WREB Presentation to National Task Force
The first item the Board wishes to bring forward here is one our national association has been spearheading over the last four years. It speaks directly to the consumer's right to prepay a mortgage and a standardized penalty that's fair to both the lender and borrower. The Association has consulted widely with government and other stakeholders in efforts to strengthen disclosure of prepayment terms and conditions for mortgages of five years or less.