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LMS360 – Mortgage Prepayment Calculator

Delta 360 provides a web-based calculator for Canadian lenders to provide prepayment calculations on their website for their customers.  The online calculator allows borrowers to perform what-if calculations for prepayment penalty/charge based on a lump sum payment to assist borrowers in making decisions about prepayment of their mortgage.

Borrowers are able to enter information about their mortgage into the calculator to get an estimate of the current prepayment charge. Borrowers can change the information they enter, such as the amount of the lump sum payment, the outstanding amount of the mortgage, interest rate, or the remaining term, so that they can see how the payment details they make affect the prepayment penalty.

The calculator provides online help for borrowers on how to use the calculator to obtain the mortgage prepayment information they want.  The calculator is presented in a simple and easy to use manner.

The solution is completely customizable based on a lender’s specific policy and calculation method for the Interest Rate Differential (IRD) penalty.

This calculator allows lenders to support Element 4 of the recently announced Mortgage Prepayment Information section of the country’s new Code of Conduct for Federally Regulated Financial Institutions.  For more information on the code of conduct as it relates to Mortgage Prepayments, follow the following link: http://www.fcac-acfc.gc.ca/eng/industry/obligation/codecond/mortgage-eng.asp