prepayment

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  • noun

Words related to prepayment

payment in advance

References in periodicals archive ?
The final rule will allow prepayment penalties only in the first two years of a HOEPA loan transaction.
10 eliminates the tedious work of maintaining each state's individual prepayment penalties and increases the salability of loans on the secondary market, freeing up warehouse lines of credit," Larsen said.
Prepayment penalties were a contract feature of a significant percentage of the loan defaults in the subprime mortgage market.
In calling for an end to the prepayment penalties for hurricane victims, ACORN pointed out that other lenders and service providers have routinely waved prepayment penalties for homeowners who are paying off the mortgages of their damaged homes through insurance settlements or other means.
To learn more about prepayment penalties, check out these Websites:
Of all of the provisions in section 2 of the bill, the substantive limitations on balloon payments, negative amortization, and prepayment penalties seem particularly focused on the problems associated with high-cost mortgages.
The loan has a one-year term with no prepayment penalties.
13 /PRNewswire/ -- People with subprime home loans who live in minority neighborhoods face 35 percent greater odds of being saddled with prepayment penalties than borrowers living in predominantly white neighborhoods, according to new research from the Center for Responsible Lending (CRL).
Yet we received only thirteen complaints by consumers about various problems in refinancing loans (five related to problems in getting a pay-off amount and only three related to the adequacy of cost information), three complaints about prepayment penalties, and no specific complaints about the Rule of 78s rebate method.
Additionally, as a true Bridge Lender, our loans typically solve problems and/or facilitate opportunities rather quickly, enabling Borrowers to exit our loans in as little as 3 to 6 months penalty free versus the prohibitive prepayment penalties of securitized lenders.
Prepayment penalties of five years or longer are of particular note because they have been often cited as inflicting the greatest harm on borrowers.
When a borrower accomplishes a less expensive source of financing, BRT has no prepayment penalties, lockout or exit fees.
Mavent's review functions include aspects of the Truth In Lending Act; HOEPA, state and local high cost reviews; loan level lender and broker license reviews; state consumer credit laws relating to such terms as usury, fee restrictions and prohibitions, prepayment penalties, late fees, and loan term and payment limitations; certain requirements of the Home Mortgage Disclosure Act; the Office of Foreign Asset Control; and, investor program requirements, such as an accurate Fannie Mae points and fees threshold test.