Ascenden/HML

[zither]

I read somewhere that Ascenden may be taken over by HML?. Has anyone seen it too I cant find it for the life of me. Also has anyone also had dealings with HML?.

[Airwolf]

Don't know about that but I heard that the Acenden Action Group might be under investigation and review by the Information Commissioners Office with a view to action being taken

Edited November 18, 2011 by Airwolf

[Airwolf]

I read somewhere that Acenden will be servicing loans for a main stream lender in the new future.

 

Got this from their site

 

 

Acenden is the highest Fitch rated residential mortgage special servicer in the UK market and the only primary servicer ranked 'Strong' by Standard & Poor's, the highest ranking in the UK market. Acenden is also ranked 'Above Average' by Standard & Poor's as a special servicer of residential mortgages in the UK.

 

S&P

 

 

• Acenden has a good track record and is experienced in special servicing and servicing difficult loans
  
• Acenden employs experienced senior management, which has now been working as a team for a year and the rankings reflect the management's positive impact on the company
  
• Acenden has implemented changes that have resulted in reported 8% gains in efficiencies
  
• Internal reorganisation has enhanced Acenden's customer service, measured by improved quality scores and by complaints levels, which have been further reduced and are now, in S&P's view, at a low level
  
• S&P’s rankings now cover the full spectrum of residential mortgages
  
  • STRONG – UK residential mortgage primary servicer ('Stable' outlook)
    
  • ABOVE AVERAGE - residential mortgage Special Servicer ('Positive' Outlook)
    

   

Fitch

 

 

• Acenden is the highest rated residential mortgage special servicer providing both primary and special servicing capabilities in the UK
  
• Ratings are supported by the experience and stability of the senior and middle management teams
  
• Technology initiatives have generated numerous operational efficiencies within the servicing platform, as well as enhancing Acenden's already well-developed and experienced special servicing function
  
  • Residential primary servicer
    
    • UK Prime RPS2
      
    • UK Sub prime RPS2
      

     

    [*]Residential special servicer

    • UK RSS2
      

     

   

In 2011, Moody's commented on Acenden's servicing operations:

 

 

• Acenden currently benefits from very experienced senior management
  
• Moody's views positively Acenden's servicing capabilities in maximising the pool performance given the intrinsic quality and characteristics of the underlying mortgages
  

[Airwolf]

As for HML - Taken from a online industry publication

 

HML have announced that chief executive, Brian Brodie and chief commercial and finance officer, Neil Warman have decided to leave the company.

 

Richard Twigg, group finance director of Skipton Building Society and chairman of HML, says: “We would like to thank Brian and Neil for the enormous contribution they have made to HML over the last three and a half years and wish them every success for the future.

 

“Whilst recruitment activity begins to find permanent successors, Andrew Jones, currently chief operating officer will act as interim chief executive.”

 

Jones adds: “We will enter 2012 with a stable and sustainable operational and financial base, giving us the right platform to develop and grow, backed by Skipton Building Society.”

 

HML’s 2010 accounts reveal the company made a profit before tax of £64,000 for 2010, compared with £3.4m in 2009.

Its profit would have been £5.48m if it had not have been for restructuring costs.

 

The restructuring included the closure of two operational sites and the transfer of certain functions to its head office.

HML also reduced staff levels from 1,966 to 1,460 in 2010, while its assets under management fell from £47.46bn in 2009 to £43.47bn in 2010.

 

The servicer has lost two high profile clients in the last 12 months. In December 2010 GMAC-RFC announced that it was taking the servicing of its £3.6bn book in-house, followed by Nationwide Building Society in January transferring the administration of a combined £2bn mortgage book in-house.

 

In August talks were believed to have broken down between Vertex and Skipton over the acquisition of HML.

Fitch Ratings has placed Homeloan Management Limited’s UK residential mortgage primary servicer ratings of ’RPS2+(sub-prime)’ and ’RPS2+(prime)’, and UK residential mortgage special servicer rating of ’RSS2-’ on rating watch negative.

 

The rating action follows the recent announcement that both the chief executive officer and chief financial officer departed HML on October 27 2011.

 

Fitch notes the temporary management structure in place provides the business with a reduced layer of management and reduced breadth of experience, but average industry experience and company tenure among the executive team totals 15.7 and 6.5 years respectively - which remains on a par with rated peers.

 

Furthermore, Fitch’s global servicing criteria incorporates the financial condition of mortgage servicers. Following the downgrade of its parent company, Skipton Building Society to ’BBB’/Negative from ’A-’, Fitch has adjusted its scoring model to take this into account.

 

The RWN reflects the negative outlook placed on Skipton’s long term issuer default rating, along with the current uncertainty regarding future executive team structuring and strategy of the servicing operation.

 

Fitch says it will continue to monitor developments at HML over the next six months and issue further commentary when appropriate.

 

At the moment HML is not in a position too or is capable of taking over Acenden. Might be the otherway around if anything

Edited November 18, 2011 by Airwolf

[zither]

Thanks very much for that,very interesting.