National Association of Mortgage Brokers

The South Carolina Department of Consumer Affairs

Mortgage Broker codes S.C. Code Ann. §§ 40-58-10 through 40-58-110

Prepayment Penalty Increase

Effective July 1, 2006 the prepayment penalty for loans will increase from 150,000 to 180,000.  Make sure that your lender is aware of this change.  The increase in the loan amount was included in the predatory lending legislation and amended the Consumer Protection Code.

 

 

The Mortgage Press

The Federal Reserve Board

US Department of Housing and Urban Development