24 C.F.R. § 201.17
Prepayment provision
The note shall contain a provision permitting full or partial prepayment of the loan without penalty, except that the borrower may be assessed reasonable and customary charges for recording a release of the lender's security interest in the property, if permitted by State law.
Notes of Decisions
Cited in 2
cases (1 in the last 5 years), 1991–2021 · leading case: Mark Burris, Louise Grider, & Lilla Smythe v. First Fin. Corp., & Home Owners Funding Corp. of Am., 928 F.2d 797 (1st Cir. 1991).
Mark Burris, Louise Grider, & Lilla Smythe v. First Fin. Corp., & Home Owners Funding Corp. of Am., 928 F.2d 797 (1st Cir. 1991). “24 C.F.R. § 201.17 (emphasis added). Burris, Grider and Smythe’s contracts explicitly state that no prepayment penalty will be imposed.”
Carol Lloyd v. New Jersey Hous. & Mortgag (3rd Cir. 2021). “According to Lloyd, “because HUD requires this language to be incorporated into the [N&M] which secure its federally insured loans, ( 24 C.F.R. § 201.17 (a)), doing so makes these regulations enforceable by borrowers .”
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