As previously announced (http://blog.docutechcorp.com/compliance-news-ohio-updates-prepayment-penalty-adjustment-2018), changes have been made in Ohio to increase the dollar amount used to determine whether a prepayment penalty may or may not be assessed on a first lien residential mortgage obligation from $88,503 to $89,261.
As a result of this change, we will be updating our copy of the Ohio Attorney General’s “Ohio Homebuyers’ Protection Act – Informational Document” (Cx11195) to match the most recent version published on the Attorney General’s website (http://www.ohioattorneygeneral.gov/Files/Forms/Forms-for-Business-and-Nonprofit/Required-Mortgage-Loan-Disclosure-Forms).
This change will take effect on December 20, 2017. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
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