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Are loans with early closure/cancellation fees included as loans with a prepayment penalty in Question #8?

April 26, 2017cancellation closure early fees included Loans penalty prepayment

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Are loans with early closure/cancellation fees included as loans with a prepayment penalty in Question #8?

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No, loans with early closure or cancellation fees or that require payment of the entire month s interest should not be reported, even when the loan is paid off within that month. Neither HELOCs or government loans should be reported in Question #8.