The challenge
After the Global recession hit Southern Ireland, the Central Bank of Ireland issued a new Code of Conduct on Mortgage Arrears (CCMA) which outlined the process in which lending institutions had to undertake when dealing with borrowers facing arrears on their mortgage. A leading banking outsourcer who manage a large portfolio of retail, commercial and corporate accounts for some of Europe’s largest financial institutions, recognised that the current manual solution when dealing with customers mortgage arrears was a potential risk and cost to their business and engaged Arum to help build automation for the CCMA within Debt Manager urgently.
The solution
- Analysis and re-design of existing strategies
- Specification of a large amount of completely new functionality
- Coordination with a number of third parties alongside internal development
- Integration of all major changes into existing Debt Manager system
- Complete design and test of migration process
- Improvement of MI for quantification of compliance
The results
- Full systems migration procedures
- CCMA code automation in line with the Central Bank of Ireland’s guidelines
- Full suite of CCMA specific letters
- Fully configured Debt Manager system to meet Business requirements
- Processes and documented procedures to support Debt Manager