Exam term

Prepayment penalty

A charge for paying a loan off early. Adding one after the Closing Disclosure is received starts a new three-business-day wait.

Lessons that use this term

Financing and credit laws: truth in lending, RESPA, and fair lending California
Loan brokerage under the Real Estate Law and its disclosure statement California
Predatory lending New York
Truth in Lending and Regulation Z Texas
TILA-RESPA integrated disclosures: the Loan Estimate and the Closing Disclosure Texas