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12-18-2007, 10:51 AM
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Great News for CO homeowners facing
Colorado restricts mortgage prepayment penalties, an article from The Denver Business Journal, reports that the Division of Real Estate Director Erin Toll has issued an emergency rule restricting prepayment penalties on mortgage loans, according to Governor Bill Ritter's office. The rule took effect December 14 and prohibits prepayment penalties that extend past the adjustment date of an interest date, teaser rate or payment rate. Toll said, "Along with our aggressive enforcement actions against those who participate in unlawful actions that encourage foreclosures, this is another step to attempt to stem the wave of foreclosures."
http://www.bizjournals.com/denver/st...l?surround=lfn 
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12-18-2007, 01:36 PM
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Slap across the face to the mortgage brokers? And on the news today it also said they have to better disclose the terms of the loan.
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