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    EC Consults on Review of Mortgage Credit Directive

    November 22, 2021

    The European Commission (EC) launched a public consultation on the review of the Mortgage Credit Directive, with the feedback period ending on February 28, 2022. This consultation will look at possible barriers to the cross-border provision of mortgages and whether the rules remain fit for purpose in light of new developments such as digitalization and sustainable finance.

    The public consultation via backward- and forward-looking questions aims to identify the need for action on possible solutions or options and their impact and is: 

    • seeking views on the functioning of and possible improvements to the existing framework
    • aiming to assess whether current rules are adapted to new challenges, in particular digitalization, the need to enhance sustainability, and the COVID-19 crisis
    • seeking to ensure that existing rules continue to guarantee a high level of consumer protection, further the aims of the single market, and contribute to financial stability

    The Mortgage Credit Directive applies to all loans made to consumers for the purpose of buying residential property. It includes an obligation for lenders to provide clear and detailed information on loan conditions to consumers and to assess the creditworthiness of consumers according to common European Union (EU) standards. The Directive also includes provisions on common quality standards and business conduct principles for all EU lenders and on the right for consumers to repay credit earlier than determined in a contract. It includes an EU passport scheme that allows credit intermediaries authorized to operate in any EU country to deliver services across the EU.


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    Comment Due Date: February 28, 2022

    Keywords: Europe, EU, Banking, MCD, Mortgage Credit Directive, Lending, Sustainable Finance, ESG, Credit Risk, EC

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