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Prepayment Penalties

Answered by: 

Question: 
Do the revised rules restrict prepayment penalties?
Answer: 

We find that most financial institutions have eliminated use of prepayment penalties in consumer transactions or had never used them in the first place. The final rules provide all of the incentive needed to eliminate the use of prepayment penalties. The new requirements are burdensome.

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Understanding and Implementing Qualified Mortgage Revisions webinar.

First published on 02/14/2021

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