Compliance News: Ohio Updates Prepayment Penalty Adjustment for 2018
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.…