Kentucky Emergency Rule (HB 552) Prepay Ramifications
A new Kentucky emergency rule required prepayment penalty documents to change, in addition to new fee restrictions [HB 552]. The Kentucky prepayment penalty language in the Prepayment Fee Addendum to Note and Prepayment Fee Rider to Security Instrument documents was modified to allow a 3%-2%-1% tiered prepay on the outstanding balance and to state the following: "No prepayment fee shall be assessed against a borrower refinancing with the mortgage loan company that funded the mortgage. No prepayment fee shall be assessed following sixty (60) days prior to the date of the first interest rate reset." (Cx4189, Cx4190, Cx4191, Cx4192, Cx12387, and Cx12388) Edited the Prepayment Charge Disclosure to print Kentucky specific prepay information for Kentucky High Cost loans. (Cx2892)
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