Compliance News: Prepayment Penalty Matrix
May 15, 2025
The Ohio Department of Commerce has announced an increase in the coverage amount for a residential mortgage to be subject to, or exempt from, a prepayment penalty under Ohio Rev. Code § 1343.011(C). In order to be exempt, the loan must be in an amount of less than $112,957.
We have updated our Prepayment Penalty Matrix accordingly and it is now available on our website.
LEG-2649
The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third-party should consult with an attorney prior to embarking upon any specific course of action.
The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.