Introduction The Central Bank of Ireland (CBI) introduced the “Code of Conduct on Mortgage Arrears” (CCMA) in February 2010. The CCMA was updated on 01st July 2013 to provide enhanced protection on the family home for borrowers in mortgage arrears. The CCMA is broken down by 65 general rules or “Provisions” which outline the CBI requirement for how borrowers should be treated. Within the CCMA there is a clearly defined process in which regulated entities must follow called the “Mortgage Arrears Resolution Process” (MARP).
What is CCMA? The Code of Conduct on Mortgage Arrears (known as “the Code” or “the CCMA”) helps people who are under pressure meeting their mortgage payments. The Code is designed to make sure that Financial Institutions deal with individual cases with empathy. It guarantees time and space to work things out. It encourages lenders and borrowers to work together to determine the most suitable solution for the resolution of the arrears.