Regulatory Alerts2010-12-06
2011 Code of Conduct on Mortgage Arrears
The Central Bank of Ireland issued this Code to regulate how mortgage lenders must treat borrowers facing or in mortgage arrears, replacing the 2010 version. It mandates a structured Mortgage Arrears Resolution Process requiring lenders to establish dedicated support units, assess cases individually, and offer viable alternative repayment arrangements. The Code imposes strict communication limits, prohibits unfair charges for cooperating borrowers, and guarantees borrowers the right to appeal decisions through an independent board.
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