Certificate In Mortgage Advice And Practice (CeMAP) 1 Practice Exam

When a mortgage account moves into arrears, there’s a requirement to communicate with the borrower in writing within a specific timeframe. The standard period is 15 working days. This ensures the borrower receives clear details about the arrears, the outstanding amount, and the options available to resolve the situation, such as forbearance or a repayment plan, in a timely and structured way. Providing information immediately isn’t always practical because it takes time to compile accurate arrears figures and outline appropriate options. A shorter window like 7 working days would be too tight to ensure all required information is correct and complete, while 30 working days would delay crucial guidance and support. The 15-working-day rule strikes a balance between promptness and clarity, supporting early contact and fair handling of the borrower’s circumstances.