Regulatory Alerts2009-02-05
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. Lenders are required to communicate promptly with borrowers, explore flexible repayment options, and wait at least six months before initiating repossession proceedings. The document also requires lenders to maintain detailed records of all actions taken and produce them to the Regulator upon request.
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