12 CFR 160.34 – Prepayments
Current as of: 2024 | Check for updates
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Any prepayment on a real estate loan must be applied directly to reduce the principal balance on the loan unless the loan contract or the borrower specifies otherwise. Subject to the terms of the loan contract, a Federal savings association may impose a fee for any prepayment of a loan.
Terms Used In 12 CFR 160.34
- Contract: A legal written agreement that becomes binding when signed.