Regulatory Alerts2013-01-07
December 2012 Clarifications on the Code of Conduct on Mortgage Arrears
The Central Bank of Ireland issued clarifications to the Code of Conduct on Mortgage Arrears to guide lenders on contact strategies and borrower engagement. The document specifies that unsolicited contact limits apply to successful communications, permits unsolicited personal visits only after three months of failed contact, and allows lenders to impose reasonable timelines for information submission. It further details the assessment process for lifestyle changes, the scope of the appeals mechanism, and the acceptable use of temporary arrangements pending a full Standard Financial Statement review.
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