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Code of Conduct on Mortgage Arrears

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Questions\Written Answers\Code of Conduct on Mortgage Arrears

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Code of Conduct on Mortgage Arrears

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Minister for Finance (Deputy Michael Noonan)

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Minister for Finance (Deputy Michael Noonan)

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Snippet Contents:

The Central Bank’s Code of Conduct on Mortgage Arrears (CCMA) is a statutory Code issued under Section 117 of the Central Bank Act 1989 and lenders are required to comply with the CCMA as a matter of law. The Central Bank has advised me that it has the power to administer sanctions for a contravention of the CCMA under part IIIC of the Central Bank Act 1942.
The CCMA applies to the mortgage lending activities of all regulated entities, except credit unions, operating in the State, including: The CCMA applies to the mortgage loan of a borrower which is secured by his/her primary residence.
Under the CCMA, lenders must apply the protections of the Code to borrowers in the following circumstances: Chapter 3 of the CCMA deals with the appeals process and provides that a lender must have an appeals process to enable a borrower to appeal in relation to a decision of the lender, including: and for this purpose must establish an Appeals Board to consider and determine any such appeals submitted by borrowers.
Section 50 of the CCMA states that the Appeals Board must be comprised of three of the lender’s senior personnel, who have not been involved in the borrower’s case previously. At least one member of the Appeals Board must be independent of the lender’s management team and must not be involved in lending matters. In addition, the lender must apply Provisions 10.7 and 10.12 of the Central Bank’s Consumer Protection Code 2012 to deal with complaints submitted by borrowers in relation to the lender’s treatment of the borrower’s case under the CCMA, or the lender’s compliance with the requirements of the CCMA.