Crown Mortgages wins standby contract with The West Brom

UK mortgage servicer Crown Mortgage Management has completed a warm standby contract for the West Brom’s Kenrick II securitisation, which marks its third standby contract with the West Brom and Crown’s 23rd standby deal in total.

Related topics:  Mortgages
Amy Loddington
22nd August 2013
Mortgages

The contract is open-ended and covers 5,600 residential mortgages with a total value of £420mn.

This brings the total of standby assets under management to a total of over £7 billion for the only UK servicer to be called as a back up servicer.

Crown Mortgage Management, which operates as standby servicer in both the UK and Republic of Ireland, will be on notice to take over the servicing of mortgages, should its standby clients be unable to provide the service themselves.

Andrew Doyle, CEO for Crown Mortgage Management, said:

"We are delighted to be working with the West Brom on this third standby contact, which demonstrates the importance we place upon delivering excellent service to our existing clients. We continue to grow our expertise in standby servicing and this win strengthens our track record in the building society sector. We have been able to grow assets under management through the start of 2013 and will continue to do so."

David Barton, Head of Structured Finance at the West Brom said:

“We are pleased to build on our existing relationship with Crown Mortgage Management, who continue to provide valuable support to the West Brom’s ongoing securitisation programmes.”
 

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