Under Ohio Rev. Code Ann. § 1343.011(C)(2)(a), a prepayment penalty may not be assessed against “a residential mortgage obligation of less than seventy-five thousand dollars . . . that is secured by a mortgage on a borrower’s real estate that is a first lien on real estate.” The “seventy-five thousand” dollar amount is adjusted annually “on the first day of January” (Ibid. § 1343.011[C][b]).
The Division of Financial Institutions of the Ohio Department of Commerce recently announced an adjustment to this amount (available directly at: http://www.com.ohio.gov/documents/fiin_prepaymentpenalty.pdf), increasing it from $88,503 (2017) to $89,261 (2018). In addition, the Office of the Attorney General of Ohio has also updated its “Ohio Homebuyers’ Protection Act – Informational Document” (of which, our Cx11195 is a duplicate) to reflect this change (see http://www.ohioattorneygeneral.gov/Files/Forms/Forms-for-Business-and-Nonprofit/Required-Mortgage-Loan-Disclosure-Forms).
We are currently reviewing these changes to determine any impact to our document library and/or systems and evaluating any necessary changes. Any modifications we make will be announced on our website (http://blog.docutechcorp.com/category/document-updates).