While prepayment penalties are prohibited by many states, they’re permitted by federally-chartered lenders. Who is a federally chartered lender? Any lender that has established its charter not in any one state but as a federal savings bank or under federal laws. Think of your major mortgage lenders, most online lenders, and local banks that have chosen to organize under a federal charter. If you’re considering getting a home loan that has a prepayment penalty attached, here’s what you need to know.