Regulatory Alerts2019-08-21
Central Bank expectations for retail credit firms regarding residential mortgage loan transactions
The Central Bank of Ireland issued this letter to retail credit firms to set out expectations and reporting obligations concerning the sales, securitisations, purchases, and transfers of residential mortgage loans. The regulator mandates rigorous due diligence and information sharing to ensure complete customer files transfer, while requiring firms to maintain accurate data reporting and honor existing alternative repayment arrangements with borrowers. Firms must provide board assurance by 18 October 2019 that their policies, procedures, and controls are robust enough to protect consumer interests and manage associated risks effectively.
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