Regulatory Alerts2010-02-05
Code of Conduct on Mortgage Arrears
The Irish Financial Regulator issued this Code to mandate how regulated lenders must handle mortgage arrears for borrowers' principal private residences. It requires lenders to communicate promptly, explore flexible repayment options, and wait at least twelve months before initiating court enforcement for repossession. Lenders must maintain detailed records of all interactions and assessments to demonstrate compliance with these legal obligations.
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