If a lender cancels an agency appointment with a mortgage credit intermediary, within what timeframe must the Central Bank be notified?

• A. Immediately
• B. Within Five Days
• C. Within Ten Days
• D. Within Thirty Days

Answer: (B)

When a lender ends its appointment with a mortgage credit intermediary, it’s treated as a material regulatory event that the Central Bank must be promptly informed about. The timeframe set for this notification is five days. This short window helps the regulator monitor the market quickly, reassess any potential risks, and ensure consumers protected by licensed intermediaries aren’t left exposed during a transition.

Reporting immediately would be unnecessarily disruptive in practical terms, while longer periods could delay regulatory oversight. Five days strikes a balance between operational realities and timely supervision, which is why this is the correct timeframe.