Sunday 22 April 2018

Lenders providing details of their efforts on arrears

MORTGAGE lenders have begun to give the Central Bank information about how they are helping home owners in arrears.

The bank has asked for the information after a report by Black Rock said mortgage lenders needed to make significant improvements in the way they deal with mortgages.

Lenders have promised to provide detailed plans on how things will get better. They have also begun to provide details of how they are altering loans.

Portfolio

The information was requested in a report published by Declan Keane last October.

Lenders are required to start implementing their complete menu of approaches by the last three months of the year.

"The main lenders have completed or are completing a segmentation of their loan portfolio to assess the projected level of different forbearance or modification techniques," the Central Bank added.

"This information is still subject to considerable uncertainty and modelling assumptions."

The Central Bank will use the information to start publishing revised mortgage arrears data later this year including information on Buy To Let arrears and changes to repayment schedules.

Irish Independent

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