Regulatory Alerts2019-08-21
Central Bank of Ireland expectations for credit servicing firms regarding residential mortgage loan transactions
The Central Bank of Ireland issued this letter to credit servicing firms to set out expectations for the fair treatment of consumers during the sale, securitisation, purchase, and transfer of residential mortgage loans. The regulator requires firms to conduct rigorous due diligence, ensure accurate information sharing, and maintain robust reporting obligations to the Central Credit Register and arrears statistics. Additionally, firms must ensure that new loan holders honour existing Alternative Repayment Arrangements and provide board-level assurance that their policies and controls effectively manage consumer protection risks.
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