As fears over Covid-19 continue, Ireland’s main credit servicing firms and non-bank mortgage lenders have confirmed they will back the myriad of measures announced by the country’s main retail banks.
As members of the Banking & Payments Federation of Ireland (BPFI), all of the firms involved have affirmed its desire and commitment to helping customers who have been impacted by the Covid-19 pandemic. Given its focus on the mortgage market, the members plan to do this by way of a mortgage repayment break of up to three months and deferral of court proceedings for three months.
In making this commitment these firms are very conscious of the need for appropriate guidance from the Central Bank of Ireland in respect of a number of important matters, including customer documentation and process, the operation of the Central Credit Register and possible impact on securitisation.
At the same time, these firms will need adequate time to address a range of operational issues in order to be able to provide meaningful support to customers as appropriate.
Welcoming today’s decision, BPFI CEO, Brian Hayes stated: “I am delighted that our main credit servicing firms and non-bank providers will be supporting their customers just as our retail banks are supporting theirs.
“Together, they can provide extremely important support to borrowers when it is most needed. We are already in discussion with the Central Bank of Ireland on a range of matters arising from the retail bank joint plan; we will now be including additional issues that are particular to the credit servicing firms and non-bank mortgage lenders.”
