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In each loan file, go to Additional → Underwriting to update prepayment penalty. Below is a reference chart for maximum allowed PP. These max PP are not built into the system - for reference only. You should always consult your own compliance / legal resources to verify.
Update 3/26/2022 - Prepayment Penalty can now be entered as a dollar amount in the additional tab > underwriting section to allow for customization of prepayment amount. This datapoint is also reportable to business rules.
|
DC, NJ, NM, KS, OK, UT, RI, WA |
NO PPP |
NO PPP |
NO PPP |
NO PPP |
NO PPP |
|
MI |
1% of UPB |
1% of UPB |
1% of UPB |
NA |
NA |
|
MS |
5% of UPB |
4% of UPB |
3% of UPB |
2% of UPB |
1% of UPB |
|
NC |
2% of UPB |
2% of UPB |
2% of UPB |
NA |
NA |
|
OH |
1% of UPB |
1% of UPB |
1% of UPB |
1% of UPB |
1% of UPB |
|
MD(a) |
3% of UPB |
3% of UPB |
3% of UPB |
NA |
NA |
|
All Other States: |
3% of UPB |
3% of UPB |
3% of UPB |
NA |
NA |