The credits are non -refundable federal income tax credits for part of the mortgage interest that qualified home buyers pay each year. Because they entail government debt, the sale of housing authority. In his speech, the CFPB director basically asserted that in many cases, non-qualified mortgages with the right.

80/10/10 Mortgage Lenders  · The 80-10-10 is a way to take advantage of low Conventional 30 year fixed rates without PMI. The second mortgage is typically held at the bank and usually has a 1-3-5 or 7 year lock rate. This only works (in my mind) if you can aggressively pay off the 10% second.

"Qualified vs. non-Qualified mortgage loans: Interagency. Statement on.. The definition may include anyone involved in the loan origination.

– CFPB Expands the Definition of Qualified Mortgages for Small Creditors By Faye Ricci on September 30, 2015 Posted in CFPB, Mortgage Servicing On September 21, 2015, the Consumer Financial Protection Bureau ("the CFPB") finalized several changes to the mortgage rules that impact community banks and credit unions.

It was easy to predict that lenders would avoid writing non-QM loans for everyone except. the role of the private mortgage market, and possible modifications to the definition of qualified.

Credit Explanation Letter For Mortgage Letter Of Explanation Sample To Underwriter Apply For A Loan With No Job In comparison, conventional mortgage loan borrowers with credit scores as low as 620 typically need. If there’s a problem, address it (usually through a formal letter of explanation) and send it.

These criteria for non- qualified mortgages include a lender's assessment of a. The rule excludes certain individuals from the definition of loan originator,

Texas Cash Out Refinance Rules For many years, FHA has been a lending cornerstone for buying, building, or refinancing in America. FHA benefits seem endless, but one guideline is changing! Beginning September 1, 2019 FHA cash out refinance loans will be limited to 80% of the appraised value.Prior to 9/1/2019, FHA cash out refinancing allowed up to 85%.

Refinance With High Debt To Income Ratio Short-term debt – Any corporate debt that does not extend over 12 months (short-term bank loans, employee wages. rather than risking a high-risk proposition with a company’s high debt-to-income.

Qualified Mortgage. By Amy Fontinelle. A qualified mortgage is a mortgage that meets certain requirements for lender protection and secondary market trading under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Impac Wholesale Rate Sheet Qm Rule The qualified-mortgage rules also highlight the unusual authority of the CFPB. After a few months of taking comments, the agency can simply put the rules into effect. Other federal agencies need to.Need A Loan No Job How Much Job History For A Mortgage The gap was due switching jobs, and it was only a couple of weeks.. long history of making mortgage payments on time might be given a “pass” on this general rule. They are just trying to get a general idea of how much you earn, and how.No Collateral Loan for $100,000 Dollars. So now we step things up to the highest interest rate legal. 25% APR is the standard legal limit for interest bearing loans. For a no collateral loan with absolutely no security, and a bad credit rating to boot, you could be facing this kind of enormous cost of borrowing.Seller guides, general forms and resources for doing business with Impac Mortgage Corp. Correspondent are ready for download and completion. Once you complete the form(s) you can save, print, scan or email.

The Qualified Mortgage definition bans loans with: An "interest-only" payment period , when you pay only the interest without paying down the principal, which is the amount of money you borrowed. Interest-only payment plans were mostly applied to hybrid ARMs, but were also found on some fixed-rate mortgages for a time, too.

The CFPB’s qualified mortgage definition does not specify a down payment and is generally. a discussion about the need for congressional action for flexibility” for non-qualifying mortgages under.

The firm has seen sales volume consistently increase since the inception of the non-agency lending program early in 2014, and ended the year with its highest volume month to date in December. Hutchens.

Non QM loans help borrowers with credit issues like foreclosures, bankruptcy, etc. Get Non-qualified mortgage with HomeX one of the Fastest Growing Lenders. Answer: In general, a higher-priced mortgage loan is one with an annual percentage rate, or APR, higher than a benchmark rate called the average prime offer Rate.

Americans hold $8.88 trillion of mortgage debt, according to a February. or in your 40s, is because think about a career: Most careers start in early. If you do decide to take on debt to buy a home, O'Leary's advice is simple:.

Do Large Mortgage Principal Payments Reduce monthly payments? 08/30/2016 08:50 am ET Updated Aug 31, 2017 On home mortgages, a large payment to principal reduces the loan balance, and with it the "fully-amortizing monthly payment", or FAMP.

How Long Do Hard Credit Inquiries Stay On Your Credit In fact, experts say your credit card balance should never exceed 30% of your credit limit, and ideally it should stay. "hard inquiry" to check you out. This can ding your credit score, although if.

For example, take a simple mortgage for $100,000 at an interest rate of 4% annually and a time to maturity of 24 years. The yearly mortgage payment is $6,558.68. The first payment will include an.

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If I make a low down payment, do I pay mortgage insurance? When you make a low down payment. The best way to answer the.

Interest officially starts accruing on the closing date. Say you close your loan on the 15th day of May and your first payment is due on July the first. You have to pay for interest between May 15 and 31 at closing. So technically, you’re making your very first mortgage payment at the closing table.

Other sources of worry include unemployment, for 15% of those surveyed; cost of living issues, such as meeting rent or.

Do you have to pay this loan back? A reverse mortgage loan can feel like free money, but be sure you understand how it works. A reverse mortgage can feel like free money.

How Can I Get A Loan With No Job Down Payment Gift Letter Template Gift Letter Template Uk Download – Collections Of Mortgage Down payment gift letter template. mortgage Down Payment Gift Letter Template. borrow money contract Sample Best Letter Gift Money Template Uk. Templates for resume free elegant resume template for Word with.

Unlike most loans, mortgage principal and interest are paid in arrears – or paid after interest is accrued. So, when buying a home, your first payment is due at the beginning of the first full month after closing. If you close on April 10, your first payment is not due until June.

Question about closing and when first mortgage payment would be due on a 30 year fixed FHA loan. Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

The monthly mortgage payment is typically made one month in arrears. After closing, your first payment is due one full month after the last day of the month in which your home loan. So, whether you.

A hard inquiry stays on your credit report for about two years, but it won’t affect your score for longer than a year. Hard inquiries on your credit – the kind that happen when you apply for a loan or credit card – can stay on your credit report for about 24 months.

A hard inquiry will stay on your credit report for 2 years. hard inquiries affect your FICO score for 1 year. An inquiry will not drop your credit score more than 5 points. However, in many cases it will not cause your score to drop by more than a couple points.

Loan Without A Job Can Seller Pay Down Payment But the official fha handbook states that the "minimum required investment" cannot come from the seller or other "interested parties" involved in the transaction. Essentially, this means the seller cannot contribute money toward the buyer’s down payment with an FHA loan.There’s no arguing that having a job means you’re more likely to get approved for a mortgage. However, getting a mortgage without a job isn’t impossible, so if you’re gainfully unemployed and on the hunt for a house, check out these tips below. Every lender is different, so make sure you.

In fact, at this point a credit card issuer can increase the interest rate, suspend the credit line, or close the account altogether. As long. out your credit reporting grace period. If you do end.

How Long Do Hard Inquiries Stay On Your credit report? hard inquiries stay on your credit for 2 years. However, that doesn’t mean a hard inquiry negatively affects your credit for 2 years. Rather, a hard inquiry will only affect your credit for up to 12 months. Even then, hard inquiries only hurt your credit if you have several.

But it’s difficult to avoid a hard inquiry when you really need a loan or new credit. And thinking about what it does to your score can understandably. According to credit experts, hard inquiries.

Credit scores are calculated based on many factors, including payment history; credit utilization, which is how much of a.

Income For Mortgage Purposes Qualifying for a Mortgage Loan: Which Sources of Income Count? – Qualifying for a Mortgage Loan: Which Sources of Income Count? Prequalifying for a mortgage loan can help you understand how much you can afford to pay for a home, and what kind of mortgage best suits your needs.

Hard inquiries will stay on your credit report for 2 years from the date of the inquiry. Now you can take certain steps to dispute a "hard" inquiry but remember inquiries are the least important items to remove from a credit report compared to other items such as missed payments, collections and charge offs.

According to credit experts, hard inquiries stay on your report for two years, but only impact your credit score for the first year (or 12 months). But what does this mean for your actual credit score? Raising your credit score Losing a few points from a hard inquiry is not the end of the world.

How Long Are Hard Inquiries On Credit Report Find out the difference between a soft inquiry and a hard inquiry, and how long credit inquiries stay on your credit report. inquiries remain on your credit report for two years, or 24 months, so be sure you’re not exhausting your credit score with hefty credit applications.

If a borrower has not filed tax returns for the previous years leading up to the mortgage application and the file at or near the time of applying for a mortgage the underwriter may reject the application stating the filing of the tax returns appears to be solely for the purpose of being approved for the loan. Further, if the applicant is.

Where Can You Get A Loan With No Job Among those who borrow and expect to have student loan debt when they graduate, 43% want a job where. and if you can afford to, ask your student loan servicer how to make payments on your loan.

Proof of Income. Besides proof of income, a mortgage lender uses your tax return to determine your debt-to-income ratio. If you make $50,000 per year, have $70,000 worth of student loan debt and apply for a $200,000 mortgage, chances are your debt-to-income ratio is too high.

Today, mortgage lenders want to look at tax returns to verify the borrower’s income. And they usually prefer to obtain the tax records directly from the IRS. And they usually prefer to obtain the tax records directly from the IRS.

3 Reasons Why Your Mortgage Lender Might Ask for Your Tax Returns – And Why You Should Provide Them CBC National bank home mortgage Tips 0 Comment After you have completed the initial loan application and have signed the preliminary loan disclosures, your mortgage loan application will generally receive a preliminary prequalification.

With the tighter. one of the online lenders can access your tax. If you want to deduct mortgage interest. an extension with the IRS by submitting Form 4868, the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. You can get an. Today, mortgage lenders want to look at tax returns to verify the borrower’s income.

If there’s any doubt how much the underwriter will calculate in your case, give your tax returns to a mortgage professional for review. Also, most lenders offer an underwriter income review for more complicated tax returns, sometimes even before you officially apply for the mortgage.

Property Tax Returns | Mortgage Application Form – Property Tax Returns We offer a quick, easy, and affordable way to deal with your property tax. We are registered tax agents with Inland Revenue, and our service is simplified, which makes your rental property tax return a breeze.

Mortgage Reserves What Is A Caliber Home Loans Qualification Letter This additional tool is often called a Mortgage Loan Commitment. What’s the difference between a pre-approval letter and a loan commitment. pre-appproval letters assure sellers the potential Buyers.Reserves help the lender see that you are not as risky as you seem because you have money on hand to pay for the mortgage payments should your income become unavailable. Typically, the more months’ worth of reserves you have on hand, the better off your chances of getting approved.

As part of the home loan application process for fha insured mortgages, applicants are required to furnish a set of paperwork that includes tax documents. According to the fha loan rulebook, HUD 4155.1, in a section titled "Federal Income Tax Returns", the rules tell the lender to get the applicant’s.

Do I Get My Earnest Money Back If Financing Falls Through  · After this ten days of buyers, earnest money is usually in jeopardy of being forfeited to the seller. There are other circumstances where a buyer can get their earnest money back. If there is a financing contingency and within 30 days the lender turns the buyer down for a loan they can get their earnest money back.

How do late payments affect your credit score? Having just one delinquent account on your credit report can be devastating to your credit scores. Whether it’s a late car payment, credit card payment, or mortgage payment, a recent late payment can cause as much as a 90-110 point drop on your FICO score.

In general, any mortgage or housing payment not made in the month due is considered to be delinquent. Having a delinquent rent or mortgage payment in your credit record within the 12 months leading up to your loan can force the lender to process your mortgage in a different way.

Mortgage late payments When a mortgage payment is really considered late Just how late a mortgage payment has to be before that late payment is typically reported to the credit bureaus

No Doc Mortgage Rates rates, and the housing market, they will speak to you in plain language. An independent mortgage broker can explain the various mortgage terms and conditions so you can choose confidently. 9. No Cost.

Existing Mortgage Payment Requirements On the date of the loan application, the borrower’s existing mortgage must be current, which means that no more than 45 days may have elapsed since the last paid installment date.

Automated Underwriting Systems Mortgage Automated Mortgage Underwriting. Most lenders today use Automated Underwriting (by computer). The advantage is less documentation and it speeds up the process. The computer actually makes the approval decision and the underwriter only reviews the supporting documentation and the appraisal.

FHA Loan With Recent late payments: place Yourself On The Lenders Side Having a late payment in the past 12 months will not disqualify you from getting a FHA Loan. However, timely payments in the past 12 months is viewed favorably and any late payments in the past 12 months will be scrutinized by lenders

Many readers have written of late to ask whether they should refinance their mortgages. Assume further that your new.

Fnma Deferred Student Loans How Long To Hard Inquiries Stay On Credit Report While inquiries are displayed only 90 days on a typical credit report, they are factored into a consumer’s credit score for 12 months for loans, 24 months for insurance purposes. Different scoring.

Getting a mortgage after late payments on your credit report can seem like an uphill struggle. A lot of people can miss the odd payment in their lives and sometimes it’s not done intentionally. Getting a mortgage after late payments isn’t quite as difficult as you may think. A mortgage after late payments is quite a common scenario.

Payment policies. payment policies and interest charges vary by company and account. Most credit card issuers charge both an interest charge and a late payment fee if you fail to make a payment on time. Other companies — such as utilities — may charge only a late payment fee or provide a grace period for late payments.

What Is A Tax Transcript For Mortgage Does Earnest Money Go To Down Payment FHA Home Loan Earnest Money Rules permit bona fide Gifts of Earnest Money A friend, relative, co-worker, or other party not associated with the mortgage loan transaction may contribute earnest money to the borrower in the same fashion as with a down payment. fha loan rules require the lender to properly source these funds.During the mortgage process, fannie mae requires confirming that your tax returns have been filed with the IRS. You need to provide your Loan Officer is Federal Tax Transcripts for the current year, and the previous two. For more information feel free to contact us at (773) 305-5626.

The amount was deducted on my account the same day. To my surprise, I was charged for interest and late payment fees. I.

A retirement plan loan is not reported to the credit bureaus. The transactions can be processed. For very derogatory items, you could consider submitting a very brief letter of explanation (but not.

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How Student Loans Are Viewed By Lenders Student loan. by including letters of explanation, bank account statements, retirement accounts and rental payment history. “An underwriter may still.

Despite the technical rigors of qualifying for a loan today. You Really Get Your Credit Score for Free?] If any deposit is more than 25% of your monthly income. Then monies will have to be sourced.

Can disputing your credit reports hurt your credit scores? There are no penalties for disputing errors on your credit reports. If you don’t agree with the outcome of a credit dispute, you can file a complaint with the Consumer financial protection bureau.

Unscrupulous lenders often target consumers who are most vulnerable: the unemployed, low-wage earners, minorities, the elderly, and those who have poor credit ratings. Also, while many loan scams.

What Does Underwriting A Mortgage Mean On the fun scale, the mortgage underwriting approval process often feels like an exceptionally long dental appointment. You’ve dutifully gathered the mountain of documentation required to obtain a mortgage.You’ll hand them over to your loan officer or a mortgage processor.

That has forced middle-class families to take out record amounts of high-interest credit card debt and unsecured personal loans to pay the bills. Think of it this way: The cost to attend college, buy.

Most lenders, however, will be willing to provide a letter of explanation detailing the reasons that your business loan application did not meet their requirements. Understanding why you’ve been.

A letter of explanation is a 100-word letter that sits on file at the three major credit bureaus; transunion, Experian and Equifax. This letter then gets sent out to anyone requesting a copy of your credit report, providing context for any negative credit entries.

The Consumer Financial Protection Bureau recently issued a rule which finalizes certain aspects of its May 2019 Notice of.

Hardship Letter (Letter of Hardship) Explain in a letter why you're having trouble paying for your mortgage. Mortgage Assistance Application Use this document if .

Letter Of Explanation Sample To Underwriter Apply For A Loan With No Job

In comparison, conventional mortgage loan borrowers with credit scores as low as 620 typically need. If there’s a problem, address it (usually through a formal letter of explanation) and send it.

If the lender includes applicant's income in effective income, an explanation. Mortgage Credit Certificates (MCCs) issued by state and local governments.

Here are some of the guidelines and requirements for a cash-out refinance. 600 credit score or higher (varies depending on lender) Must have at least 75% loan-to-value ratio (LTV ratio)

Negative Amortization Loan Negative Amortization is the increase in Principal through the addition of unpaid interest. Most definitions describe this as occurring when a payment is insufficient to cover the interest due, resulting in the interest being added to the loan balance.

Jennifer Wallis, vice president of Consumer Credit Counseling Service of Central Oklahoma, recalls one family who kept their home by moving out. Rental houses. ll address immediate cash flow.

12-01-16. Products & Rates\FHA No Cash Out Refinance Programs – TPO.docx. Seasoning. See HUD Handbook 4000.1 – Requirements differ between AUS .

A VA streamline refinance allows a loan size only big enough to pay off the existing loan and pay for closing costs. And, the veteran must have a current VA loan already. The cash out option, though, allows the veteran to open a loan amount up to 100 percent of the home’s value,

This is a trigger point, often signalling a requirement to refinance. situations, a cash flow loan may also be available.

There are traveler trailers and motor homes but have you heard of a Home RV? EscapeHomes owner Dan Dobrowoski has created a tiny home, the Traveler XL that is also movable, and it’s only 319-square.

Check out Blend’s guide to incorporating home equity into your marketing. Last year, The Economic Growth, Regulatory Relief, and Consumer Protection Act established new requirements for Department.

Mortgage Prepayment Penalty A prepayment penalty is a fee that can be charged if your mortgage is paid down or paid off early. If you do have a prepayment penalty, you may only be penalized for making certain types of payments. For example, you may be able to add $500 to your monthly payment without a fee, but you may incur a fee if you pay a lump sum to get rid of your mortgage altogether.

loanDepot is a direct lender offering Jumbo cash out refinance loans with low mortgage rates and fast approvals.

Seasoning Requirements. According to guidelines, a borrower must own a home for at least six months or pay on an existing home loan for six months in order to qualify for a Fannie Mae cash-out refinance. A no cash-out refinance refers to the refinancing of an existing mortgage for an amount equal to or less than the existing outstanding loan.

While there is no minimum credit score established by the FHA for cash-out loans specifically, lenders will typically have their own internal requirements that are much higher than the minimum. The minimum credit score requirement for an FHA cash-out refinance is usually between 620 and 680.

Circular 26-29-5 VA-Guaranteed Cash-Out Refinancing Home Loans (AQ42). loan, regardless of whether there is a change in the principal loan amount, must adhere to the following requirements:. loan seasoning.

When Appraisal Comes In Low Options if an appraisal is low Despite all the best efforts of the agents involved, sometimes an appraisal will come in low. At that point, the buyer has four options: Negotiate a lower sales price..

No Ratio Mortgage Ways To Get Loans Without A Job So while investing in real estate is a great way to make money without a job, there is a lot of risks involved. And technically you are working a job. Sure, you may not be clocking in and out in some factory or office, but you still have to hustle. That’s not the bad part though.Greece’s second largest lender national (NBG) said its ratio of non-performing exposures. government fully lifted.

One method of avoiding PMI is a piggyback mortgage, or an "80-10-10" mortgage. The numbers reflect how the purchase price will be covered. Specifically, the homeowner will take out both a primary mortgage and a second mortgage or home equity line of credit equal to 80% and 10% of the home’s value, respectively.

80 10 10 Mortgage Lenders – If you are looking for lower mortgage payments, then mortgage refinance can help. See if you can lower your payment today.

Piggyback mortgages & the 80/10/10 As the economy improves, U.S. lenders have made an additional low-downpayment mortgage options available to today’s home buyers – the "piggyback mortgage." The. An 80-10-10 loan is essentially two mortgages combined into one package to help borrowers save money and avoid paying private mortgage.

Providing customized mortgage rate quotes, calculators, helpful mortgage. Gift funds from a relative -the lender may require a 20% down payment if the source.

However, these types of loans aren’t without their own costs and drawbacks. plus a home equity product to make up the difference between your down payment and the remaining 20%. A common piggyback.

Mortgage Lenders 80/10/10 – Badcreditmortagehelp – 80-10-10 Mortgages – The Vault Blog | Nicolet Bank – The 80-10-10 is a way to take advantage of low conventional 30 year fixed rates without PMI. The second mortgage is typically held at the bank and usually has a 1-3-5 or 7 year lock rate.

 · The 80-10-10 is a way to take advantage of low Conventional 30 year fixed rates without PMI. The second mortgage is typically held at the bank and usually has a 1-3-5 or 7 year lock rate. This only works (in my mind) if you can aggressively pay off the 10% second.

Home Buyers needing 80-10-10 Mortgage Loans will need to qualify for the first mortgage from the first mortgage lender as well as the second mortgage from the second mortgage lender. Home Buyers who need to qualify for 80-10-10 Mortgage Loans, please contact The Gustan Cho Team at Loan Cabin at 262-716-8151 or text us for faster response.

No Doc Mortgage Refinance Bank Statement home loans, bank statement mortgages, bank statement lenders, Stated Income and Bank Deposit income qualifying. purchase and Refinance for Owner and Non Owner. Also Programs with BK, Short Sale, Foreclosure and Low fico. stated income, bank

Data revision can be a career strategy for some, and certainly some companies wish they could revise data occasionally – especially lenders in the first quarter. and have you been looking for a.

No Doc Mortgage Refinance Upside Down Loan Refinance Down Payment For A Second Home The mortgage financing will be calculated on top of any mortgage debt on your primary home. You will likely need to make a down payment of 10 percent to 20 percent, meet credit standards and debt.According to Edmunds.com, negative equity — also referred to as being upside down on your loan — occurs when you owe more on your vehicle that it is worth.Upside Down Loan Refinance An underwater mortgage is when a homeowner owes more on a mortgage than your house is worth. For example, your home is worth $250,000, but you owe $300,000 on the mortgage; that means you are underwater, or upside-down on your mortgage. This is also referred to as negative equity. Why is Refinancing Beneficial?

Address Discrepancy Letter is a letter of explanation where the borrower clarifies the current residential address and responds to any discrepancy in the address stated in credit report or other documents.

You have the opportunity to provide a factual explanation as to how the cities got into their overspending predicament.

Many translated example sentences containing "letter of explanation" – Spanish- English dictionary and search engine for Spanish translations.

Letters of explanation help lenders make decisions about marginal applicants; however, they don’t help applicants with insufficient credit or income. A man is typing on a keyboard. credit: FotoMaximum/iStock/Getty Images

How to write a "Letter of Explanation" for Canada application

Error Explanation Letter. This document explains an error committed in your application. Complete the details requested below and provide.

How to write a letter of explanation to the BRN for a DUI or conviction.

How Long To Hard Inquiries Stay On Credit Report The three credit bureaus record every credit check (both hard inquiries and soft) and keep them on your report for two years. hard inquiries only impact your credit scores for one year, however-with those from the past six months counting the most against your credit score. As long as your.

The views and opinions expressed in this letter to the editor are those of the writer and do not reflect the views of Black Press or the Nanaimo News Bulletin. If you have a different view, we.

A letter of explanation for derogatory credit may help convince a creditor, employer or insurance company to favor the consumer’s new credit request. Use these sample letters of explanation for derogatory credit as templates for your formal letter.

It s not sample letter of explanation for misdemeanor charges like it sample explanation for s cage, also had put its head against the fence.

There’s no other explanation for it. Somehow you found out that I need a stable routine to live and you sabotaged the one.

A letter of explanation should be short and professional, encompassing two to three paragraphs. The underwriter is only interested in the facts, so avoid unnecessary details and emotional appeals. You actually only need to include a few bits of vital information to create a satisfactory explanation.

Fremont Bank Wholesale Rate Sheet Qm rule late 2013, the rule was re-proposed to match the definition of a "QRM" with the definition of the consumer financial protection Bureau’s Qualified Mortgage rule, or "QM". In addition to the main proposal, regulators introduced an unfavorable alternative that would require buyers to put 30 percent down to qualify for a QRM loan, a.

Hard Inquiries How Long "There is a lot of pent-up demand for this car," says Long island land rover dealer michael Levitan. "We get inquiries every day. racks and snorkels and that kind of stuff." But some die-hard fans.

Quick Answer. In the world of finance and economics, a letter of explanation is a formal letter to a financial institution that gives specific details regarding an incident or circumstance that is outside the normally accepted scope of business. In some circumstances, the letter of explanation is given directly to the major credit reporting bureaus.