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LendingRisk.com Mortage Industry Dictionary

Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.

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Prepayment Penalty

(1) Fees paid by the borrower if they pay the loan before its due date.

(2) Fees paid by the seller to the investor if a loan originated by the seller is paid off before its due date.

See Mortgage Loan Early Payoff Overview
See Borrower Runoff
See Early Payoff
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Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.