Regulatory Alerts2013-06-26
2013 Code of Conduct on Mortgage Arrears
The Central Bank of Ireland issued this Code to mandate how regulated mortgage lenders must treat borrowers facing or in mortgage arrears on their primary residences. It requires lenders to implement a structured Mortgage Arrears Resolution Process involving proactive communication, financial assessment, and resolution options while prohibiting aggressive collection practices. The document establishes strict standards for information provision, staff training, and record-keeping to ensure sympathetic handling of unique financial difficulties.
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