For the Closing Disclosure, they are H-25(A) and (H) through (J), and H-28 (F) and (J). For more information on high cost mortgages, see Regulation Z, 12 CFR 1026.31, .32, and .34. D (which will be covered in Part III), there is some specific guidance which was incorporated into 12 CFR 1026.19, 1026.37, & 1026.38 as well. 2. 82 Federal Register 37,761-62. For example, if the APR and finance charge are overstated because the interest rate has decreased, the APR is considered accurate. Section 1026.19(e)(3)(iv)(F): Optional Disclosure for New Construction Loans. I have tried to advise the team it wouldn't be necessary to go back and do additional early disclosures for the co-borrower since the primary borrower was already provided the disclosures. 12 CFR 1026.19(e)(1)(iii). If the consumer receives only one copy of the Closing Disclosure and the creditor requires the consumer to sign and return that copy, then the consumer has not received the Closing Disclosure in a form that the consumer may keep and the requirements of 1026.38(t)(1)(i) have not been met. adding a borrower to an existing mortgage application trid. See 12 U.S.C. Comment 37(g)(6)(ii)-2. For purposes of this calculation, interest is the total the consumer will pay towards interest on the loan and includes prepaid interest, sometimes referred to as odd-days or per diem interest. However, a creditor must disclose a closing cost and related lender credit on the Loan Estimate if the creditor is offsetting a cost charged to the consumer. 16 3.3 Can a creditor use the new Integrated Disclosures for applications . The CFPB recently issued two factsheets regarding the Equal Credit Opportunity Act (ECOA) and Regulation B provisions that require creditors to provide the applicant with a copy of any written appraisal or other valuation developed in connection with an application for a first lien mortgage loan to be secured by a dwelling (ECOA Valuations Rule). Thus, a creditor that offsets a set dollar amount of costs (without specifying which costs it is offsetting) is providing a general lender credit, not a specific lender credit. Comment 2(a)(3)-1. For example, the regulatory text provides that the percentage amount required to be disclosed on the Loan Estimate line labeled Prepaid Interest ( ___ per day for __ days @__ %) is disclosed by rounding the exact amount to three decimal places and then dropping any trailing zeros that occur to the right of the decimal point. The creditor may simply provide a pre-approval or a pre-qualification letter in compliance with the creditors practices and applicable law. This means that, for most types of changes, the creditor can consummate the loan without waiting three business days after the consumer receives the corrected Closing Disclosure. Our Top Picks for Best VA Loan Lenders. 5. 7. 12 CFR 1026.37(o)(1)(i), 38(t)(1)(i). 1639. Law No. A disclosed APR is accurate under Regulation Z if the difference between the disclosed APR and the actual APR for the loan is within an applicable tolerance in Regulation Z, 12 CFR 1026.22(a). That amount must be disclosed under 1026.38(g)(2) as a negative number. This total (i.e., negative number) must also be disclosed as Lender Credits in the Estimated Closing Costs portion of the Costs at Closing table on the bottom of page 1 of the Loan Estimate. Unless the change is one of the three types of changes discussed below, it is sufficient if the consumer receives the corrected Closing Disclosure at or before consummation. Mortgage applications received on or before October 2, 2015 will use the previous disclosures. See 78 Federal Register 79730, 79768 (Dec. 31, 2013). Yes. For example, if after receiving the pre-qualification letter, the consumer submits the property address (i.e., the sixth of the six pieces of information that constitute an application under the TRID Rule), the creditor is obligated to ensure the Loan Estimate is provided to the consumer by the third business day after submission of the property address. adding a borrower to an existing mortgage application trid adding a borrower to an existing mortgage application trid vo 9 Thng Su, 2022 vo 9 Thng Su, 2022 adding a borrower to an existing mortgage application trid adding a borrower to an existing mortgage application trid. 4. Comment 37(g)(6)(ii)-1. Thus, a creditor could claim the safe harbor by disclosing the interest rate on the Prepaid Interest line by including two trailing zeros, or otherwise could comply with 1026.37(o)(4)(ii) by rounding the exact amount to three decimal places and dropping any trailing zeros that occur to the right of decimal point. 2022; June; 9; adding a borrower to an existing mortgage application trid; adding a borrower to an existing mortgage application trid We have a newly added co-borrower requesting all early disclosures along with the LE be re-disclosed with their name added as well. Generally, creditors of housing assistance loans, if covered by the TRID Rule, must provide these disclosures. Keep in mind that adding a co-borrower means you are both equally responsible for mortgage payments and typically share ownership of the home. A changed circumstance only involves an increase in fees. Adding a co-borrower to a mortgage loan isn't as simple as calling your mortgage company and making a request, and you can't add a co-borrower without refinancing the mortgage. Similarly, amounts that a creditor collects from a consumer, holds for a period of time, and then returns to the consumer later are not lender credits because, in substance, the funds are provided by the consumer rather than the creditor. Section I: Type of mortgage and terms of loan. For Mortgages, we use Calyx Point. When including lender credits in the total disclosed on the Loan Estimate, the creditor should ensure that the lender credits are sufficient to cover the costs the creditor represented would be offset. 2. Payments of interest are the total the consumer will pay towards interest on the loan through the end of the loan term and includes prepaid interest. 12 CFR 1026.38(s)(1), 19(f)(1)(ii)(A), and 38(t)(1)(i). As discussed in the FAQs above, if the APR disclosed pursuant to the TRID Rule becomes inaccurate, the creditor must ensure that a consumer receives the corrected Closing Disclosure at least three business days before consummation of the transaction. Thank you both for setting me straight and informing me that we can add this fee to the loan costs. 12 CFR 1026.37(g)(6)(ii). The regulatory text and commentary for various TRID Rule provisions use the term lender credit or lender credits. See, for example, 12 CFR 1026.19(e)(3)(iv)(D), 1026.37(a)(13)(ii), 1026.37(d)(1)(i)(D), 1026.37(g)(6)(ii), 1026.38(d)(1)(i)(D), 1026.38(e)(2)(iii)(A), 1026.38(f), 1026.38(h)(3), and 1026.38(t)(5)(ii). To disclose lender credits on the Loan Estimate, the creditor must add together the amounts of all general and specific lender credits. Appendix H to Regulation Z also includes non-blank model forms. See Section 11.7 of the Small Entity Compliance Guide for more information about the modifications allowed when separating the seller and consumers Closing Disclosures. TRID simplifies the information by combining the four forms into two easy-to-understand documents: the loan estimate, which informs the borrower of important information (such as the interest rate . 12 CFR 1026.19(f)(2)(ii). Some places will send out the notice when they use such an action to clear the loan out of the system. To illustrate, assume a creditor will require an appraisal, credit report, flood determination, title search, and lenders title insurance policy in connection with a particular mortgage loan transaction. The TRID Rule also changed some post-consummation disclosures: the Escrow Cancellation Notice (Escrow Closing Notice) and Mortgage Servicing Transfer Notice Partial Payment Policy Disclosure (Partial Payment Policy Disclosure). Cuando se ampla, se proporciona una lista de opciones de bsqueda para que los resultados coincidan con la seleccin actual. The total of all general and specific lender credits is disclosed as a negative number, and labeled as Lender Credits in Section J: Total Closing Costs on page 2 of the Loan Estimate. In order for a lender to consider removing a co-borrower in a modification, the lender would need to see compelling evidence . It must also be included in the amount disclosed as Lender Credits in the Estimated Closing Costs portion of the Costs at Closing table on the bottom of page 1 of the Loan Estimate. Integrated Mortgage Disclosures under the Real Estate Settlement Procedures Act and the Truth In Lending Act (TRID) and section 501(e) of the Housing Act of 1949, as amended. Comment 17(c)(6)-2. 12 CFR 1026.37(g)(2)(iii) and (o)(4)(ii). 12 CFR 1026.19(f). Comment 17(c)(6)-2. The TRID Rule requires that the Closing Disclosure include all costs incurred in connection with the transaction. Divorcing couples, for example, can split up the marital home with a refinance. The Total of Payments disclosure is the total, expressed as a dollar amount, of: that the consumer will have paid after making all payments related to the mortgage. If a creditor is providing lender credits to offset specific closing costs charged to the consumer, whether some or all of these closing costs, the creditor is providing one or more specific lender credits. When calculating the Total of Payments, if the loan includes negative prepaid interest, it is accounted for as a negative number. 52 HMDA Filing Questions Answered by Compliance Experts. 5. 12 CFR 1026.19(f)(2)(ii). Comment 38(o)(1)-1. My bank, too, sends out the "withdrawn notice" to the applicant.more as file documentation than anything else. When a borrower requests to add land to the real property securing the mortgage loan, the servicer must ensure that the borrower submits a complete Application for Release of Security ( Form 236 ). You can assume lower interest rates than what you qualify for on your own. adding a borrower to an existing mortgage application trid . Conversely, a creditors pre-approval process may entail a consumer submitting five (or fewer) of the six pieces information that constitute an application for purposes of the TRID Rule, other pieces of information about the consumers credit history and the collateral value, and some verifying documents. pro image sports return policy . adding a borrower to an existing mortgage application trid . For example, a creditor that rebates $500 of the consumers closing costs (without specifying which closing costs it is rebating) is providing a general lender credit. 19 4.3 Does a creditor have an option to use the new Integrated Disclosure forms for a transaction not covered by the TILA-RESPA rule? Responsible for providing 100% customer service . Can a creditor require a consumer to sign and return the Loan Estimate or Closing Disclosure? www.consumercomplianceoutlook.org/2011/first-quarter/mortgage-disclosure-improvement-act/. I guess you could make a case for that, but in the eyes of the borrower, they are likely just looking to "add-on" to the existing application. For example, the letter may need to comply with 12 CFR 1026.19(e)(2)(ii) depending on its content and when it is provided to the consumer. As you have said, on TV bad news is Section 109(a) of the 2018 Act, which is titled No Wait for Lower Mortgage Rates, amends Section 129(b) of the Truth in Lending Act (TILA). is made by a creditor as defined in Regulation Z, 12 CFR 1026.2(a)(17); is secured in full or in part by real property (a construction loan may be secured by both real and personal property) or a cooperative unit; is a closed-end, consumer credit (as defined in 1026.2(a)(12)) transaction; is not exempt for any reason listed in 1026.3; and. When you code a Withdrawal in our LOS, it generates an AAN. You could re-issue the LE within 3 business days of the co-borrower being added (i'm assuming it was at the request of the applicants) to add a 2nd credit report fee.is that the question? Nor is it a loan involving a home for which a use and occupancy permit has been issued prior to the issuance of a Loan Estimate. 12 CFR 1026.37(g)(6)(ii), comment 37(g)(6)(ii)-1. Rocket Mortgage - Best Refinance Lender Overall. adding a borrower to an existing mortgage application trid. 15 U.S.C. Would there be any regulatory-repercussions should we regenerate the disclosures? 1. For transactions subject to the TRID Rule, an application consists of the submission of the following six pieces of information: If the consumer submits these six pieces of information, the requirement to provide a Loan Estimate is triggered, and the creditor must ensure that the Loan Estimate is delivered or placed in the mail within three business days. Filing and reporting HMDA data is an essential, required step in the fair lending compliance process, and many financial institutions have questions about it. Comment 38(h)(3)-1. 1026.19(e)(3)(iv)(F) (for new construction only). The safe harbor applies even if the model form does not reflect the changes to the regulatory text and commentary that were finalized in 2017. Once the consumer submits the sixth piece of information that constitutes an application for purposes of the TRID Rule, the requirement to provide the Loan Estimate is triggered. For example, amounts that a creditor collects from a consumer, holds for a period of time, and then applies to cover closing costs are not lender credits because, in such cases, the creditor is not providing anything to the consumer. For discussion of which disclosures are required, see TRID Housing Assistance Loans Question 4. On Oct. 3, 2015, new integrated Truth in Lending and RESPA disclosures take effect for most residential real estate transactions. Site Management adding a borrower to an existing mortgage application trid In such cases, the absorption of the cost or charge would not offset an amount paid by the consumer. For example, assume that an existing closed-end mortgage loan (obligation X) is satisfied and replaced by a new closed-end mortgage loan (obligation Y). Are there special disclosure provisions for construction-only or construction-permanent loans under the TRID Rule? June 14, 2022. A general lender credit includes a credit, rebate, reimbursement, or similar payment from a creditor to the consumer that offsets all or part of the closing costs but without specifying the particular closing cost or costs that are being offset. However, assuming a VA loan requires you to pay only 0.5% as processing fees. 3. The BUILD Act does so by amending the underlying statutes for the TRID Rule (i.e., TILA and RESPA). How are lender credits disclosed on the Closing Disclosure? 1604(b). An excess charge is a charge that exceeds the applicable good-faith tolerance limitations set forth in 12 CFR 1026.19(e)(3). Comment 38(h)(3)-1. 1. For example, if the creditor discloses a $750 estimate for lender credits on the Loan Estimate, but only $500 of lender credits is actually provided to the consumer, the actual amount of lender credits provided is less than the estimated lender credits disclosed on the Loan Estimate, and is therefore, an increased charge to the consumer for purposes of determining good faith under 12 CFR 1026.19(e)(3)(i). In April 2020, the Bureau issued an interpretive rule providing COVID-19 pandemic guidance. On the Closing Disclosure, the general lender credit must be included as a negative number in the amount disclosed as Lender Credits in Section J under the Total Closing Costs (Borrower-Paid) subheading on page 2 of the Closing Disclosure, and in the amount disclosed as Lender Credits in the Closing Costs portion of the Costs at Closing table on the bottom of page 1 of the Closing Disclosure. If the creditor is offsetting all or a portion of the costs that are being charged to the consumer, but not offsetting charges for specific settlement services, see TRID Lender Credit Question 9. Negative prepaid interest can result if consummation occurs after interest begins accruing for periodic payments. Comment 17(c)(6)-2.Generally, a loan, including a construction-only and construction-permanent loan, is covered by the TRID Rule if it meets the following coverage requirements: More information on the coverage of the TRID Rule and disclosing Construction Loans is available in Section 4 and Section 14, respectively, of the TILA-RESPA Rule Small Entity Compliance Guide . The credit contract provides that it does not require the payment of interest. If I can't get the applicant to bring in tax returns for verification, then I would have to deny for incompleteness. It depends on the type of change. 5531, 5536. Adding/removing a borrower Correcting a spelling error in a key item such as borrower name Removal of PMI Change in Loan Product or Term Change in APR Increase in fee that is not subject to 0% or 10% tolernace Decrease in any fee whatsoever (except lender credit) Increase in fee subject to 10% tolerance when change is within 10% For withdrawn files, Calyx includes a box to check that states "withdrawn" in the list of denial reasons. Apples and oranges. How can you call it a withdrawn if the borrower never stated a desire to withdraw the loan? Can creditors require consumers to submit verifying documents in order for the consumer to receive a Loan Estimate? Better - Best for Fast Closing Time. Consumers may voluntarily submit such information and documents prior to receiving a Loan Estimate. Disclosures Rule. For other types of changes, a creditor is not required to ensure that the consumer receives a corrected Closing Disclosure at least three business days before consummation, but is required to ensure that the consumer receives a corrected Closing Disclosure at or before consummation. For the Closing Disclosure, they are H-25(B) through (G) and H-28(G) and (H). Answer: There aren't any issues. Therefore, Section 109(a) of the 2018 Act did not create an exception to the waiting period requirement under TILA Section 128, and does not affect the timing for consummating transactions after a creditor provides a corrected Closing Disclosure under the TRID Rule. As much as I would love to start anew, the loan officer is not wanting to go that direction. The creditor must also include a corresponding total amount (as a negative number) in the amount disclosed as Lender Credits in Section J: Total Closing Costs on page 2 and in the amount disclosed as Lender Credits in the Estimated Closing Costs portion of the Costs at Closing table on the bottom of page 1 of the Loan Estimate. Additionally, both initial construction and subsequent construction can be covered by the TRID Rule. This requirement arises from TILA Section 128, 15 U.S.C. If that's still what's being discussed, a mention of Regulation C -- HMDA -- is a red herring. Typically, mortgage interest is paid one month in arrears meaning that, for example, if the first scheduled periodic payment due is on November 1st, it will cover interest accrued in the preceding month of October. The partial exemption in the BUILD Act, which took effect on January 13, 2021, also exempts transactions from the requirement to provide the Loan Estimate and Closing Disclosure if creditors opt to meet certain criteria, which are similar but distinct from Regulation Z Partial Exemption criteria. The partial exemption in Regulation Z exempts transactions from the requirement to provide the Loan Estimate and Closing Disclosure if creditors opt to provide the TIL disclosures and meet the five other criteria for the partial exemption (see TRID Housing Assistance Loans Question 2, above). The actual total amount of lender credits, whether specific or general (i.e., non-specific), provided by the creditor that is less than the estimated lender credits disclosed on the Loan Estimate is an increased charge to the consumer for purposes of determining good faith under the TRID Rule. The total of the general lender credits must also be disclosed as Lender Credits in the Closing Costs portion of the Costs at Closing table on the bottom of page 1 of the Closing Disclosure. For example, a creditors pre-approval process may entail a consumer to submitting the six pieces of information that constitute an application for purposes of the TRID Rule, additional pieces of information about the consumer's credit history and the collateral value, and some verifying documents. The TRID Rule amended the text of Appendix D and the commentary to both pre-existing provisions. If a consumer submits the six pieces of information that constitute an application for purposes of the TRID Rule to obtain a pre-approval or pre-qualification letter for a mortgage loan subject to the TRID Rule, the creditor is responsible for ensuring that a Loan Estimate is provided to the consumer within three business days of receipt of the last of the six pieces of information. Basic knowledge of Fannie Mae, Freddie Mac, and FHA guidelines. A creditor may include the signature line and require the consumer to sign the disclosure, but only if the consumer receives the disclosure in a form that they may keep. The questions and answers below pertain to compliance with the TILA-RESPA Integrated Disclosure Rule (TRID or TRID Rule). Can a creditor provide the Loan Estimate and Closing Disclosure for a loan that qualifies for the BUILD Act Partial Exemption? Success in managing the entire mortgage process, from application to closing. 12 CFR 1026.19(e)(2)(iii); comment 19(e)(2)(iii)-1. The fact that a consumer submits the six pieces of information to obtain the pre-approval or the pre-qualification letter does not change the obligation to ensure a Loan Estimate is provided. 12 CFR 1026.37(d)(1)(i). You'll then . The consumers social security number to obtain a credit report; An estimate of the value of the property; and. Ce bouton affiche le type de recherche actuellement slectionn. In addition to the delivery period we discussed in our previous video, lenders must ensure the borrower receives the Closing Disclosure no later than three business days before consummation. Section 1026.19(e)(3)(iv)(F) permits creditors, in certain instances involving new construction, to use a revised estimate of a charge for good faith tolerance purposes. The three special provisions listed above for construction-only or construction-permanent loans work in conjunction with the other generally applicable disclosure provisions of the TRID Rule. The statement, You may receive a revised Loan Estimate at any time prior to 60 days before consummation under the master heading Additional Information About This Loan and the heading Other Considerations pursuant to 1026.37(m)(8) satisfies these statement requirements. This disclosure is total the consumer will have paid after making all scheduled payments of principal, interest, mortgage insurance, and loan costs through the end of the loan term. adding a borrower to an existing mortgage application trid. 1638, and is separate and distinct from the waiting period requirement in TILA Section 129(b). Yes. 12 CFR 1026.19(f)(2)(i). Il permet de dtailler la liste des options de recherche, qui modifieront les termes saisis pour correspondre la slection actuelle. 15 U.S.C. Your debt-to-income (DTI) ratio is an important factor that lenders look at when deciding whether to approve your loan application. From bankers. Both construction-only loans (i.e., usually shorter term loans with several fund disbursements where the consumer pays only accrued interest until construction is completed) and also construction-permanent loans (i.e., construction loans that convert to permanent financing once construction is completed in which the loan amount is amortized just as in a standard mortgage transaction) can be covered by the TRID rule if the coverage requirements are met. More information on good faith tolerances, 1026.17(c)(6) and Appendix D for Construction Loans is available in Section 7 and Section 14 of the TILA-RESPA Rule Small Entity Compliance Guide . The best way to ensure a timely close is to select a qualified mortgage loan officer who thoroughly understands how TRID works and can explain every step of the process to you. 1. If the creditor is incurring closing costs, but will not be charging the consumer for some or all of the closing costs at or before consummation (i.e., the creditor is absorbing closing costs), see TRID Lender Credit Questions 3 and 4. Can creditors require consumers to provide additional information (other than the six pieces of information that constitute an application under the TRID Rule) in order to receive a Loan Estimate? 12 CFR 1026.19(f)(1)(ii)(A). Additional information related to APR accuracy is available in the Federal Reserves Consumer Compliance Outlook, First Quarter 2011 available at: www.consumercomplianceoutlook.org/2011/first-quarter/mortgage-disclosure-improvement-act/ . Additionally, both initial construction and subsequent construction can be covered by the TRID Rule. For example, in cases where the timing of advances or the amount of advances in the construction phase is unknown at or before consummation, Appendix D provides methods to estimate the amounts used for the disclosure of periodic payments for the loan, which typically are interest-only payments for the construction phase, or the disclosure of amounts based on the periodic payment. However, even if covered by the TRID Rule, housing assistance loan creditors may opt to meet the criteria for one of two partial exemptions from the requirement to provide the Loan Estimate and Closing Disclosure. For more information on the criteria for the BUILD Act Partial Exemption, see TRID Housing Assistance Loans Question 3, above. Non-specific lender credits are also called general lender credits. Navy Federal Credit Union . These blank model forms for the Loan Estimate are H-24(A) and (G) and H-28(A) and (I). A creditor must ensure that a consumer receives an initial Closing Disclosure no later than three business days before consummation. Alternatively, the TRID Rule does not prohibit creditors from including amounts for costs that the creditor absorbs (i.e., does not charge the consumer) when the creditor is disclosing Lender Credits in the Total Closing Costs section of the Loan Estimate. These rules specify the mortgage information lenders must provide to borrowers and when they need to send it. 12 CFR 1026.37(d)(1)(i)(D) and 1026.37(g)(6)(ii). A commenter noted that the proposed rule established the replacement index for mortgages with an existing adjustable interest rate indexed to LIBOR in 206.21 (b) (1) (ii) (B), but the commenter noted that 206.21 (b) (1) addresses annually adjustable HECM ARMs, whereas monthly adjustable HECMs are primarily addressed in 206.21 (b) (2). However, those partial exemptions do not affect other required disclosures, such as the Escrow Closing Notice. However, on page 2 of model form H-24(C), section F, the interest rate disclosed on the line for prepaid interest includes two trailing zeros that occur to the right of the decimal point. Since the loan already exists, you will need to refinance the mortgage in order to add an additional borrower's name. Regardless of which set of disclosures the creditor chooses to providethe Loan Estimate and Closing Disclosure or, alternatively, the GFE, HUD-1, and TIL disclosuresthe creditor must comply with all applicable disclosure requirements pertaining to those disclosures. If the creditor is offsetting some or all of the costs for specific settlement services that are being charged to the consumer in connection with the loan, see TRID Lender Credits Question 8. When expanded it provides a list of search options that will switch the search inputs to match the current selection. This can also prevent you from paying high closing and appraisal fees. There's no requirement that both borrowers receive a loan estimate or (except in the case of a co-borrower who has a right to rescind) closing disclosure. In some cases, a loan may have a negative amount for prepaid interest disclosed under 1026.38(g)(2), sometimes referred to as a prepaid interest credit. The disclosure is the sum of the amounts paid through the end of the loan term and assumes that the consumer makes payments as scheduled and on time. It's time to For example, the letter may need to comply with 12 CFR 1026.19(e)(2)(ii) depending on its content and when it is provided to the consumer. On May 14, 2021, the Bureau released frequently asked questions on housing assistance loans and how the BUILD Act impacts TRID requirements for these loans. If the exact amount is not known, the creditor must estimate the costs based on the best information reasonably available to the creditor at the time that it provides the Loan Estimate to the consumer. More information on disclosing the Total of Payments is available in Section 3.6.1 of the TILA-RESPA Rule Guide to Forms . One money-saving feature here is that Rocket Mortgage does not require private mortgage insurance on Jumbo Smart loans. Rocket Mortgage: Best Online Loan Lender. Yes. Originate conventional, jumbo, FHA, VA loans nationwide. If a changed circumstance or other triggering event causes a lender credit to decrease, the creditor is not subject to a tolerance violation, assuming the other requirements for resetting tolerances are met. A complete application must include all information and documentation required per the form. Compliance. 12 CFR 1026.38(f); Comments 38(o)(1)-1 and 37(l)(1)(i)-1. See also, discussion of the BUILD Act Partial Exemption, discussed in TRID Housing Assistance Loan Question 3, below. adding a borrower to an existing mortgage application trid 08 Jun. For example, assuming that the interest rate for the transaction being disclosed is four percent, the creditor could claim the safe harbor by disclosing 4.00% (consistent with the model form) although it also could disclose 4% (consistent with the regulatory text and commentary).

Northland Rugby Centurions, Articles A