HOEPA Prepayment Penalty Defaults

The following section describes the information in the HOEPA Prepayment Penalty Default (New Loan Information) section in the Terms tab of the Characteristics node.

OnBoard defaults the prepayment penalty information into either the New Loan Information section, Refinanced Loan Information section, or both, when the HOEPA/QM tab appears in the Loans in ProcessTerms node.

This default information is established in the HOEPA Prepayment Penalty Default (New Loan Information) section in the Product Setup > Characteristics > Terms tab.

Default This Information Into

• New Loan Information - The HOEPA information defaults to the New Loan Information section in the Terms tab.
• Refinanced Loan Information - The HOEPA information defaults to the Refinanced Loan Information section in the Terms tab.
• Both - The HOEPA information defaults to the New Loan Information and Refinanced Loan Information sections in the Terms tab.

Number Of Months After Consummation Prepayment Penalty Will Be Charged

This field only applies to the New Loan Information section.

Prepayment Penalty Flat Fee

If a value is entered in this field, users cannot enter a value in the Prepayment Penalty Percentage field.

Prepayment Penalty Percentage

If a value is entered in this field, users cannot enter a value in the Prepayment Penalty Flat Fee field.