:T drive, Mortgage Operations Winona, Manual: Chapter 10 Revised 2/16/16

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1 Chapter 10 Mortgage Loan Products... 2 Fixed-Rate Mortgage Loans... 2 Construction to Permanent Loans... 2 Manufactured Housing... 3 Manufactured Housing Land & Home Ownership Requirements... 3 Condominiums... 4 Planned Unit Developments (PUDs)... 7 Mortgage Insurance Information... 7 Rural Development Guaranteed Loans... 8 Fannie Mae Only HomeReady Mortgage Freddie Mac Only Adjustable Rate Mortgages Adjustable Rate Mortgage Loans (ARM) Home Possible Home Possible Advantage

2 Chapter 10 Mortgage Loan Products Fixed-Rate Mortgage Loans Features Fannie Mae and Freddie Mac purchase a variety of fixed-rate mortgages (new originations and seasoned loans) for borrowers who want a stable monthly payment over the life of their loan. Fixed-rate mortgages protect borrowers from interest rate increases and provide a predictable payment and amortization schedule. Available from a 10-year amortization up to a 30-year amortization, it gives the borrower the option of a or 20-year mortgage to build equity more quickly or take advantage of the lower monthly payment with a 30-year mortgage. Please refer to the Product Matrix in Chapter 9 for additional eligibility guidelines. All Loan Level Price Adjustments may be found in Chapter 11, LTV and LLPA charts. See Fannie Selling Guide and Freddie Seller Servicer Guide for detailed information. Construction to Permanent Loans Two-Closing Transactions Please refer to the Product Matrix in Chapter 9 for additional eligibility guidelines. All Loan Level Price Adjustments may be found in Chapter 11, LTV and LLPA charts. See Fannie Selling Guide and Freddie Seller Servicer Guide for detailed information. Two-closing construction to permanent mortgage transactions utilize two separate loan closings. The first closing is for the construction financing which is originated, disbursed, and held at the originating bank; and the second is the end loan used to pay off the interim construction loan. The permanent financing can be closed as a limited cash-out or a cashout refinance transaction. The end loan will be serviced by Merchants. The borrower must have held title to the lot for at least six months prior to the closing of the permanent mortgage for cash-out transactions. Mortgages must be submitted as construction-permanent through Desktop Underwriter and receive an Approve/Eligible recommendation, or through LP as a no cash-out or cash-out and receive an Accept/Eligible. The appraised value will be used to determine the LTV. The subject property should be listed in the REO section of the application and should show refi of current residence for primary residences or subject of the loan for a second home. Verification documents are good for 120 days. The construction of the subject property must be completed prior to delivery of the mortgage. A copy of the construction HUD should be provided with the end loan to verify all short-term financing guidelines have been met. Ineligible loans: *Manufactured Homes *Investment Properties *Condominiums *One-time closing transactions See Construction Examples and Tips in the Manuals tab on the Merchant Bank landing page. 2

3 Manufactured Housing A manufactured home is defined as any dwelling unit built on a permanent chassis and attached to a permanent foundation system, to include connection to a septic tank, sewage system or public sewer and other utilities in accordance with local, state, and federal requirements. Please refer to the Product Matrix in Chapter 9 for additional eligibility guidelines. All Loan Level Price Adjustments may be found in Chapter 11, LTV and LLPA charts. See Fannie Selling Guide and Freddie Seller Servicer Guide for detailed information. Manufactured Housing Land & Home Ownership Requirements Cash-Out In order to do a cash-out on a manufactured home, the borrower must have owned the land and the home for at least 12 months. If they do not meet both of these conditions, the loan is not eligible. Limited Cash-Out Purchase or Limited Cash- Out without 12 months of Ownership When doing a limited cash-out and the borrowers have owned the home and the land for 12 months, the appraised value will be used in determining the LTV. If the borrowers have not owned both the home and the land for 12 months, the lender will need to document the acquisition costs. The lower of the acquisition costs or the appraised value will be used in determining the LTV. When doing a purchase or limited cash-out and the borrower has not owned both the home and the land for 12 months, the lender will need to provide the appraiser with a copy of the executed Purchase Agreement for the manufactured home and land. If the home and the land are being purchased separately, the appraiser will need both Purchase Agreements. The lender must provide the appraiser with a copy of the dealer invoice if the manufactured home is new. The appraiser must analyze the purchase contract(s) and summarize his/her analysis in the appraisal report. 3

4 Manufactured Housing Eligibility Requirements The certificate of title to the manufactured home must be surrendered to the appropriate government authority. The home must be attached to a permanent foundation on the land and comply with state and jurisdictional requirements for affixation. A mortgage, deed of trust or security deed must be recorded in the land records and must identify the encumbered property as including both the home and the land and both must be classified as real property. Primary residence and second homes only. Manufactured homes built prior to June 15, 1976 are ineligible. Single wide manufactured homes are not eligible. Homes must be at least 600 sq. ft. in gross living area. The unit must have not have been previously installed or occupied at any other site or location (except at the dealer s lot as a new unit). Manufactured homes that have an addition or have had a structural modification are eligible under certain conditions. If the state in which the property is located requires inspection by a state agency to approve modifications to the property, then the lender is required to confirm that the property has met the requirement. However, if the state does not have this requirement, then the property must be inspected by a licensed professional engineer who can certify that the addition or structural changes were completed in accordance with the HUD Manufactured Home Construction Safety Standards. Condominiums Please refer to the Product Matrix in Chapter 9 for additional eligibility guidelines. All Loan Level Price Adjustments may be found in Chapter 11, LTV and LLPA charts. See Fannie Selling Guide and Freddie Seller Servicer Guide for detailed information. Project bylaws, declarations and the Condominium Limited Review Warranty and Checklist form (which is available in the documents tab on Merchants Bank Landing page) should be provided with your underwriting package submission along with liability, HO6 and fidelity insurance (if applicable). Project Types New Projects Less than 90% of the total units have been conveyed to the unit purchasers; OR Project is not fully completed; OR HOA control is not turned over to unit owners 4

5 Established Projects 90% or more of the total units in the project have been conveyed to the unit purchasers; AND Project is 100% complete; AND HOA control turned over to unit owners If any of these three requirements are not met, then the project would be considered new. Ineligible Projects Condotels any project that is managed and operated as a hotel or motel, even though the units are owned individually; Projects with non-residential or commercial space that exceeds 25% Investment securities projects that have documents on file with the Securities and Exchange Commission, or projects where unit ownership is characterized or promoted as an investment opportunity; Common interest apartments any project or building that is owned by several owners as tenants-in-common or by a homeowners association in which individuals have an undivided interest in a residential apartment building and land, and have the right of exclusive occupancy of a specific apartment in the building; Timeshare or segmented ownership projects; Houseboat projects; Multi-dwelling unit condominiums; Condominium projects that represent a legal, but non-conforming, use of the land, if zoning regulations prohibit rebuilding the improvements to current density in the event of their partial or full destruction; Any project for which the owner s association is named as a party to current litigation or, for any project that has not been turned over the association or corporation, for which the project sponsor or developer is named as a part to current litigation that relates to the project; Any project for which a single entity owns more than 10% of total units in the entire project (21 units or more), or owns more than 1 unit in a project with 2 to 4 units, or 2 units in a project with 5 to 20 units. New projects where the seller is offering sale or financing structures in excess of Fannie or Freddie eligibility policies (for example, builder/developer contributions, sales concessions, HOA assessments, payment abatements, or contributions not disclosed on the HUD) Projects with mandatory upfront or periodic membership fees for the use of recreational amenities (membership fees paid for the use of recreational amenities owned exclusively by the HOA or master association are acceptable). Projects that are managed and operated as a hotel or motel, even though the units are individually owned. Projects with covenants, condition, and restrictions that split ownership of the property or curtail an individual borrower s ability to utilize the property. Any project that is owned or operated as a continuing care facility. Projects with non-incidental business operations owned or operated by the HOA including but not limited to a restaurant, spa or health club. 5

6 Condominium Review Processes Limited Review Use a limited review when: Findings indicate file is eligible for a limited review All established PUD and condominium projects are eligible New attached PUD projects eligible New detached condominium projects are eligible The limited review consists of the following: Project is not an ineligible project the mortgage may not be secured by a manufactured home the units, common areas, and facilities must be 100% complete the project must meet insurance requirements The file must be submitted with a Limited Review Warranty and Checklist completed by the HOA and signed by the HOA and the lender. Note: Mortgages secured by attached condominium units that are investment properties are not eligible for a limited review. New attached condominium projects are also ineligible. CPM Expedited Review Used to provide lender specific acceptance for attached and detached, new and established, and 2 4 unit condo projects (all condo projects except manufactured homes) not PUD s. Projects are entered into Condo Project Manager based on information contained in the appraisal and on the Condominium Certification and Warranty. complete Condominium Certification and Warranty provide HOA budget for all projects (except 2-4 unit projects). The budget must be adequate and provide for the funding of replacement reserves for capital expenditures and deferred maintenance (at least 10% of budget), and provide for adequate funding of insurance deductibles. For an established project, no more than 15% of HOA payments can be more than 1 month delinquent CPM determines project eligibility. Merchants Bank Underwriter will submit the file through CPM as part of the underwriting process. The file must be submitted with an appraisal and a completed Condominium Certification and Warranty. 6

7 Planned Unit Developments (PUDs) New Projects Planned Unit Developments that are still under the control of the developer regardless of their construction status (proposed construction, under construction, or completed construction). Established Projects Planned Unit Developments in which control of the owners association has been turned over to the unit purchasers. There is no specific length of time that the unit purchasers must have been in control. General Guidelines for Submission If the subject property is a detached unit, no project reviews are necessary. The individual unit securing the mortgage must be substantially complete. Mortgage Insurance Information All conventional loans with a loan to value greater than 80% must qualify for mortgage insurance according to the mortgage insurance investor guidelines. These guidelines are separate from Fannie Mae and Freddie Mac eligibility guidelines. Please refer to each mortgage insurance company s web sites for their independent guides. All mortgage insurance certificates will be obtained through the Merchants Bank underwriting department. MGIC Genworth - United Guaranty Arch (credit unions only) 7

8 Rural Development Guaranteed Loans Merchants Bank is a Rural Development nationally approved lender. Rural Development helps low- and moderate-income people living in rural areas purchase adequate, modest, decent, and safe homes by providing guarantees for qualified loans that a lender would not make without a guarantee. The program s loan terms and conditions, which are described below, are designed to ensure that the loans are used to acquire modest homes and that the property will provide adequate security for the loan. All Loan Level Price Adjustments may be found in Chapter 11, LTV and LLPA charts. Please refer to the Product Matrix in Chapter 9 for additional eligibility guidelines. See RD s websites for detailed information (RD guidelines) and (income and property eligibility) Rural Development has made some changes to their process and how lenders submit files to them. RD approved lenders can submit the files to Merchants Bank for underwriting by providing the required documents as shown on the Rural Development Underwriting Package Submission Form which is located in the Documents tab on Merchants Bank s landing page. You would submit your file through GUS, gather the applicable documentation, and send the underwriting package to Merchants Bank. We will underwrite the package submitted, condition the file for the RD Conditional Commitment (as well as any other necessary conditions) and approve the loan once all conditions and the conditional comment are received. You would be responsible for submitting your package to RD, remitting the guarantee fee and obtaining the loan note guarantee. Lenders who are not currently an RD approved lender have two options for file submission. Merchants Bank offers a Rural Development GUS only submission option, or a Rural Development Processing option. There is a contract that needs to be signed for both of the processing options and there is a fee associated with each option as well. The fees are as follows: Rural Development GUS only - $250, Rural Development Processing - $485. Please contact your Account Executive for additional information. 8

9 Rural Development GUS Only option You would process the file as you normally would, and Merchants Bank will submit your file to GUS, obtain the conditional commitment, remit the guarantee fee and obtain the note guarantee. You would follow the Rural Development GUS Only Procedures document that is located on the Merchants Bank landing page in the Manual tab. Rural Development Processing option this includes processing of your file in addition to submission to GUS, obtaining the conditional commitment, remitting the guarantee fee and obtaining the note guarantee. You would follow the Rural Development Processing Procedures document that is located in the Manual tab on the Merchants Bank landing page. You would remain responsible for your disclosures and your final closing documents regardless of which option is utilized. General Information 2.75% Guarantee Fee.5% annual guarantee fee LTV can exceed 100% of the market value of the property only to the extent that the excess represents a financed guarantee fee. All loans are 30-year fixed rate mortgages Borrower typically cannot own additional residential property at the time of loan closing (there are certain exceptions where this is allowed per RD guide section 8.2) Seller paid closing costs up to 6% Income from all household members must be included when determining program eligibility Appraisal should be completed by an FHA roster appraiser. 9

10 Fannie Mae Only DU Refi Plus HomeReady Mortgage 10

11 DU Refi Plus-Fannie Mae Only Du Refi Plus is a refinance of an existing Fannie Mae loan by any lender using Desktop Originator (DO) or Desktop Underwriter (DU) for underwriting. This program expires December 31, Applications taken after this date are not eligible. Please refer to the Product Matrix in Chapter 9 for additional eligibility guidelines. All Loan Level Price Adjustments may be found in Chapter 11, LTV and LLPA charts. See Fannie Selling Guide for detailed information. Features for DU Refi Plus include: Required Borrower Benefit There must be a benefit to the customer: A reduced P&I payment or a more stable mortgage product, such as an ARM to a fixed-rate. The Fannie loan being paid off at closing must have a note date prior to June 1, The new loan term cannot exceed 30 years (LTV s > 105% are limited to fully amortizing fixed rate mortgages.) Borrower Eligibility The customer cannot be currently delinquent on their mortgage. There can be no late payments in the past 12 months. If the customer is delinquent, they may qualify for the Home Affordable Modification Program (HAMP). Contact Merchants Bank collection department for more information if the loan is serviced by Merchants Bank. No minimum credit score is required. The borrower must meet the requirements for DU underwritten loans. For DU Refi Plus, borrower(s) may be removed through the refinance transaction, provided that at least one of the original borrowers is retained on the new loan. Significant derogatory events lenders are not required to comply with the standard waiting periods. Property Eligibility All Fannie eligible property types are permitted. 11

12 Mortgage Proceeds No maximum LTV, CLTV or HCLTV. No payoff of subordinate financing is allowed with the subject loan proceeds. Second mortgages must be resubordinated. The DU Refi Plus loan can be used to pay closing costs and receive cash back up to $ New subordinate financing is only permitted in conjunction with a DU Refi Plus transaction if it replaces existing subordinate financing, and the new 2 nd is limited to the unpaid principal balance (closing costs or interest cannot be included). Property valuation criteria will be determined by DU for the DU Refi Plus. A property fieldwork waiver (PIW) will be received more often for DU Refi Plus program than on a regular limited cash out refinance. If you have an appraisal, even if you receive a PIW finding, you must use the appraisal.. Mortgage Insurance Requirements on a DU Refi Plus If the existing mortgage does not have mortgage insurance, the new loan will not require mortgage insurance, even if the loan exceeds 80% LTV. If the existing loan has MI, the lender must obtain either the amount of the existing MI or standard MI. Merchants Bank will not allow the transfer of existing MI certificates that were not originated by Merchants Bank. 12

13 HomeReady Mortgage The HomeReady mortgage is a conventional community lending mortgage that offers underwriting flexibilities to qualified borrowers who meet specific income criteria. HomeReady serves low- to moderate-income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities. Please refer to the Product Matrix in Chapter 9 for additional eligibility guidelines. All Loan Level Price Adjustments may be found in Chapter 11, LTV and LLPA charts. See Fannie Mae Selling Guide for complete details. Loan features: First mortgage, purchase money, or limited cash-out refinance transactions for one- to four-unit properties used as the borrower s principal residence. o The property must be owner-occupied and the borrower may not have an ownership interest in any other residential dwelling at the time of loan closing. Eligible properties include: o one-unit properties, including manufactured housing, units in condos and PUDs; ; existing structures and new construction; and two-, three-, and four-unit properties. Additional restrictions apply to purchase transactions with LTV ratios of %. Refer to the Fannie Selling Guide for complete details section B5-6. Lender must count the income from all of the borrowers on the note when determining income eligibility. Pre-purchase homeownership education and housing counseling referrals, postpurchase early delinquency counseling, and landlord education are required for all HomeReady mortgage loans. Area Median Income (AMI) is used to determine income eligibility. AMI s are available on Fannie s site at HomeReady mortgage loans can be underwritten with DU or may be manually underwritten. The maximum LTV ratio is lower for manually underwritten purchase transactions versus those underwritten in DU (95% versus 97% for one-unit principal residences). Fannie Mae does not require a minimum borrower contribution from the borrower s own funds for any mortgage loan if the loan has an LTV, CLTV, or HCLTV ratio of 80% or less. 13

14 Lender Benefits: HomeReady: o helps lenders confidently serve today s market of creditworthy, low- to moderateincome borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities. o is competitive with other products in the market (depending on loan-to-value [LTV] ratio and credit score) by providing improved pricing better than or equal to Fannie Mae standard loan pricing and competitive borrower payments. o features simplified execution, providing lenders with the ability to commingle standard and HomeReady loans into mortgage-backed security (MBS) pools and whole loan commitments. Borrower Benefits HomeReady provides financing with a sustainable and competitive monthly payment due to: o Pricing that is better than or equal to standard loan pricing. o Lower than standard MI coverage requirements for loans with LTVs greater than 90 percent up to 97 percent. o Cancellable monthly MI payments (per Servicing Guide policy; generally upon borrower request when the loan balance drops below 80 percent LTV, or automatically when it drops below 78 percent). Gifts, grants, and Community Seconds can be used as a source of funds for down payment and closing costs, with no minimum contribution required from the borrower s own funds (1-unit properties). Any eligible loan may have more than one Community Seconds (i.e., third lien) up to the maximum 105 percent CLTV (see Community Seconds fact sheet). 14

15 Freddie Mac Only Adjustable Rate Mortgages Open Access Relief Refinance (HARP) Home Possible/Home Possible Advantage 15

16 Adjustable Rate Mortgage Loans (ARM) Features This product is for borrowers who understand their rate may increase after the initial period but want the benefit of a lower initial rate and monthly payment because they don t anticipate holding on to the property for the full term of the mortgage and/or they expect their income to increase within the next couple of years. Please refer to the Product Matrix in Chapter 9 for additional eligibility guidelines. All Loan Level Price Adjustments may be found in Chapter 11, LTV and LLPA charts. See Freddie Seller Servicer guide for detailed information. First Rate Adjustment Margin Annual Rate Cap Lifetime Cap This is the date on which the rate will adjust. Payment changes the following month after the rate change. Your borrower will generally have more than one full year at the initial rate. Fill in this date on the Note and Rider and use it to calculate the payment stream on your TIL This is the percent over the 1-year Treasury Index that the future rate will be. Both programs are tied to the 1-year Treasury Index. This margin will be added to that index on the adjustment date to determine what the new rate will be. The maximum the rate can increase each year is 2% (based on the movement of the Treasury Index). It may not go up to 2%, but if the index plus the margin is over 2% than the initial rate, the most the new rate will be is 2% higher. This is the maximum the rate can increase over the life of the loan. Additional Information Additional documents needed are: ARM Note ARM Rider (must be recorded with the mortgage) ARM Endorsement to the Title Insurance Consumer Handbook must be given at application Initial ARM Program Disclosure must be given at application Calculating Borrower Ratios for ARMs For 3 and 5-year ARMs the borrower must be qualified using no less than the greater of the note rate plus two percentage points, or the fully indexed rate. For 7/1 and 10/1 Arms the borrower must be qualified on no less than note rate. 16

17 Open Access Freddie Mac Relief Refinance Freddie Mac Relief Refinance Open Access is a refinance of an existing Freddie Mac loan by any lender using Freddie s automated underwriting system Loan Prospector (LP). This program expires December 31, Applications taken after this date are not eligible. All Loan Level Price Adjustments may be found in Chapter 11, LTV and LLPA charts. Please refer to the Product Matrix in Chapter 9 for additional eligibility guidelines. See Freddie Seller Servicer guide for detailed information. Relief Refinance Mortgages Open Access must meet the following requirements: Have a note date on or before May 31, 2009 There must be a benefit to the borrower: A reduced P&I payment or a more stable mortgage product. Be a first lien, conventional mortgage currently owned by Freddie Mac. Have a new loan term that doesn t exceed 30 years (LTV s > 105% are limited to fully amortizing fixed rate mortgages). There are no maximum TLTV/HTLTV ratios. Mortgage Proceeds Payoff of 1 st mortgage only (no secondary financing can be paid off with loan proceeds). Pay closing costs and prepaids not to exceed $5000. Cash back to the borrower not to exceed $250. New subordinate financing is only permitted if it replaces existing subordinate financing, and the new 2 nd is limited to the unpaid principal balance (closing costs or interest cannot be included). Borrower Eligibility The customer cannot be currently delinquent on their mortgage. If the customer is delinquent, they may qualify for the Home Affordable Modification Program (HAMP). If Merchants Bank is servicing, contact Merchants Bank s collection department for more information. No minimum credit score is required. The borrower must meet the requirements for LP underwritten loans. Borrowers may be removed through the refinance transaction provided at least one of the original borrowers is retained on the new loan. Significant derogatory events lenders are not required to comply with the standard waiting periods. Property Eligibility All Freddie eligible property types are permitted. Property Valuation New appraisal 17

18 HVE (3-4 unit properties, leasehold estates and manufactured homes require a full appraisal). HVE Forecast Deviation Factor shown on findings can be no greater than.20 and must have a Confidence Score of H or M (high or medium). Mortgage Insurance Requirements If the existing mortgage does not have mortgage insurance, the new loan will not require mortgage insurance, even if the loan exceeds 80% LTV. If the existing loan has MI, the lender must obtain either the amount of the existing MI or standard MI. Merchants Bank will not allow the transfer of existing MI certificates that were not originated by Merchants Bank. Home Possible Freddie Mac Home Possible Mortgages offer flexibility and opportunities to meet the home financing needs of low- and moderate-income borrowers looking for low down payments and flexible sources of funds. Please refer to the Product Matrix in Chapter 9 for additional eligibility guidelines. All Loan Level Price Adjustments may be found in Chapter 11, LTV and LLPA charts. See Freddie Seller Servicer guide for complete details Loan Features: Primary residence purchase or no-cash out refinance. Subject can be a 1-4 unit property. Condos, PUDs and Manufactured homes are eligible. Fixed-rate mortgages, 7/1 & 10/1 ARMs if secured by a 1- or 2-unit primary residence, 5/1 Arms if secured by a 1- or 2-unit primary residence other than an manufactured home. 95% LTV/TLTV. Borrowers must not own any other residential property as of the note date. Income limits per Freddie guide section A34.7 must be met (LP will determine income eligibility, or you can access Freddie s Affordable Income Property Eligibility tool at Lender must count the income from all of the borrowers on the note when determining income eligibility. No minimum borrower contribution required for 1-unit primary residence (2-4 unit properties with LTV > 80% require 3% borrower s own funds contribution, manufactured homes required 5% borrower s own funds contribution). No reserves required for 1-unit primary residence (two months reserves required for 2-4 units). Secondary financing must meet general Freddie Mac guidelines. 18

19 Homebuyer education is required for at least one borrower if all borrowers are First Time Homebuyers. See the Home Possible: At-A-Glance program summary available at TLTV up to 105% allowed if the subordinate financing is an Affordable Second that meets the requirements of Freddie guide section 25.1(g). The Affordable Second cannot be a home equity line of credit. Home Possible Advantage Features Home Possible Advantage mortgages are Home Possible mortgages with additional flexibility of higher loan-to-value (LTV) and total loan-to-value (TLTV) ratio limits. Please refer to the Product Matrix in Chapter 9 for additional eligibility guidelines. All Loan Level Price Adjustments may be found in Chapter 11, LTV and LLPA charts. See Freddie Seller Servicer guide for complete details Loan features: Primary residence purchase or no-cash out refinances. Subject must be a 1-unit property (manufactured homes not allowed). Fixed-rate mortgages. Borrowers must not own any other residential property as of the note date. Income limits per Freddie guide section A34.7 must be met (LP will determine income eligibility, or you can access Freddie s Affordable Income Property Eligibility tool at Lender must count the income from all of the borrowers on the note when determining income eligibility. No minimum borrower contribution required. Homebuyer education is required for at least one borrower if all borrowers are First Time Homebuyers. See the Home Possible: At-A-Glance program summary available at Subordinate financing must be an Affordable Second that meets the requirements of Freddie guide section 25.1(g). TLTV up to 105% allowed. The Affordable Second cannot be a home equity line of credit. 19

20 Revised 3/20/15 20

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