The standby servicing contract win means it is now on notice to take over the servicing of mortgages worth £27bn should its standby clients be unable to provide the service themselves.
HML chief commercial and finance officer Neil Warman says:
“The hard work we started three years ago to transform HML into the obvious choice in the mortgage administration market is paying dividends.
“We’ve invested millions in our operations and risk infrastructure to make sure we are ahead of our competitors and in the last month alone we’ve received two upgrades from independent ratings agencies, won an administration contract for mortgages worth more than £1bn and signed our 100th standby servicing contract.”
Standby servicing is a contingency arrangement for lenders or owners of mortgage customers that means their customers service levels will remain unaffected should the primary servicer of the loans be unable to provide that service.
