Government Releases a ‘Mortgage Prepayment Code’

Yesterday, the federal government published a ‘Mortgage Prepayment Code‘ which basically guides all (federally regulated) lenders how they communicate the IRD (Interest Rate Differential) to borrowers. Yay! This has been a long time coming. For years, banks and lenders have been obscuring penalty descriptions with vague, complicated formulas for calculating prepayment charges. A link to… Continue reading Government Releases a ‘Mortgage Prepayment Code’