Prepayment penalty
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- A penalty imposed on a borrower for repaying the loan before its due date. (In the case of a mortgage, this applies when there is not a prepayment clause in the mortgage note to offset the penalty.)
The Office of the Comptroller of the Currency - Cite This Source - This Definition - Account History, Delinquency, Escrow analysis, Escrow funds, Past-due item, Prepayment clause, Refund
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