The Ohio Department of Commerce has published its annual adjustment to the loan amount limits for prepayment penalties. Ohio Rev. Code § 1343.011(C)(2)(b) requires the loan amount limit to be adjusted annually on January 1 by the annual percentage change in the Consumer Price Index (CPI). For 2022, the loan amount limit increased from $93,119 for 2021 to $98,619.
Ohio Rev. Code § 1343.011(C)(2)(a) provides that loan amounts less than the prescribed limit may not be subject to a penalty for the prepayment or refinancing of a first lien residential mortgage loan that is made or arranged by a mortgage broker, loan officer, or non-bank mortgage lender.
DocMagic has updated the Ohio prepayment penalty audit and Prepayment Penalty Matrix, with changes effective January 1, 2022.
To view the Ohio Department of Commerce’s announcement regarding the annual adjustment to the loan amount for prepayment penalties, please click here.
Please contact DocMagic’s Compliance Department if you have any questions regarding this article.
