610 likes | 847 Views
. . . Mission Statement:To increase economic opportunities and improve the quality of life for all rural Americans.". WHAT DOES USDA RURAL DEVELOPMENT DO??? . FUNDING. Funds are available through direct and guaranteed loan programs and grantsSustainabilityLong term community investment
E N D
1. USDA Rural DevelopmentNebraska Tribal USDA Listening Session HOUSING SESSION
May 11, 2010
2.
3. FUNDING
Funds are available through direct and guaranteed loan programs and grants
Sustainability
Long term community investment
4. Program Areas
-Rural Business and Cooperative
Business, Energy & Cooperatives
- Community Facilities
Community Health Care, Fire, Rescue, Public Safety, public buildings, cultural and educational
- Rural Utilities
Water and Environmental, Telecomm & Electric
- Rural Housing and
Single Family & Multi Family
USDA Rural Development Program eligibility is nuanced.
Definitions and rules are program specific.Program eligibility is nuanced.
Definitions and rules are program specific.
5. Business Loans & Guarantees Ho-Chunk Industries – Walthill, NE before…
after…
6. COMMUNITY FACILITY LOANS & GRANTS Water Tower in Kelly Property Addition – Winnebago, NE
Library - Winnebago, NE
9. USDA Rural Development’sSingle & Multi-Family Housing Programs Single Family Programs
Single Family Housing Direct & Guaranteed Loans
Single Family Housing Repair Loans & Grants
Mutual Self Help Technical Assistance Grants
Multi Family Programs
Housing Preservation Grants
Multi Family Housing Direct Loans
Multi Family Housing Guaranteed Loans Cherokee Town Homes
Wah Wahs Noo Da Ke Apts
Multi-Family Housing Complex for Elderly – 12 units
Little Traverse Bay Bands of Odawa Indians
Harbor Springs, Michigan
RHS 502 Direct loans provide subsidy for the borrower, depending on income, the amount of the loan, and the county in which the home is located. The subsidy calculation states the borrower will pay the higher of the mortgage payments calculated at 1% interest on the mortgage amount, or 24% of the borrower’s adjusted family income. The maximum housing ratio or PITI (Principal, interest, taxes and insurance) on the loan is 29% if the adjusted family income is 50% or less of median (very low income) or 33% if the adjusted family income is between 50% and 80% of median (low income).
In general, Agency funds should not be used to refinance existing debt and are never to be used to refinance existing Agency debt when a property is sold to a new Agency borrower. In such cases, an assumption on new rates and terms transfers the debt to the new owner. However, refinancing is permitted in limited circumstances.
Cherokee Town Homes
Wah Wahs Noo Da Ke Apts
Multi-Family Housing Complex for Elderly – 12 units
Little Traverse Bay Bands of Odawa Indians
Harbor Springs, Michigan
RHS 502 Direct loans provide subsidy for the borrower, depending on income, the amount of the loan, and the county in which the home is located. The subsidy calculation states the borrower will pay the higher of the mortgage payments calculated at 1% interest on the mortgage amount, or 24% of the borrower’s adjusted family income. The maximum housing ratio or PITI (Principal, interest, taxes and insurance) on the loan is 29% if the adjusted family income is 50% or less of median (very low income) or 33% if the adjusted family income is between 50% and 80% of median (low income).
In general, Agency funds should not be used to refinance existing debt and are never to be used to refinance existing Agency debt when a property is sold to a new Agency borrower. In such cases, an assumption on new rates and terms transfers the debt to the new owner. However, refinancing is permitted in limited circumstances.
10. USDA RURAL DEVELOPMENT Single Family Housing
Loan Programs Thank you for inviting USDA Rural Development to your Board of Realtors luncheon today.
My name is Diane Bryant. I am the Single Family Housing Specialist here in the Norfolk Rural Development office. We cover an 11-county area in Northeast Nebraska.
Many of you know Bill Sheppard, who recently joined our staff as a loan originator. We are very fortunate and extremely pleased to have Bill join our team at Rural Development.
Thank you for inviting USDA Rural Development to your Board of Realtors luncheon today.
My name is Diane Bryant. I am the Single Family Housing Specialist here in the Norfolk Rural Development office. We cover an 11-county area in Northeast Nebraska.
Many of you know Bill Sheppard, who recently joined our staff as a loan originator. We are very fortunate and extremely pleased to have Bill join our team at Rural Development.
11. Many Would Like to Own Their Own Home, but… They don’t have the money for a down payment.
Afraid the mortgage payments will be too high to afford.
Believe past credit problems will be a barrier.
12. KEYS TO HOME OWNERSHIP Affordable
Housing is typically considered affordable when it costs no more than 30% of a household’s income
Partners
Homebuyer Education
SUCCESSFUL HOMEOWNERS
Our goal is not just to get families in homes, but to allow them to be successful to stay in the home
13. Partners For Affordable HousingPrivate & non-profit sectors NIFA / Lenders
Realtors
Non-Profit Organizations
DED – (CDBG , HOME , TRUST)
Federal Home Loan Bank
Nebraska Assistive Technology
14. USDA RURAL DEVELOPMENTAFFORDABLE HOUSING PRODUCTS LENDER OF FIRST OPPORTUNITY IN RURAL NEBRASKA
Guarantee Rural Housing (GRH) Program
Direct Housing Program
Self-Help Housing
15. USDA RURAL DEVELOPMENT Housing loan programs designed for very-low to moderate income households to purchase homes, who would otherwise not qualify for bank financing.
Provides 100%-102% financing to purchase, repair, and pay loan closing costs.
No private mortgage insurance (PMI) is required.
16. USDA RURAL DEVELOPMENT Provides fixed interest rates and terms that are affordable.
Loan programs leverage very well with local down payment assistance programs.
Credit counseling and servicing options available for customers.
17. LOAN PURPOSES
The purchase of a new or existing dwelling;
any needed repairs for an existing dwelling;
finance closing costs (if equity)
18. General Eligiblity Eligible area
Eligible adjusted income There are two rules to the Guaranteed program:
The property There are two rules to the Guaranteed program:
The property
19. Under “Property Eligibility” Click on “Single Family”
A screen will pop up with an “Accept” or “Decline” button…hit “Accept” to move forward into the website. The reason for the disclaimer is because the maps are not 100% accurate for all areas. For example in Northern Illinois “Elwood” will appear to be ineligible, but it is indeed eligible. Likewise in Southern Illinois “Bethalto” appears to be ineligible, when it is in fact a newly added eligible area. By clicking “Accept” you are merely accepting the fact that the maps may not be 100% up to date and correct.
When you have questions do not hesitate to contact your local Rural Development office—we’re here to help!
Under “Property Eligibility” Click on “Single Family”
A screen will pop up with an “Accept” or “Decline” button…hit “Accept” to move forward into the website. The reason for the disclaimer is because the maps are not 100% accurate for all areas. For example in Northern Illinois “Elwood” will appear to be ineligible, but it is indeed eligible. Likewise in Southern Illinois “Bethalto” appears to be ineligible, when it is in fact a newly added eligible area. By clicking “Accept” you are merely accepting the fact that the maps may not be 100% up to date and correct.
When you have questions do not hesitate to contact your local Rural Development office—we’re here to help!
20. This page is the results for determining borrower’s eligibility. This page is the results for determining borrower’s eligibility.
21. Eligibility for Rural Development Single Family Housing Loan Programs
22. Eligibility for a Loan Combined household income within the current published limits.
Have a dependable source of income that indicates repayment ability. Repayment is determined by debt to income ratios.
Credit History that demonstrates an ability and willingness to pay debt obligations in a timely manner.
23. Other Eligibility for a Loan Do not currently own a home adequate to meet the family’s needs.
Lack the resources to afford conventional financing.
Citizen or Permanent Resident Alien.
Have the legal capacity to apply for a loan or legal guardian who may apply for the loan.
24. HOMEBUYER EDUCATION Direct Program – required for 1st time homebuyers through qualified providers (ie REACH, Winnebago Housing Authority)
GRH – typically recommended. Lender will determine type of homebuyer education to be completed.
25. Credit Scores No Minimum credit score to qualify
Baselines for reduced documentation
GRH Program – 620 or above
Direct Program – 640 or above
26. PROPERTY REQUIREMENTS EXISTING DWELLINGS GUARANTEED Existing dwellings must meet HUD/FHA minimum property
DIRECT RH-502 Instead of meeting HUD/FHA minimum property standards, homes must be inspected by RD staff, electrician, plumber, heating/A/C professionals.
27. PROPERTY REQUIREMENTS
New Manufactured homes may be financed if sold by an approved Dealer-Contractor and has certified foundation plans.
28. PROPERTY REQUIREMENTS
Property may not be a part of an income producing operation and may not have farm service buildings
Properties must be located in rural areas/communities of under 20,000 and communities of Norfolk and Columbus
29. PROPERTY REQUIREMENTS
The appraised value of the property must be sufficient to cover the purchase price plus any closing fees and repairs being financed.
30. GUARANTEED HOUSING LOANS
31. GUARANTEED HOUSING LOAN HIGHLIGHTS
100% Financing
Moderate income households Generous income limits: ADJUSTMENTS
Loans originated by approved lenders
30-year loans at fixed interest rates.
Rate is negotiable between Buyer and Lender.
NIFA rates available for qualified Buyers.
32. 100% Guaranteed financing
True 100% program
No maximum purchase price
No monthly mortgage insurance – one time 2% GRH fee can be financed
Expanded qualifying ratios 29/41 and above
No asset limit / No reserve minimum
Not FICO driven: Does the loan make sense? Emerging Markets/Non Traditional histories, etc.
NOT just for first time homebuyers True 100% financing: 100% of the appraised value, plus the 2% guarantee fee may be rolled above the appraised value for a total of 102% LTV
No maximum purchase price restrictions
No monthly mortgage insurance allows the client to have a much lower monthly payment to allow for savings, debt reduction, investments, etc.
RD does offer expanded qualifying ratios of 29/41 HOWEVER YOU MAY EXCEED THE RATIOS WITH COMPENSATING FACTORS. There is no minimum FICO score needed to exceed the ratios. There is no maximum amount the ratios may be exceeded– does the file make sense?
No asset limit– this includes liquid cash, real estate holdings, investments, and business holdings.
No reserve minimum– assist more clients who do not have reserves or do not have traditional bank accounts.
Generous income limits– many eligible deductions allow more families to quailfy
No minimum FICO- we are NOT your subprime solution for bad credit and poor judgment, but we do want to be able to help those who are working hard to re-build their credit following traumatic life events, and also help those who do not have traditional credit histories.
NOT just for first time homebuyers– anyone may utilize our program at any time.
Many creative financing options may be used in conjunction with Guaranteed financing such as 2-1-0 buydowns (qualify at the first year rate), permanent buydowns, no limit on gift/grant funds, no limit on seller concessions, etc. True 100% financing: 100% of the appraised value, plus the 2% guarantee fee may be rolled above the appraised value for a total of 102% LTV
No maximum purchase price restrictions
No monthly mortgage insurance allows the client to have a much lower monthly payment to allow for savings, debt reduction, investments, etc.
RD does offer expanded qualifying ratios of 29/41 HOWEVER YOU MAY EXCEED THE RATIOS WITH COMPENSATING FACTORS. There is no minimum FICO score needed to exceed the ratios. There is no maximum amount the ratios may be exceeded– does the file make sense?
No asset limit– this includes liquid cash, real estate holdings, investments, and business holdings.
No reserve minimum– assist more clients who do not have reserves or do not have traditional bank accounts.
Generous income limits– many eligible deductions allow more families to quailfy
No minimum FICO- we are NOT your subprime solution for bad credit and poor judgment, but we do want to be able to help those who are working hard to re-build their credit following traumatic life events, and also help those who do not have traditional credit histories.
NOT just for first time homebuyers– anyone may utilize our program at any time.
Many creative financing options may be used in conjunction with Guaranteed financing such as 2-1-0 buydowns (qualify at the first year rate), permanent buydowns, no limit on gift/grant funds, no limit on seller concessions, etc.
33. Clients Choose An Approved Lender Rural Development partners with you the lender, and you as the lender will build a relationship with your client!
At this time the only loans eligible for refinance transactions with Guaranteed funding are Guaranteed loans. So every time you utilize Guaranteed financing you have a built in lead for a future refinance!
Guaranteed lending can help you make clients for life! Rural Development partners with you the lender, and you as the lender will build a relationship with your client!
At this time the only loans eligible for refinance transactions with Guaranteed funding are Guaranteed loans. So every time you utilize Guaranteed financing you have a built in lead for a future refinance!
Guaranteed lending can help you make clients for life!
34. GRH LOAN PROCESSING Loans processed and underwritten by approved lenders
120 approved lenders in Nebraska - 48 lenders participated in program last FY
Lender uses own forms - must be Fannie Mae / HUD approved forms - there are a few RD forms
120 approved lenders in Nebraska - 48 lenders participated in program last FY
Lender uses own forms - must be Fannie Mae / HUD approved forms - there are a few RD forms
35. USDA GRH Moderate Income Limits County 1 - 4 person 5-8 person
Omaha MSA (Cass, Douglas, Wash, Sarpy) $80,350 $106,050
Lincoln MSA (Lancaster) $78,550 $103,700
Seward $76,900 $ 101,500
Saunders $75,200 $ 99,250
All Other Counties $73,600 $ 97,150
DEDUCTIONS TO INCOME:
Dependents: $480 each
Children 18 yrs. or younger
Disabled household members 18 yrs. or older
Full time students 18 yrs. or older
Care expenses (DAYCARE) of minor children 12 yrs. or younger
Elderly family: $400 (single deduction)
37. DIRECT RH-502 LOANS
38. Primary goal is to provide affordable quality housing to low and very low income households.
100% financing available.
Mortgages are fixed rate for 33 years
Current interest rate 4.875%
Interest Rates subsidized down to as low as 1%
Partial “Recapture” of interest subsidy Single Family Housing Direct Loans Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI
Applications & loans are processed at local RD office
Loan can be used either as a down payment assistance to enable purchase with a loan through a private lending source, or as a sole source of assistance for those unable to obtain any part of the needed credit from another lending source
HUD low and very-low income limits apply
Loans can be on Tribal Trust land with approved lease and ordinances
National Office reserve for certain targeted groups
If loan default or in Government inventory (REO), RD can only transfer property to Tribe, Tribal Housing Authority or another member of the Tribe
Manufactured housing for new construction only
No waiver of Sovereign Immunity required (this applies to all RD activity)
Be unable to obtain a loan from other sources on terms and conditions that they can reasonably be expected to meet
Principal, interest, taxes and insurance (PITI) to income ratio must be 29% or less and monthly obligation to income (MOTI) ratio must be 41% or less
Single Family Housing 502 Direct Loan Program Success in Eagle Butte, South Dakota (Cheyenne River Sioux Tribe (2005). Pictured from left to right – front row: Kimberly Claymore of Cheyenne River Housing Authority; Dansyl Two Crows, Jeanette Two Crows, and Roxee Holloway – Cheyenne River Housing Authority Board of Commissioners Chairperson; pictured from left to right – back row: USDA Rural Development Specialist Paula Corcoran, Lauren Ganje – Inspector for Cheyenne River Housing Authority, and Rebecca Kidder – Tribal Attorney.Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI
Applications & loans are processed at local RD office
Loan can be used either as a down payment assistance to enable purchase with a loan through a private lending source, or as a sole source of assistance for those unable to obtain any part of the needed credit from another lending source
HUD low and very-low income limits apply
Loans can be on Tribal Trust land with approved lease and ordinances
National Office reserve for certain targeted groups
If loan default or in Government inventory (REO), RD can only transfer property to Tribe, Tribal Housing Authority or another member of the Tribe
Manufactured housing for new construction only
No waiver of Sovereign Immunity required (this applies to all RD activity)
Be unable to obtain a loan from other sources on terms and conditions that they can reasonably be expected to meet
Principal, interest, taxes and insurance (PITI) to income ratio must be 29% or less and monthly obligation to income (MOTI) ratio must be 41% or less
Single Family Housing 502 Direct Loan Program Success in Eagle Butte, South Dakota (Cheyenne River Sioux Tribe (2005). Pictured from left to right – front row: Kimberly Claymore of Cheyenne River Housing Authority; Dansyl Two Crows, Jeanette Two Crows, and Roxee Holloway – Cheyenne River Housing Authority Board of Commissioners Chairperson; pictured from left to right – back row: USDA Rural Development Specialist Paula Corcoran, Lauren Ganje – Inspector for Cheyenne River Housing Authority, and Rebecca Kidder – Tribal Attorney.
39. DIRECT RH-502 LOAN HIGHLIGHTS Loans are originated in the local USDA Rural Development offices.
Mortgage limit: $170,000 (Cass, Douglas, Sarpy, Saunders, Washington)
$165,000 in (Lancaster, Saline, Seward, Otoe and Gage)
$155,000 in (Cheyenne, Madison, Platte, Stanton)
$145,000 all other counties
40. DIRECT RH-502 LOAN HIGHLIGHTS Debt to income ratios are 29%-33% PITI and 41% total debt ratio.
Compensating factors to allow higher ratios:
-Energy efficient systems being
installed to reduce utility costs
-Comparable or higher rental costs
-Savings
-Proposed pay increase
Payment Subsidies are available to reduce mortgage payments for most qualified buyers.
41. RH-502 Loan Eligibility Wages or other sources of income must be dependable and sufficient for repayment of the loan.
Credit history must demonstrate a willingness to pay credit obligations on time.
Combined adjusted household income must be within the published Low Income limits.
42. USDA Direct Low Income Limits County 1 person 2 person 3 person 4 person 5 person
(general*) $30,050 $34,350 $38,650 $42,950 $46,400
*Income limits vary by County DEDUCTIONS TO INCOME:
Dependents: $480 each
Children 18 yrs. or younger
Disabled household members 18 yrs. or older
Full time students 18 yrs. or older
Care expenses (DAYCARE) of minor children 12 yrs. or younger
Elderly family: $400 (single deduction)
43. PAYMENT SUSBIDY Subsidies are available to reduce monthly payment to as low at 1% for eligible low and very-low income households.
This gives the buyer more purchasing power!
44. Subsidies help reduce the monthly mortgage payment for low and very-low income households to make the payment affordable.
The subsidy is paid with Federal funds, on the Home Owner’s behalf each month. It is money you would pay out of pocket for interest at full note interest rate on a mortgage loan.
45. AFFORDABILITY THROUGH SUBSIDIZED PAYMENTS DIRECT LOAN PROGRAM GRH loan - terms: 30 yrs, $100,000 @ 5.75% = $584 monthly principal & interest (P&I) payment
Rural Development Direct loan - terms: 33 yrs, $100,000 @ 4.875% (The Rural Development “full note rate” is typically lower than conventional rates) = $509 P&I payment, HOWEVER,
Payment assistance is granted to eligible applicants.
46. FOR EXAMPLE PURPOSES ONLY: RE taxes $2,400 yr and insurance $600/yr = $3,000 / 12 mo = $250 month Household Income
4 person household: annual income $30,000 Less:Dependent deductions - 960 Adjusted Annual Income $29,040 Monthly AAI $ 2,420 PAYMENT ASSISTANCE CALCULATION
(calc #1) calculated at 24% of AAI RD mo. full note pymt ($509) + mo taxes & ins ($250) = $759 PITI - $580.80 (24% of mo AAI)
Difference $178.20
(Calc #2) calculated at 1% note rate Full Note Pymt $509.00 - $296.58 (mo pymt @ 1%)
Difference $212.42
House Payment with Payment Assistance $330.80 monthly P&I payment by borrower
Applicant receives monthly Payment Assistance of $178.20. Monthly full note rate $509 - $178.20 mo Payment Assistance
47. Do We Pay Back The Subsidy?
All, or a portion of the subsidies that are paid on the Buyer’s behalf to reduce your monthly payment is subject to repayment when you move out of the home, sell the home, or refinance your Rural Development loan with another lender.
48. Let Rural Development Help You Qualify For a Housing Loan!
If you have credit issues at the present time, or too much other debt to afford a loan right now, we will try to advise you on what steps to take and will continue to work with you until you are ready to buy a new home.
DON’T GIVE UP! ANYTHING IS POSSIBLE!!
49. Let Rural Development Help You Qualify For a Housing Loan!
Contact USDA RD Office and request a pre-qualification review
RD staff will do a prequalification and call you regarding what amount you might qualify for and which program would benefit you the most - Direct or Guarantee
50. Rural Home Repair Loan and Grant Program Applicants must own their own home and are very-low income households.
Grant funds can only be used to remove health & safety hazard. Grants are only available to homeowners 62 years of age or older who cannot afford a loan
Loan funds can be used to improve or modernize dwelling as well as removal of health & safety hazards
51. Rural Home Repair Loan and Grant Program Fund Uses: Installation or repair of waste disposal systems, connection fees for utilities, energy conservation, electrical, plumbing, heating systems, repair or replace roof, replace deteriorated siding, handicap accessibility
Loans-1% interest rate
Up to 20 year term
Maximum amount-$20,000
Maximum lifetime grant-$7,500
Leverage with partners to provide maximum utilization of funds
52. Single Family HousingHome Improvement Loan & Grant Program “Note Only” feature facilitates Lease/Mortgaging problems (loans less than $7,500)
If no experience with Rural Development - this is a great place to start
Grant has 3 year recapture clause Funds are available for repairs to improve or modernize a home and remove health & safety hazards. Can be used to make homes accessible for disabled.
Must be the owner/occupant of a modest single family home. Leasehold interest of trust land is acceptable with certain terms including HUD mutual help housing on Indian lands.
Homeowner-occupants must be unable to obtain affordable credit elsewhere and must have very low incomes, (below 50 percent of the area median income).
The maximum grant amount is $7,500 and the maximum loan amount is $20,000 (no mortgage required on loans up to $7,500)
The interest rate is 1% with a maximum term of 20 years
Grants available for customers 62 & older who cannot afford to repay a loan
Minimal paperwork
Matches well with BIA HIP funds
Funds are available for repairs to improve or modernize a home and remove health & safety hazards. Can be used to make homes accessible for disabled.
Must be the owner/occupant of a modest single family home. Leasehold interest of trust land is acceptable with certain terms including HUD mutual help housing on Indian lands.
Homeowner-occupants must be unable to obtain affordable credit elsewhere and must have very low incomes, (below 50 percent of the area median income).
The maximum grant amount is $7,500 and the maximum loan amount is $20,000 (no mortgage required on loans up to $7,500)
The interest rate is 1% with a maximum term of 20 years
Grants available for customers 62 & older who cannot afford to repay a loan
Minimal paperwork
Matches well with BIA HIP funds
53. RURAL HOME REPAIR LOAN
54. RURAL HOME REPAIR GRANT
55. Self-Help Housing Program Assist low and very low income families to build their own home
Construction method where a group of 6-10 families work together to utilize their own labor to build their homes and reduce total construction costs of the homes (families must contribute 65% of total labor on each house)
A public or private non-profit organization obtains a USDA grant to provide technical assistance to the participating families.
56. Organizations can use grant funds to: Hire personnel to carry out program
Pay necessary and reasonable office and administrative expenses & salaries
To make essential equipment, such as power tools available to households participating in self-help construction
Training expenses
57. Grantee responsibilities Recruit applicants & assist with loan applications
Locate and or develop sites & obtain site options
Obtain house plans & specifications & develop building cost estimates
Provide construction training to applicants
Coordinate family work groups & provide construction supervision
Maintain accounting of construction materials and use of loan funds
58. Self-Help – Scottsbluff
59. Rural Housing Site Loan Program Used to purchase land and develop sites for very low, low & moderate income housing.
Two year loan at current agency interest rate (4.875%)
Deed of Trust is required
Eligible entities consist of public or private nonprofits
60. HELPFUL WEB SITES
www.rurdev.usda.gov/ne (Nebraska Rural DevelopmentPrograms)
http://eligibility.sc.egov.usda.gov/eligibility/mainservlet (Determine potential eligibility for USDA home ownership programs. View eligible and non eligible areas.)
http://www.resales.usda.gov/sfhdirect/propertyco.cfm?StateAbbreviation=NE (Housing properties in Nebraska for sale by USDA Rural Development and guaranteed lenders, and upcoming foreclosures.)
http://www.nifa.org/customers/project_listings.html (Assists renters to find affordable rental housing complexes. Research type of affordable rental housing located in county, community, zip code area, etc. in Nebraska. Contact information available.)
http://www.nenedd.org/HousingLoanPrograms.asp (Down Payment Assistance and Housing Rehab programs)
http://www.housingdevelopers.org/REACHweb/index.htm (Home buyer education programs)
http://www.annualcreditreport.com (Free annual credit reports.)
61. RD OFFICES