EPO penalty - advice wanted

[Courtney Wroten]

Hi, 

I am the wife of a loan officer. I am trying to understand an EPO:  how do you avoid this penantly/payback? How do you prepare for this (savings?)? Is there any way to refuse having to repay (the loan officer?)? This is such a HUGE burden for families to deal with when it happens. It’s ridiculous that mortgage companies tout “no pre payment penalties” but really it should say “the penalty is repaid by your loan offer in full sometimes months later”.  Any movement to correct this practice?