The Central Bank is to conduct a review of the existing regulations which cover how mortgage holders in arrears are treated.
The re-examination of the Code of Conduct of Mortgage Arrears is at the request of the Minister for Finance Paschal Donohoe.
The Minister also said he would accept a bill to regulate buyers of mortgages which is being put forward by Fianna Fáil's Finance Spokesman Michael McGrath.
Minister Donohoe said the bill would require drafting and amendments.
When asked if the legislation could affect the planned loan sale of 18,000 mortgages by Permanent TSB, the Minister said the introduction of the legislation would have "consequences".
He said the existing regime had been "balanced and fair" but he wanted to ensure there was "the best possible regulation" in future.
The Minister added he would be meeting with the chief executives of the banks to discuss the issue.
The new legislation will also apply to the existing owners of mortgages.