60 seconds with.....Mark Blackwell
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How did you cope with the banking collapse, joining Xit2 when you did?
It was a baptism of fire. I’ve been here for nine months but so much has happened globally it seems a lot longer. We work in the valuations, conveyancing and repossession markets and while our valuation market share has increased we’ve got a long way to go before we return to what we would class as normal business levels.
Our focus has shifted somewhat and is now geared towards helping lenders understand risk and fraud, both with their current applications and on a historical basis. We’re also working more in the arrears and asset management space, helping lenders get to grips with increasing levels of repossessions and looking at how they can manage the process.
Are lenders noticing an increase in fraudulent activity?
We are seeing lenders focus more on the question of fraud. We can help them identify such activity by running valuation models that suggest why this might be occurring.
Does the flurry of asset management firms entering the market concern you?
It’s a growth area so you’d expect more competition, but asset management is an area that xit2 has been involved in for the past 12 years - as long as anybody.
The charge of new entrants coming over the hill is not a big concern for us. Talking to clients is now all about track record, financial stability and what you can bring to the table. We can demonstrate the value we can add over a sustained period of time.
What do you make of the term special servicing?
It’s the buzz word of the moment but I’m not sure anyone knows what it means. We’re waiting for a consistent definition in that regard. We work specifically in asset management support, ensuring a safe and secure exchange of information that helps lenders manage their Treating Customers Fairly requirements and the protocols around these.
What are your expectations for the next 12 months?
In terms of the economy, it’s like alphabet soup at the moment - are we in a U-shaped recession, an L, an H or W? I agree with the comment recently made by Bank of England governor Mervyn King when he said it would be unwise for anyone to claim to know what the future holds.
