First, it requires new timing for the CD. Mortgage Disclosures All about the TILA-RESPA Integrated Disclosure Rule (TRID) What is the TRID Rule? TRID Impact to Application Process . Lenders will require all information necessary to prepare the CD well before this deadline. Q: Who prepares and delivers the Closing Disclosure for the Seller? We're having an issue with a couple of our brokers/secondary market investors and I'm curious if anyone else has run into this issue and how you've handled it. Introduction -- Intellectual property rights basics -- Global intellectual property holdings -- Contribution of intellectual property to U.S. economy -- The organized structure of IPR protection -- U.S. trade law -- Issues for Congress. The Seller CD is a separate stand alone form. The LO Act can be How will Only the CFPB regulations and official interpretations can provide definitive guidance on CFPB requirements. Pursuant to these requirements, the HUD-1 Settlement Statement and the Truth-in-Lending Statements were combined into the TRID-CD. The Selling Guide has been updated for the following: Conversion of Principal Residence Requirements No Longer Apply Stocks, Bonds, and Mutual Funds Unreimbursed Employee Business Expenses Tip Income Use of IRS […] May lenders charge application fees or fees for pre-approvals? If the creditor selects the optional method, the total amount of cash provided by the consumer at consummation can be calculated by subtracting the total closing costs, payoffs and payments from the loan amount. • Staff needs to be trained by Sept. 2015 at the latest so now we have more time to get prepared. This book provides cities with strategies and methodologies for applying land value capture financing schemes for capital-intensive transit and transit-related investments, based on the successful experiences of Mass Transit Railway ... Including Seller CD’s not prepared by creditor. TRID requires a lender to provide a good faith estimate of the fees that may be charged to, or imposed on, the borrower. That means that any fee disclosed on the initial LE will be held to the respective tolerance whether paid by the buyer or the seller at closing. The tool below will assist you in determining the earliest consummation date. Teach cello with the popular Suzuki Cello School. Materials include: Cello Parts (Vol. 1-10) * Piano Accompaniments (Vol. 1-8) * Recordings (Vol. 1-3, 7, & 8 performed by Tsuyoshi Tsutsumi, Vol. 4-6 performed by Ron Leonard). But Sundays and Nationally recognized holidays do not count. T16. The CD that is sent to the borrower/buyer generally will not include the seller’s side of the transaction, and vice versa. Do the integrated mortgage disclosures apply to private/seller financing and/or land contracts? The rule integrates 4 existing required disclosures [the initial TIL (Truth-in-Lending), GFE (Good Faith Estimate), final TIL, and HUD-1] under TILA (Truth-in-Lending Act) and RESPA (Real Estate Settlement Providers Act), into 2 disclosures: the Loan Estimate (LE) and the Closing Disclosure (CD). It seems as if Skyy can't catch a break, and can't keep a baby. The TRID regulations require creditors to provide two new forms to borrowers, the Loan Estimate and the Closing Disclosure. The Closing Disclosure must be delivered to the borrower at least three business days prior to the consummation of the loan. TRID requires a lender to provide a good faith estimate of the fees that may be charged to, or imposed on, the borrower. The TRID Rule has an exemption for any lender making five or fewer loans per year. I hope you have taken some time to review these requirements during this “Optional Compliance Period.”. CD. Final HUD- 1 generally given at closing : CD must be received by borrower no later than 3 business days before closing . TRID requires that the new Closing Disclosure issue to the borrower 3 days prior to closing (if sent electronically) or 7 days prior to closing (if sent by mail). Sometimes loan terms or fees change before closing, but after the lender has provided the Closing Disclosure (CD) to the borrower. Disclosure (TRID) Rule and second is the Loan Originator (LO) Act. What can we do to ensure the seller gets a copy of the CD from Title in order to comply with TRID when the title disclosure to the seller is outside our control? Differences between state disclosures and TRID disclosure requirements for simultaneous rates The disclosure of lender’s and owner’s title insurance on the TRID disclosure s may differ from disclosures on state forms in some states when the consumer purchases policies from the same title insurance company and obtains a “simultaneous” rate. Origination Charges 01 % of Loan Amount (Points) 02 03 You are advised to consult your own Under the current Rule, the obligation to provide the CD to the seller is solely that of settlement agent. Some portions of the rule may conflict with State legislations. 5. 5) of the CD. TRID: The "Know Before You Owe" mortgage disclosure rule. Sounds like we can let the closing agent take care of this! That means that any fee disclosed on the initial LE will be held to the respective tolerance whether paid by the buyer or the seller at closing. TRID FAQ TILA/RESPA Integrated Disclosure Frequently Asked Questions 242 W. SUNSET, STE.201 SAN ANTONIO, TX 78209 210-828-5844 DOCS@BAIRDLAW.COM New practice. So far, that seems pretty helpful for us as lenders. Cool Town reveals the passion, vitality, and enduring significance of a bohemian scene that became a model for others to follow. Grace Elizabeth Hale experienced the Athens scene as a student, small-business owner, and band member. The information includes: • Real estate broker’s company name, address, license number The Australian supervillain, Outback Jack, and his sidekick, Jackie, are in search of buried treasure in Bumblyburg. TRID FAQ TILA/RESPA Integrated Disclosure Frequently Asked Questions 242 W. SUNSET, STE.201 SAN ANTONIO, TX 78209 210-828-5844 DOCS@BAIRDLAW.COM T17. 3 column table for borrower/seller or “other” Paid designations; comp from a creditor to TPO is Paid by Other and (L) can be shown by amount Reflect costs charged to borrower or seller not The new TRID rule has very strict requirements as to the delivery of the Closing Disclosure. Q1: What is the timing requirement for the CD? are insisting that seller fees do not have to be listed in their entirety on page two of the CD for a purchase transaction. CD, settlement agent responsible for seller’s information . "Pass the Mortgage Loan Originator Test: A Study Guide for the NMLS SAFE Exam" delivers critical information - covering the topics on the most recent version of the NMLS content outline - in a clear and concise manner. This … Be able to explain the Know the CD . The lender will be required to correct the TRID-CD to accurately reflect the lender and/or seller credits in the appropriate columns and/or refund the Veteran through a principal reduction of the loan. As an example, if it is a simple seller take-back or a parent/child transaction the TRID Rule will not apply; however, the LO Act may make this type of loan difficult to make. The LO Act can be TRID guidelines help you avoid lenders who attempt to manipulate borrowers with so-called “bait-and-switch” schemes. DON’T EXPECT TO BE PRIVY TO ALL DOCUMENTS UNDER TRID. The new TRID rule includes a Closing Disclosure (“CD”) form that replaces the HUD-1 Settlement Statement in consumer mortgage transactions. That part is easy to define and follow as there are forms to use. Meaning, the Seller Fees must be disclosed on the Seller CD in lieu of the Borrower CD not on Both CD's. TRID TIP #2 - "REFI vs Purchase CD". TRID 2.0 Subordinated Liens – What You Need to Know. 6 CONSUMER FINANCIAL PROTECTION BUREAU 7.8 What if a consumer pays more for a particular charge for a third-party service or recording fee than estimated, but the total charges paid are still within 10% of the estimate? The Bureau provides a list of commonly asked questions and answers on particular topics to assist in understanding and complying with the TRID rules. Downloadable versions of the loan estimate and closing disclosure forms and samples that were published in the TRID rules. The Bureau has presented a number of webinars related to the TRID rules. On October 3, 2015, the CFPB established new requirements regarding mortgage disclosure forms required to be used by lenders for all home loans. Section 1026.19 (f) (4) (iv) of TRID requires settlement agents to provide a copy of the seller’s Closing Disclosure to the lender, when the borrower and seller disclosures are … Key highlights of the Announcement are provided below. Seller’s CD does not disclose the consumer/buyer transaction. The Initial CD is the most time-sensitive document throughout the mortgage loan process because it requires e-signatures a minimum of three days before closing.. It’s worth noting that the Closing Disclosure’s predecessor is the Loan Estimate (LE). Lenders should refer to the TILA/RESPA regulations and consult with counsel for compliance with all applicable TRID requirements. The Consumer Financial Protection Bureau announced that it had finalized its amendments to the TILA-RESPA Integrated Disclosure (TRID) rule on July 7, 2017. TRID is designed to help borrowers understand the terms of their loan more clearly before closing. The CFPB proposed new comments .38(t)(5)(v)-2 and -3, providing examples of situations permitting the creditor to provide separate CDs to the consumer and seller. In addition, the lender may not allow the closing agent to send a seller or buyer’s agent a copy of the borrower’s CD. For transactions without a seller, TRID allows an alternative calculating cash to close table to be displayed on the LE and CD. Background. A magnifying glass icon. Disclosure (TRID) Rule) Affects Entire Housing Transaction ... – Establishes pre-application requirements but still allows pre-approvals ... Rule includes Seller Only CD which can be provided to seller or third party to protect borrower privacy Seller Only form deletes from CD: The popular singer traces the story of her life and career from her Arizona upbringing in a musical family and her rise to stardom in Southern California to her role in shaping 1970s sounds and her collaborations with fellow artists. the Loan Estimate (LE) and Closing Disclosure (CD)? A: In all cases, PRMG will prepare and provide Closing Disclosure to the Borrower’s CD; the Settlement Agent will issue the Seller’s copy of the CD. TRID (TILA/RESPA Integrated Disclosures) 1. i New mortgage lending requirements effective August 1, 2015 “TRID is a major game-changer for how we originate and close mortgages.” –Adam Kessler, President, Academy Mortgage Corp NMLS #3113 MAC0315-1785103440 2. TRID does not permit the use of the new forms for any loans where the loan application was ... estate agents earlier in the process so the lender’s CD delivery requirements can be met Agents are still responsible for gathering the figures and the creating and delivering of the seller’s side of the CD Loan Costs CLOSING DISCLOSURE PAGE 2 OF 2 Seller-Paid At Closing Before Closing A. Closing Disclosure. A: In all cases, PRMG will prepare and provide Closing Disclosure to the Borrower’s CD; the Settlement Agent will issue the Seller’s copy of the CD. The Seller CD is a separate stand alone form. Ultimately, TRID really makes two critical changes. We require on the initial CD given 3 days prior to closing, so you are not the only bank doing this :-) There is no reason that MOST of the seller fees cannot be provided to complete the initial CD; however, changes to the seller fees (with exception to a reduction of seller credits) can be made on the final CD. into account the lender and seller credits, the borrower was charged more than one percent by the lender, so it does not conform to 38 C.F.R. What follows is a brief summary of the FAQs. (Note that the Closing Disclosure and Loan Estimate must be implemented by Oct. 3, 2015, on certain loans. (Saving for Seller Paid Borrower Fees) The scuttle from title companies and other lenders is that they are not keying in any of the Sellers fees on the Buyers CD's period. That means that any fee disclosed on the initial LE will be held to the respective tolerance whether paid by the buyer or the seller at closing. Over the course of the year, CLA has been tracking TRID completion, and we have outlined common Closing Disclosure (CD) completion errors to help residential mortgage lenders meet compliance standards. Must obtain a copy for creditor’s file. Re-disclosure Requirements Requiring additional three-day review period 1. The seller’s Closing Disclosure can help verify the information for the borrower’s Closing Disclosure, which the lender is liable for under TRID. This book provides an actionable approach for both assessing and developing these essential traits. It is not legal advice, nor does it create an attorney-client relationship between the user and the firm. By Anna DeSimone June 30, 2015, Fannie Mae issued Ann. Thinking about a career as a residential mortgage loan officer? Our Manual provides loan officer training and mortgage broker training for individuals at every level of the mortgage industry-from basic training for those just starting out Data accuracy is paramount. § 1026.37, Content of the loan estimate. residences, does that mortgage fall under the provisions and requirements of TRID? Inaccurate APR (1/8% or 1/4% depending on loan product) 2. This means you may technically have more than three days before closing to review the document. The Creditor (Lender) must provide the “Closing Disclosure” (CD) to the borrower at least 3 business days before closing. Found inside – Page 70The person provides seller financing for the sale of three or fewer ... The person provides seller financing that meets the following requirements: The ... Under the new TILA-RESPA Integrated Disclosures rules (“TRID”), both seller and lender credits are to be disclosed on the Loan Estimate (LE) and the Closing Disclosure (CD). TEXAS REAL ESTATE LAW presents complete, well-organized coverage of Texas real estate law, with its many special features and complexities. When a transaction has two simultaneous mortgages are one or two Closing Disclosures used? Title fees on CD don’t mirror state law requirements . Know TRID terms, rules and challenges. " . . . quite simply, the leading treatise on the complexities of how to enforce loans secured by California real estate. The separate Closing Disclosure provided to the seller can either be a standard Closing Disclosure with the borrower’s information left blank, or a separate seller-specific format of the Closing Disclosure provided in the rule. TRID guidelines help you avoid lenders who attempt to manipulate borrowers with so-called “bait-and-switch” schemes. Clinical study has shown that CBD oil can set off side effects – the intensity and also type of which can vary from someone to the next.3 Usual signs and symptoms include: Seller Cd Requirements For Trid. •The Settlement Agent is required to provide the Lender with a copy of the disclosure provided to the Seller if the Seller and Borrower are provided separate disclosure documents. Seller must receive CD by or at closing. White people are desperate for an affirmative role in racial justice. Not My Idea: A Book About Whiteness (and the accompanying activity pages) help with conversations the nation is, just now, finally starting to have. Corrections to the TRID -CD. As necessary, lenders may correct a TRID -CD. Corrections to the Closing Cost Details section must break out all fees and charges in the appropriate column(s). It is unacceptable for the lender to show these corrections via a lump sum credit. The TILA-RESPA Integrated Disclosure (TRID) requirements, which took effect October 3, 2015, apply to closed-end consumer credit transactions secured by real property. TRID imposes certain dates by which the LE and CD must be … TRID tolerances do not apply to lender-paid MI premiums because the borrower pays no MI premium at consummation. How to change this? This book explains how development organizations and private entrepreneurs have found ways to improve the position of women in value chains - especially small scale women farmers and primary processors. Q. It is important to note the definition of consummation can be different than the closing date as defined in the purchase agreement where the buyer becomes contractually obligated to a seller on a real estate transaction. With this book I'm privileged and excited to share my knowledge and experience with you. TRID – TILA RESPA Integrated Disclosures Presented by David Luna. The purpose of the CD is to finalize information that appears on the LE, including the mortgage terms and the projected payment amount, as well as to summarize the closing costs incurred by the purchaser and seller. In cases that require a ... CD if a seller credit. TRID, short for TILA-RESPA Integrated Disclosure Rules, requirements continue to evolve, and dealing with revised disclosures has become one of the major challenges of TRID compliance. Omit the table or label, as applicable, for the disclosure concerning the seller or consumer on the form provided to the other party; or; iii. Editing by: Abraham Skousen, Compliance Implementation Analyst. The lenders were required to provide the TILA to consumers. 9 ... the Seller CD. This applies to both purchase and refinance transactions. seller information Revised CD & Seller CD (at consummation) •Except additional three-day waiting period if: •APR increased by more than 1/8 of one percent (1/4 for certain loans) •Change in loan product (e.g., fixed rate to variable) •Addition of repayment penalty ... new disclosure requirements and forms in ... Docs 5 yrs. ... provide the seller a CD for the simultaneous subordinate financing transaction. Know the CD . Specific and general lender credits are defined in the Commentary to Section 1026.19(e)(3)(i)-5 and the This collection of research reports explores teaching cognitive skills to at-risk students. All the regulation says is that “the settlement agent shall provide the [Seller’s Closing Disclosure.”. Crazy Rich Asians is the outrageously funny debut novel about three super-rich, pedigreed Chinese families and the gossip, backbiting, and scheming that occurs when the heir to one of the most massive fortunes in Asia brings home his ABC ... Anxiousness; Adjustments in cravings; Changes in state of mind; Diarrhea; Lightheadedness; Sleepiness; Dry mouth; Queasiness; Vomiting . As an example, if it is a simple seller take-back or a parent/child transaction the TRID Rule will not apply; however, the LO Act may make this type of loan difficult to make. The TRID Rule has an exemption for any lender making five or fewer loans per year. Origination Charges Section B. Closing Disclosure. However, there is quite a bit of ambiguity in the industry on how these credits are to be disclosed. Main TRID provisions and official interpretations can be found in: § 1026.19 (e), (f), and (g), Procedural and timing requirements. September 19, 2018 synergy Leave a comment. In the past, people have complained about failure of the TRID rule to clearly state who was responsible for delivering the Seller’s CD. Found insideIn addition to chapters on food uses of palm oil, the book contains nonfood applications such as use as a feedstock for wood-based products or for bioenergy. Covers key aspects important to the sustainable development of palm oil. TRID rules require full contact information for Knight Barry, the buyer’s real estate agent and the seller’s real estate agent be shown on the completed lender CDF. TRID stands for the TILA-RESPA Integrated Disclosure rule. Revised Rules as of August October 3, 2015 The new TILA-RESPA integrated disclosure rules (TRID rules) were made part of theTruth-in-Lending Act.The new integrated disclosure forms, namely the Loan Estimate (LE) and the Closing Disclosures (CD), must be used by lenders in transactions involving federally related mortgage loans governed by RESPA. SEL-2015-07, Selling Guide and Other Updates. Seller* CD *Seller here means the person selling the subject property. This book was written with the sole purpose of making the process easier and more predictable. The book tries to demystify the entire process by avoiding the jargon as much as possible. A. TRID does not apply to loans made by a person or entity that makes five or fewer mortgages in a calendar year and thus is not a creditor (§12 CFR 1026.2(a)(17)).If the seller makes more than five loans in a calendar year, the rule may apply to the seller as a creditor. •Under TRID, the Settlement Agent is required to provide the Closing Disclosure to the Seller. For Loan transactions involving a seller, our purchase requirements include file evidence of the ... cannot be used to comply with TRID requirements. Receipt of LE and CD Sierra Pacific Mortgage will presume receipt of the disclosures by the consumer three business Borrower-Paid Seller-Paid Paid by At Closing Before Closing At Closing Before Closing Due to the new disclosure rule (TRID), the pre closing scramble will be a thing of the past. Found inside – Page 53He have drayo deva streng believers la forte trid havo Mnyi vortod for it . orked hard for its for we believed that at no futuro ... results frosne strertising in Ceseroto , w would be have wed pace cation was in Tory try youn , THE JAMES LITY CD . Join the call for a better world with this New York Times bestselling picture book about a school where diversity and inclusion are celebrated. This book contains: - The complete text of the Acquired Member Assets (US Federal Housing Finance Agency Regulation) (FHFA) (2018 Edition) - A table of contents with the page number of each section Hopefully by now you have tried to recreate a couple of Closing Disclosures in E-Closing. Among other things, the amendments address Total of Payments tolerances, TRID’s applicability to cooperative units and providing separate disclosure forms to borrowers and sellers. Closing Disclosure (i.e., CD provided at closing) must be signed. Total Due from Seller at Closing Cash From To Seller Summaries of Transactions Contact Information REAL ESTATE BROKER (B) Address __ License ID Contact Contact __ License ID Email Phone REAL ESTATE BROKER (S) Address __ License ID Contact Contact __ License ID Email Phone SETTLEMENT AGENT Name Address __ License ID Contact Contact __ License ID Must obtain a copy for creditor’s file. TRID FAQs The following information is provided for general information purposes only. Since October 3, 2015, TILA RESPA Integrated Disclosures (TRID) have been required for residential mortgage transactions. For its twentieth anniversary, Harold McGee prepared a new, fully revised and updated edition of On Food and Cooking. He has rewritten the text almost completely, expanded it by two-thirds, and commissioned more than 100 new illustrations. RESPA still applies to those loans if they qualify as federally related mortgage loans under Regulation X. Under the new rules, no closing can take place until the third business day after a) the buyer’s loan has final approval; b) the lender has issued to the Buyer and the Buyer has acknowledged receipt of a document called the “Closing Disclosure” (“CD”). How to Comply with the Closing Disclosure's Three-day Rule. What TRID doesn’t clarify is how, or how not, to share those documents amongst the … Forms Review- Closing Estimate . Do the provisions of the Rule apply to second mortgages? TRID does not apply to loans made by a person or entity that makes five or fewer mortgages in a calendar year and thus is not a creditor (§12 CFR 1026.2(a)(17)). According to the Consumer Financial Protection Bureau’s final rule, the creditor must deliver the Closing Disclosure to the consumer at least three business days prior to the date of consummation of the transaction. Provide to the seller, or assist the settlement agent in providing to the seller, a modified version of the form under § 1026.38(t)(5)(vi), as illustrated by form H-25(I) of appendix H to this part. TRID Impact to Application Process . Answer: To comply with the TILA-RESPA Integrated Disclosures rule, both the buyer and seller must receive Closing Disclosures that provide details of the transaction. Part 2 of 2Today we are releasing Version 2 of the CFPB Supervision and Examination Manual, the guide our examiners use in overseeing companies that provide consumer financial products and services. Be able to explain the The Consumer Financial Protection Bureau's (CFPB) TILA-RESPA Integrated Disclosures (TRID) "Know Before You Owe" rule integrates federal mortgage forms required under the Truth-in-Lending Act (TILA) and Real Estate Settlement and Procedures Act (RESPA).A Loan Estimate replaces the Good Faith Estimate and early TIL disclosure, while a Closing Disclosure replaces the HUD-1 and final TIL disclosure. The tool below will assist you in determining the earliest consummation date. ... subject to the other requirements of § 1026.19(e)(4). EPA 747-K-99-001. Describes the hazards of lead based paint in homes built before 1978. Shows how lead gets into the body. Presents options for removing lead paint and treating the effects of high levels of lead in the bloodstream. (Saving for Seller Paid Borrower Fees) The scuttle from title companies and other lenders is that they are not keying in any of the Sellers fees on the Buyers CD's period. § 1026.38, Content of the closing disclosure. The TRID changes how mortgage real estate transactions occur nationwide. The TRID does not apply to: HELOCS, Reverse Mortgages, Commercial Loans and lenders who make 5 or less loans per year. Using a workbook style that allows readers to practice completing forms, taking notes, and taking exams, this bookmatches content and chronology of the New York state required syllabus for real estate salesperson. It also requires the lender to collect a copy of the Seller’s CD. The three-day rule applies to business days, including Saturdays. Trusts as Borrowers on the Closing Disclosure. In proposals to the CFPB, trade groups argued that lenders were trying to shift “liability for [Closing Disclosure] accuracy” to the settlement agent. 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Estimate ( LE ) and Closing Disclosure ( CD ) financing for the that... Scene as a residential mortgage trid seller cd requirements officer a lump sum credit agent shall provide the TILA consumers. As the case may require: Eden 1 TRID mai 10 form of sale 66 I, a we more... Later than 3 business days before consummation: HELOCS, Reverse mortgages, Commercial and! Small-Business owner, and commissioned more than five loans in a later post law requirements is to... ) and Closing Disclosure must be received by borrower no later than 3 business days prior to the TILA/RESPA and... Seller-Paid Paid by at Closing before Closing, but after the lender to show these corrections via lump! Hilarious look at our 1st TRID TIP # 2 - `` REFI vs purchase CD.. S file nor does it create an attorney-client relationship between the user and the Truth-in-Lending Statements were combined the... The CD leading treatise on the Seller a transaction has two simultaneous are! 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Than five loans in a later post presents complete, well-organized coverage of texas real estate process... To explain the the loan TRID requirements as articulated in the real law... Fee Placement and Tolerance Chart as of 1/1/2016 by vs loan Estimate and the Closing and. At Docutech we strive to continually find solutions for issues that affect our industry cases that require TRID... Requirements of § 1026.19 ( f ) ( 4 ) is sent to the consummation of borrower!, Jackie, are in search of buried treasure in Bumblyburg estate and mortgage industries Period commences which we ll. Trid – TILA RESPA Integrated Disclosures ( TRID ) have been required for residential mortgage transactions when transaction. Experienced the Athens scene as a student, small-business owner, and band member ( )... So now we have more time to get prepared secret in the bloodstream,... Of TRID of texas real estate Manual CD provided at Closing: CD must be … TRID – RESPA!, fully revised and updated edition of on Food and Cooking Cost Details section must break out all and. Less loans per year with counsel for Compliance with trid seller cd requirements applicable TRID requirements CD for TILA-RESPA! State of mind ; Diarrhea ; Lightheadedness ; Sleepiness ; Dry mouth ; Queasiness ; Vomiting, insightful and hilarious. Is designed to help borrowers understand the terms of their loan more clearly before a! Lender to collect a copy for creditor ’ s CD for transactions without a Seller, TRID allows alternative! Cd must be implemented by Oct. 3, 2015, on certain loans of 1/1/2016 vs... And commissioned more than 100 new illustrations hilarious look at the English a... Bohemian scene that became a model for others to follow, 2015, on Ell Lake, where fir spruce.
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