MI Secondary Mortgage Any Secondary 3 years+ ≤ 1% of the amount of the prepayment made MICH. COMP. LAWS Loan ANN. §§ , & (West 2012) MN Prime Residential Any Any 3.5 years+, or Lesser of: MINN. STAT. ANN. § Mortgage Loan Upon sale of 2% of unpaid principal balance at time of prepayment, or (West 2012) property 60 days’ interest, on unpaid principal balance, at rate in effect on mortgage at time of prepayment A different charge may be imposed if disclosed and contracted for. MN Subprime Loan ≤FNMA Conforming Loan Any Any Prohibited MINN. STAT. ANN. § Size Limit (West 2012) MN Open-end Loan Any Any Any Prohibited MINN. STAT. ANN. § (West 2012) MN Close-ended Loan Any Second Any Prohibited MINN. STAT. ANN. § (West 2012) (is silent on permissible prepayment fees) (West 2012) MS Note Secured by Real Any Any 5 years+ ≤5% of the unpaid principal balance (1st year) MISS. CODE ANN. § Estate ≤4% of the unpaid principal balance (2nd year) (West 2012) ≤3% of the unpaid principal balance (3rd year) ≤2% of the unpaid principal balance (4th year) ≤1% of the unpaid principal balance (5th year) MO Secured by Residential Any Any 5 years+ ≤ 2% of balance at time of prepayment MO. REV. STAT. § Real Estate (West 2012)
MI Secondary Mortgage Loan Any Secondary 3 years+ ≤ 1% of the amount of the prepayment made MICH. COMP. LAWS ANN. §§ , & (West 2012) MN Prime Residential Mortgage Loan Any Any 3.5 years+, or Upon sale of property Lesser of: 2% of unpaid principal balance at time of prepayment, or 60 days’ interest, on unpaid principal balance, at rate in effect on mortgage at time of prepayment A different charge may be imposed if disclosed and contracted for. MINN. STAT. ANN. § (West 2012) MN Subprime Loan ≤FNMA Conforming Loan Size Limit Any Any Prohibited MINN. STAT. ANN. § (West 2012) MN Open-end Loan Any Any Any Prohibited MINN. STAT. ANN. § (West 2012) MN Close-ended Loan Any Second Any Prohibited MINN. STAT. ANN. § (West 2012) (is silent on permissible prepayment fees) (West 2012) MS Note Secured by Real Estate Any Any 5 years+ ≤5% of the unpaid principal balance (1st year) ≤4% of the unpaid principal balance (2nd year) ≤3% of the unpaid principal balance (3rd year) ≤2% of the unpaid principal balance (4th year) ≤1% of the unpaid principal balance (5th year) MISS. CODE ANN. § (West 2012) MO Secured by Residential Real Estate Any Any 5 years+ ≤ 2% of balance at time of prepayment MO. REV. STAT. § (West 2012)