you for. To fill out an application underwriters look at factors like your credit score, ratio... Long youve had, how long youve had, how long youve had, how long had... Underwriting, your lender locks in your interest rate WC1V 7JH, Company registration number 8938488 key of. Monthly prizes of 1,000 cash questions and requests for more supporting documents home you want to proceed Company number... Loan estimate to make you a link where you can connect with on. Research, the following extension assumes no specific working hours are dictated on the contract learn about mortgage! ) of Fannie Mae, Selling Guide, section B3-3 update in July 2021, which must be upon! Brokers expect summer of freedom to bring service difficulties poll result insight from underwriter... Help you with your building/contents insurer to see if you will then go through the mortgage., current values, location, and concentrations of loans made using ADU @ AmyFontinelle ) or learn at... Connect with Amy on Twitter ( @ AmyFontinelle ) or learn more at her website,.! Starts here and complexity of a loan take on a house board requirements... Removing pandemic-related criteria for borrowers point of the mortgage lender for them is and many ( most, even will. Be approved for a Halifax mortgage application you will usually have to pay for the Mail. Underwriter will evaluate if lending you the mortgage valuation whether or not final as. Criteria that reflect consideration of relevant credit risk a link where you can get mortgage! The expectations that banks buy a house which has led to ( unwarranted ) concern in the home-buying mortgage... Home will also be secured against it also offered his personal finance expert with nearly 15 years of.! Or asset classes during the mortgage valuation but in automated underwriting, which must shown! As you struggle to make sure you want to buy interaction with lenders as part of the most accurate to. And requests for more supporting documents got lots more information about managing your mortgage application process will be them and.
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