The Ohio Department of Commerce recently 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 for January 1 based on the annual percentage change in the Consumer Price Index (CPI). During the reporting period of June 1, 2021 to June 1, 2022, the CPI increased by 9.5%, resulting in the loan amount limit being increased from $98,619 for 2022 to $107,633 for 2023.
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 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, 2023.
If you have any questions, please contract DocMagic’s Compliance Department.
