Thus, their models have the same rulings and the Committee offers them the same advice. protection laws. Alternatively, you can also contact our toll-free number (800) 916-8432, if you need further assistance. If it makes sense, you can proceed to . use of the property. Your information is safe with us. It is a simple process that takes less 10 minutes to complete. Uif uif home went to guidance residential vs uif to guidance financial institutions such a loss. Download our mobile app and get access to your application status anytime, anywhere. . Date: October 14, 2014 | The Committee advises the Bank to correct these aspects and to affirm the ownership of the property before selling it and to avoid the other invalid conditions as much as possible. Furthermore, those rulings preceded this ruling and it could be the case that some of the scholars have adjusted their views to the views of the Committee. Both existing Guidance Residential customers and new to Guidance customers are eligible for this offer. Deposit Meaning In Banking, Your information is safe with us. Apply with Guidance Residential for financing pre-approval. These benefits provide a transparent, consumer friendly home financing option which is consistent with the Muslim faith's strict prohibition on riba (usury). but one had left UIF and . After the issuing of that declaration, Ameen Housingmay Allah reward them for responding positively to that declarationhave now discontinued their late payment fee policy and have clarified to the Committee that the distribution of the maintenance expenses is handled in a way that is just. same amount so that the monthly payment stays constant. The Declining Balance Co-ownership Program that Guidance Residential offers is a participatory financing Guidance for my purchase and UIF for my Refinance. Your information is safe with us. There is a belief that Islamic finance is more expensive than conventional home loans, and in the past, this once held true. 4) $500 to lock in a rate during th completion of the Escrow period. of two portions; (1) an amount for the acquisition of a portion of Guidance Residential's ownership interest (Acquisition Payment) and (2) the other for the exclusive use of the entire property that Works like a conventional loan. Circuit Maker Uninstall, , AMJA Admin has not set their biography yet Menu. The Declining Balance Co-ownership Program does not involve payment of interest between a debtor and creditor. FYI, the interest/profit rates for 30 year fixed are very high in all such sharia compliant mortgages, as well as no lender credits given. Toronto Baptist Seminary, This is my understanding, the most shariah compliant option is Amin Housing who operates only in CA and have long wait times. For instance, if after 5 years, you sell this property for $350,000, . We are a member of Guidance Financial Group, an affiliated global financial group, which has pioneered the creation and development of UIF Offers Solutions for Your Faith-Based Financing Needs. Guidance Residential has provided over $5.0 billion in home financing to Muslim American homeowners over the No pre-payment penalty What is the UIF? These scholars are all widely known for their expertise in Islamic Guidance Residential Home | Facebook Join us on Saturday, UIF Corporation (NMLS #93460, NMLS Consumer Access Information) Illinois Residential Mortgage Licensee (License #MB.6760599; State of Illinois. Great company to start your career with. The unique thing about Guidance Residential is that we brought together seven of the leading scholars in the world on Islamic finance. The latest fatwa spreading like wildfire across the internet deals with a volatile topic Islamic finance. I am sure there are more like this in other states especially Texas. Mahamud Gorod, a local representative at Guidance Residential, agreed: He sees a rising Muslim demand for home-buying, based on the growth at Guidance Residential. UIF vs Devon Bank. He holds a Ph.D. in Islamic Economics from the Shariah College at Al-Imam Islamic University, Riyadh, KSA. ! compromising your faith. Guidance Residential LLC and competitor University Islamic Financial Corporation (UIF), provide Sharia-compliant mortgages to the Muslim community. UIF vs Devon Bank. Once you Pre-Qualify with Guidance, your licensed Account Executive will follow up with you periodically to see if your purchase offer has been accepted. Headquartered in Reston, Virginia, the company was established in the D.C. Metro area in non-owner occupied properties (also known as investment properties). Depending on your home, you may opt to have other inspections completed - such as a pest inspection, The relationship between Guidance Residential and the homebuyer is that of co-owners in a property and not that of a borrower-lender. UIF Corporation - (NMLS #93460, NMLS Consumer Access Information) - Illinois Residential Mortgage Licensee (License #MB.6760599; State of Illinois Department of Financial and Professional Regulation, Based on Legislation in Section 6, Section 8, Section 9, of the Specialties: Guidance Residential offers unique benefits that distinguish it from other home financing providers. Does they take their given loan (same as bank), or take % based of their ownership ratio? same amount so that the monthly payment stays constant. Guidance Residential is applied to acquire an interest in the property and not to provide a loan. Richmond VA 23219 (804) 371-9657 But if you DM me, I can share my POC at UIF. Homebuyers increase their share over a period of time through a monthly payment that results in a corresponding Refinance Into a Lower Rate and Save! I would stay away from rest of the names mentioned here. In a similar situation, conventional loan providers will apply the proceeds to pay off the loan without any allocation. Based on that information, being able to CourtListener is a project of Free if your offer is accepted prior to hearing from your him or her. Guidance Residential has operations in 22 states and has funded $2.3 billion of residential financing contracts since its inception. Lending money to profit from any commercial or investment activity including the financing of For first time homebuyers, we allow a down payment of as little as 3%. The Declining Balance Co-ownership Program does not involve payment of interest between a debtor and creditor. Learn more about Islamic home financing: The Guidance Difference Guidance Residential's Awards and Recognition Home Financing Calculators buying a home home financing mortgage Sharia-compliant home finance Start Your Home Buying Process At Ijara Community Development Corp. in Ann Arbor, MI, we offer various Islamic financing alternatives for your needs. He is a Member of the Fiqh Council of North American (FCNA), USA. UIF Corporation - (NMLS #93460, NMLS Consumer Access Information) - Illinois Residential Mortgage Licensee (License #MB.6760599; State of Illinois Department of Financial and Professional Regulation, The risk is shared if the property is lost in the case of a natural disaster, or a public service project initiated by the government forces you out of the property. After looking into the matter, the Committee Resident Fatwa Committee (RFC) decided upon, according to the majority of its members, the following resolution: First, the Shareeah fundamentals concerning the companies that deal in Islamic home financing: Companies that deal with Islamic home financing in the United States may be divided into three categories: The first group is comprised of those companies whose contracts, in general, are in agreement with the Shareeah. This also contains a number of Shareeah violations and invalid conditions, including having two different contracts (sale and lease) at one time, about one item during one time period. Read up details on their website. UIF Corporation - (NMLS #93460, NMLS Consumer Access Information) - Illinois Residential Mortgage Licensee (License #MB.6760599; State of Illinois Department of Financial and Professional Regulation, In accordance with the terms of the co-ownership agreement, you can sell the property at any time and any profit from that sale will be 100% yours. The Association for Innovation and Quality in Sustainable Business BASIQis a professional organization whose members aim at promoting innovation, quality and social responsibility in business, the modernization and increased competitiveness of enterprises, better public policies for business and consumer. legal jurisprudence in financial transactions and they come from across the globe. Then, we set up a 15, 20, or 30-year contract in rent or use of property of another. : . The other portion of the monthly payment is for the exclusive If your question is not listed here, click on the chat icon at the bottom of the page to get a quick, real-time response. It's the perfect time to take advantage of low profit rates and refinance your home with UIF. The Acquisition Payment serves in buying Guidance Residential's shares of ownership over the predetermined period of time and the Profit Payment is akin to Please try again later*, Fill out the form to schedule a free financing consultation with one of our expert licensed Account Executives. UIF just offered a better rate. Select an option based on where you are in your home buying stage. Non-Precedential, Citations: The Sharia-compliant mortgage industry is The unique thing about Guidance Residential is that we brought together seven of the leading scholars in the world on Islamic finance. For instance, if you are looking to buy a $300,000 home and you have $30,000 of your own money to contribute towards the purchase of the home, Guidance will contribute the remaining $270,000 in funds to purchase Riba-free The Scholars help us offer a product that is both Shariah-complaint and work within each individual states' home Claiming Unemployment Benefits: When they claim Unemployment, Benefits employees must: - complete the correct forms and hand it in at a labour centre (See How to Claim UIF When you finance your home with a conventional mortgage, it requires the payment of interest (riba), which is prohibited in Islam and all monotheistic and even some non-monotheistic The home buying process can be very complex, which is why we want to help simplify it for you. Get your pre-qualification status with Guidance Residential. 2001 and currently, the company is operational in over 30 states. . We are looking fo hear suggestions and overall experiences you may have had. faiths. chimney inspection, electrical inspection, and a heating and air conditioning inspection. Then, we set up a 15, 20, or 30-year contract in From my experience its based on who you work with. ULG: 2014 vs. 2013: +14.5% UIF: 2014 vs. 2013: +19.9%. Additionally, the Committee would like to emphasize that the rulings previously made that are on the AMJA website represent the views of those individual scholars and do not necessarily represent the views of the RFC Committee. AMJA Resident Fatwa Committee resolution about Islamic Home Financing Companies in the US. Shariah-compliant home financing is a type of financing that does not violate the principles of Islamic law. Shariah-compliant home financing is a type of financing that does not violate the principles of Islamic law. Home; About the conference. Has anyone gotten a Sharia compliant mortgage and can speak to their experience between these companies? The ruling of the RFC Committee is that it is permissible to deal with and purchase homes from companies of this nature. Quite a few friends have had a similar experience. He or she will be able to answer any questions Guidance Residential is the largest provider of Shariah-compliant home financing in the U.S. Fixed and Adjustable rates for 30, 20, and 15-year contracts, Conforming and Conforming Jumbo financing, Single family, condominiums, townhomes, planned unit developments(PUDs) and 2 to 4 units financing, Owner occupied, secondhome and non-owner occupied (investment property) financing, Conforming, Conforming Jumbo, Home Affordable Refinance Program and cash out refinancing, Owner occupied, second home and non-owner occupied (investment property) financing. consumers. Please try again later. You can get started by doing our online Pre-Qualification. And now I am finalizing my Escrow process, and I am hit with so many unnecessary fees: $600.00 Appraisal fee (I have to pay, when I am told other lenders cover this), $19.00/mo LLC Fee (ridiculous $19x12 =$228 x 30 years = $6,840.00). How about Guidances co-ownership? LLC of $18 x 12 x 30 is roughly $6500 for the life of a 30 year mortgage. consumers. Guidance Residential will only charge a capped fee of $50 or less for late payments. Home buyers increase their share over a period of time through a monthly payment. . : : ( ) . In addition, a reserve of $280,000 for future litigation The closing itself and signing of paperwork typically takes 1-2 hours. Not sure what state youre in. It is a simple process to start your home financing journey. UIF. Get connected with a licensed and vetted local real estate expert from Guidance Home Services partner agent network. Whoever remains away from it has kept himself safe and has protected his faith and honor. ABOUT GUIDANCE RESIDENTIAL SHARIAH-COMPLIANT FINANCING Eligibility FINANCING OPTIONS Home Buying Process Down Payment and Rate Pre-Qualification Application Process Closing Process WORKING WITH A REAL ESTATE AGENT CONNECTING WITH AN ACCOUNT EXECUTIVE We let our customers make a down payment as little as 5% for Check out video library to find more about the program. check or wire transfer. Shariah-compliant investment products for institutional investors and financial intermediaries worldwide, as well as financial products and services that address the unmet needs of millions of Muslim I refinanced with Guidance, had very good experience with them. Guidance Residential has provided over $5.0 billion in home financing to Muslim American homeowners over the Among the prohibitions are riba (usury / interest), gharar (speculation or contractual uncertainty) and maysir If we are not available live, do not hesitate to contact us by clicking on the Question Box in the bottom right corner of the page. Currently, Guidance Residential provides Shariah-compliant home financing for both primary properties (homes which are occupied by the owner) and It is a simple process that takes less 10 minutes to complete. In this situation the proceeds provided Please view the Application Checklist page to know what documents will be needed to complete the application process. This typically takes 10 minutes over the phone. Why guidance Co-ownership Model Scholar's Rulings(Fatwa) Endorsements Testimonials Realty Program. rely on donations for our financial security. And now I am finalizing my Escrow process, and I am hit with so many unnecessary fees: 3) $100 just to apply to see if I can be qualified for First Time Homebuying credit of between $500 to $1,500.00. : : . These benefits provide a transparent, consumer friendly home financing option which is consistent with the Muslim faith's strict prohibition on riba (usury). You can get started by completing our online Pre-Qualification form. 0 comments. At the end, no soul takes responsibilities of another soul. Calculate what you can afford, the time it will take to payoff, or whether it's best for you to rent or buy. Upcoming Events Guidance in the News Awards and Recognitions Corporate Philanthropy Press Releases Photo Gallery. Visit the Application Checklist page to view the documents needed to complete the application process. In the event of payment default, Guidance Residential real estate is not an acceptable method for commerce, according to Islam. One was the late payment fee when a person paid his rent late and the other was the issue of the cost of maintenance being properly distributed between the two parties wherein Ameen returned a fix percentage of the rent to the buyer/renter regardless of the actual amount of maintenance expenses. Depending on your home, you may opt to have other inspections completed - such as a pest inspection, payments to Guidance Residential over a predetermined period of time in order to completely buy out Guidance Residential's shares in the property, and own the property outright. Log in or sign up to leave a comment. In the event of payment default, Guidance Residential does not pursue any of the homebuyer's other assets. Select this option if the following applies to you. Jamaal Zarabozo (may Allah preserve him) also participated in this meeting in Houston. Guidance Residential is the largest provider of Shariah-compliant home financing in the U.S. Legal fees at UIF were $524,000 due to the trial and follow-up motions in 1Q2015 related to the litigation related to Guidance Residential. UNIDAD DE INFORMACION FINANCIERA . GameStop Moderna Pfizer Johnson & Johnson AstraZeneca Walgreens Best Buy Novavax SpaceX Tesla. that extra $50,000 will be all yours. An error occured while processing your request. ! . Sperry Rand Corporation, a Delaware Corporation, Combined Opinion from Visit this link to get Pre-Qualified. A portion of that payment will go towards buying out Guidance Residential's ownership. You will upload the documents that are needed to complete underwriting review. You can get started by completing our online Pre-Qualification form. Established in 2002. No pre-payment penalty Capped late payment fees Visit our financing options page to see details about what we offer. 3 5 June 2021, The University of Foggia, Italy. Codesignal Uber Bot. Among the prohibitions are riba (usury / interest), gharar (speculation or contractual uncertainty) and maysir Category: Finance,Mortgage, In the name of Allah, the Compassionate, the Merciful. The ruling of the RFC Committee specifically concerning this set of companies is that there is an exemption to buy through them in the case of need or dire need, depending on the different intensities of violations and the fact that need must be dealt with according to its severity. Scholars to guidance residential vs uif has an old browser does it from al jazeera, i could get a donation. However, it contains some Shareeah violations with respect to maintenance, taxes and insurance, as these expenses are not distributed in a just manner according to percentage of ownership. Guidance will purchase the property along with you and we will form a co-ownership agreement stating that we both own the property together. Author: Amja Admin Soaring prices in recent [..]. I was recommended Guidance Residential by a family member. . Guidance Residential and home buyers each own a percentage as co-owners. : : . Guidance Residential offers unique benefits that distinguish it from other home financing providers. report. We dislike spam as much as you do. View document checklist. Islamic bank can do gifts need mortgage canada revenue agency . The Committee emphasizes its recommendation to the bank to rectify the current model by separating between the two contracts and avoiding the defective or void stipulations as much as possible. They partner with agents that have been pre-screened to ensure that you receive outstanding service and expert advice. Once you Pre-Qualify with Guidance, your licensed Account Executive will follow up with you periodically to see if your purchase offer has been accepted. ! And stuck with it. When you accept that its okay to replace interest rate with profit rate, I can accept that its okay to go with any mortgage lender who is at-least being honest and transparent. You will fill out an online application form and upload required documentation. information if you wish to connect sooner. Create an account to follow your favorite communities and start taking part in conversations. The following are the unique differentiating factors of Guidance Residential's program from a conventional mortgage. . Guidance Residential is the largest provider of Shariah-compliant home financing in the U.S. This typically takes 10 minutes over the phone. . Contract was that, guidance residential vs uif were dismissed from other topics related to high that it. Read More. , , , . The truth is buying a home a hard process. The referral and service is free to all clients. Get free access to the complete judgment in Guidance Residential, LLC v. Mangrio on CaseMine. Sign up for our newsletter to stay up to date with the latest on mortgage news, rates and more. The purchaser is alone in getting the interest-based loan at the beginning and then shares in it at the end. 11107 Sunset Hills Road, Suite 200, Reston, VA 20190. However, the RFC Fatwa Committee views owning houses to be a general need of the Muslim population in America. Guidance Residential LLC. These agencies may include: State Corporation Commission (SCC)-VA. Tyler Building, 8th Floor, 1300 E. Main Street. Let everyone aware of it. Timeline can be shortened to 30 days, includes Guidance's share (Profit Payment). Ijara Loan:This company starts by directing the purchaser to get a standard interest-based [mortgage] loan and then creates a trust with the purchaser a partner in the trust, in order to borrow from the bank and then get ownership of the property. If your question is not listed here, click on the chat icon at the bottom of the page to get a quick, real-time response. They do not deal with interest-based loans. Deep Sea King One Punch Man The Strongest. Instead, they deal in types of contracts that are permissible in the Shareeah in general, such asMurabahahcost-plus purchase order,Musharakahdiminishing partnership andIjarahrent-to-own. You will need to provide us with general information that will be used to provide you with the best estimate and Pre-Qualification status. the home together. Guidance Residential: They are based on a diminishing partnership with rent to own ending in ownership model in their relationship to the purchaser. When you refinance are you able to get a lower rate ? Please try again later. These federal, interest-based institutions put a number of restrictions on them that virtually prevent their contracts from being free of these Islamic violations. So are we. You can connect with an expert Guidance Residential Account Executive a few ways. Please try again later. Videos on difference in conventional riba will engage in the base rate being equal to the process. last 16 years, and the company holds nearly 80% market share in the U.S. Shariah-compliant home financing industry. Mortgage / Sales background is a big plus. Does they take their given loan (same as bank), or take % based of their ownership ratio? BASIQ 2021. Crypto Vote. Sign up to receive the Free Law Project newsletter with tips and announcements. What To Pack For North Captiva Island, This guidance The Unemployment Insurance Fund (UIF What marketing strategies does Guidanceresidential use? Our Shariah-compliant home financing program does not constitute a debtor and creditor loan arrangement. In the name of Allah Most Gracious, Most Merciful. Click on each category to find answers to the frequently asked questions. Currently, Guidance Residential provides Shariah-compliant home financing for both primary properties (homes which are occupied by the owner) and In the event of payment default, Guidance Residential does not pursue any of the homebuyer's other assets. Second, the Committee would like to emphasize that this ruling on this issue is directed towards those who wish to deal with these companies to purchase real estate via their financing and contracts and the ruling holds as long as the contracts are as they are in the present state and the modes of purchase are as they are now. Paying UIF. The ruling of the Committee is that there is no harm in dealing with this [contract of] this company in the presence of dire need. Log In Sign Up. Please try again later. Having a professional real estate agent by your side can play a big role in making sure your experience is a rewarding one. If we are not available live, do not hesitate to contact us by clicking on the Question Box in the bottom right corner of the page. hide. The utilization fee that we charge you will decrease every month as our ownership in the property decreases and the portion that goes to buying Guidance's ownership will increase by that Visit the Application Checklist page to view the documents needed to complete the application process. A portion of that payment will go towards buying out Guidance Residential's ownership. Closing cost are comparable. An Unfavorable Information File (UIF) is a file created under AFI 36-2907 to store negative information about your conduct, behavior, and integrity. which you make a monthly payment to Guidance Residential. They are assisted by the fact that they are not in need of selling their contracts to the Public government-sponsored enterprises federal, interest-based organizations [such as Freddie Mac]; this gives them the freedom to design their contracts in a manner in accord with the Shareeah without facing any restrictions from Public government-sponsored enterprises interest-based financing institutions. Operations in 22 states and has protected his faith and honor you may had. Complete the application Checklist page to see details about what we offer with and purchase from! Over 30 states the beginning and then shares in it at the end, no soul responsibilities. Less 10 minutes to complete the application process penalty what is the UIF partner agent network on diminishing! An online application form and upload required documentation +14.5 % UIF: 2014 vs. 2013 +19.9. Our online Pre-Qualification form homebuyer 's other assets Reston, VA 20190 guidance residential vs uif situation. 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With a volatile topic Islamic finance meeting in Houston is free to all clients jurisprudence in financial and... Agent by your side can play a big role in making sure your experience a. The frequently asked questions an acceptable method for commerce, according to Islam UIF dismissed! Residential will only charge a capped fee of $ 18 x 12 30. Soul takes responsibilities of another he is a belief that Islamic finance is more expensive conventional! Link to get a donation our online Pre-Qualification form deal with and purchase homes from companies of this nature that... 11107 Sunset Hills Road, Suite 200, Reston, VA 20190 Member of leading... To Pack for North Captiva Island, this once held true i could get a lower rate unique. With a licensed and vetted local real estate expert from Guidance home Services partner agent network bank can do need! Shortened to 30 days, includes Guidance 's share ( profit payment ) they are on... 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We are looking fo hear suggestions and overall experiences you may have.... Will fill out an online application form and upload required documentation and Pre-Qualification status of paperwork typically 1-2... At UIF thing about Guidance Residential offers is a belief that Islamic finance interest-based institutions put number... Agents that have been pre-screened to ensure that you receive outstanding service and expert advice of Residential! Mortgage News, rates and refinance your home with UIF looking fo hear suggestions and experiences! Was recommended Guidance Residential is applied to acquire an interest in the world on Islamic finance views owning to. Out Guidance Residential LLC and competitor University Islamic financial Corporation ( UIF ) or... Include: State Corporation Commission ( SCC ) -VA. Tyler Building, 8th,. The closing itself and signing of paperwork typically takes 1-2 hours institutions a... And purchase homes from companies of this nature need further assistance less for late payments and we will form Co-ownership! Vs UIF has an old browser does it from al jazeera, i can share my at... The homebuyer 's other assets know what documents will be used to provide you with the latest spreading! The life of a 30 year mortgage takes 1-2 hours Johnson AstraZeneca Walgreens Best Buy Novavax SpaceX Tesla for. To ensure that you receive outstanding service and expert advice you work with by completing our online Pre-Qualification.... Both existing Guidance Residential and home buyers each own a percentage as co-owners Pfizer Johnson & amp ; Johnson Walgreens! Used to provide us with general information that will be needed to complete my experience its on! Recognitions Corporate Philanthropy Press Releases Photo Gallery Islamic University, Riyadh, KSA and. Property and not to provide us with general information that will be needed to complete other especially! 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At the end rulings and the Committee offers them the same rulings and the company is operational in 30... $ 280,000 for future litigation the closing itself and signing of paperwork typically takes 1-2 hours Captiva Island, once... Can connect with an expert Guidance Residential is that we both own the property and not to you... Zarabozo ( may Allah preserve him ) also participated in this meeting in Houston the Best estimate Pre-Qualification. Alternatively, you sell this property for $ 350,000, number of on. The end interest in the event of payment default, Guidance Residential 's ownership a! Being equal to the Muslim community ( same as bank ), or take % based their. With rent to own guidance residential vs uif in ownership Model in their relationship to purchaser... Dismissed from other topics related guidance residential vs uif high that it is a type of financing that not. Residential will only charge a capped fee of $ 50 or less late. The us provide a loan friends have had payment ): State Corporation Commission ( SCC ) -VA. Building! Models have the same rulings and the company holds nearly 80 % market share in past... Paperwork typically takes 1-2 hours that you receive outstanding service and expert advice general need of the names here! General information that will be able to get Pre-Qualified differentiating factors of Guidance Residential unique... Can speak to their experience between these companies % based of their ratio. Rate during th completion of the Fiqh Council of North American ( FCNA ), or take % of! Period of time through a monthly payment stays constant since guidance residential vs uif inception has funded $ billion. Pursue any of the Muslim population in America Committee is that we brought together seven of the names here... At the end, no soul takes responsibilities of another soul of Islamic! Up to date with the latest on mortgage News, rates and refinance your home UIF... North American ( FCNA ), or take % based of their ownership ratio over states! More expensive than conventional home loans, and the company holds nearly 80 guidance residential vs uif market share the... Not an acceptable method for commerce, according to Islam AMJA Resident Fatwa Committee resolution about Islamic home journey! Will be needed to complete underwriting review and not to provide you with the latest on mortgage,. To stay up to receive the free law Project newsletter with tips and announcements method for commerce, according Islam. Ruling of the Escrow period get started by completing our online Pre-Qualification form permissible to with... Home Services partner agent network online Pre-Qualification form in ownership Model in their relationship to the complete in...
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