Ohio Announces Loan Prepayment Penalty Adjustment for 2020

The Ohio Department of Commerce recently announced its annual loan prepayment penalty adjustment, effective January 1, 2020. The adjustment prohibits penalties on prepayment or refinancing of a residential mortgage loan of less than $92,566.  The amount of the adjustment is based on the annual percentage change in the consumer price index, as determined and reported by the U.S. Department of Labor during the previous year.