The Ohio Department of Commerce published the annual adjustment to the loan amount limit for prepayment penalties under Oh. Rev. Code Ann. §1343.011(C). Under Section 1343.011(C)(2)(b), loan amounts less than the prescribed limit may not be subject to a prepayment penalty. For 2019, the loan amount limit increased to $91,466.
Section 1343.011(C)(2)(a) provides that no mortgage broker, loan officer or non-bank mortgage lender may charge a prepayment penalty on a first-lien residential mortgage obligation of less than $75,000.
Section 1343.011(C)(2)(b) provides that the loan amount limit is required to be adjusted annually on January 1 by the annual percentage change in the Consumer Price Index (CPI). The Ohio Department of Commerce is responsible for publishing the adjusted amount on its website.
DocMagic's Compliance Department updated its respective Ohio prepayment penalty audit in January 2019.
Additionally, the Ohio Attorney General has posted an updated Ohio Homebuyer's Protection Act Informational Document for 2019. DocMagic has updated its Homebuyers' Protection Act - Informational Document disclosure (DocMagic file name: OHHPA.MSC) as of February 25, 2019.
