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A prepayment penalty is a fee designed to discourage borrowers from paying off a loan ahead of time. Refinancing your mortgage or selling your home could trigger this penalty.
Commercial mortgages often contain lockout provisions (typically a period of 1–5 years [2] where there can be no prepayment of the loan) which they can be subject to defeasance, yield maintenance and prepayment penalties to protect bondholders. European CMBS issues typically have less prepayment protection.
Prepayment speeds can be expressed in SMM (single monthly mortality), CPR (conditional prepayment rate, which is the annually compounded SMM), or PSA (percentage of the Public Securities Association prepayment model). For mortgages at least 30 months old, 100% PSA = 6.0% CPR = 0.51% SMM, equivalent to the full prepayment of 6% of a pool's ...
A mortgage loan or simply mortgage (/ ˈ m ɔːr ɡ ɪ dʒ /), in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged.
By law, lenders have to indicate if they impose a penalty, but bear in mind that it could go by a more innocuous-sounding name, like “early cancelation fee” (“penalty” having rather ...
The California Department of Motor Vehicles (DMV) is the state agency that registers motor vehicles and boats and issues driver licenses in the U.S. state of California. It regulates new car dealers (through the New Motor Vehicle Board), commercial cargo carriers, private driving schools, and private traffic schools.
California driver’s license holders can request their record information from the DMV and pay a fee to access it, according to the DMV website. Your record request must include: Record number/title
The Act also gave BAR authority to license and regulate stations and individuals that perform services in the areas of lamp and brake inspection and repair. In 1982, California became the 20th state in the nation to adopt a vehicle inspection and maintenance (Smog Check) program.