FSA approves Exact
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Exact has today confirmed that it’s had its application to be regulated by the Financial Services Authority approved.
The mortgage servicing company - which was set up specifically to meet the demands of mortgage asset owners in this new and intensive regulatory regime - claims that it’s the first to gain administration permissions since the FSA’s arrears and repossessions thematic review. That review saw four firms placed on enforcement in June this year and led to a £2.8m fine for GMAC-RFC.
Exact provides primary and special servicing to third parties who wish to outsource their post completion mortgage administration.
Ian Lonergan, CEO at Exact, says, “I am delighted to have been given the green light by the FSA. The process was rigorous and we were put through our paces but that is to be expected in this economic climate. Our business is built for today and has none of the legacy issues faced by many third party mortgage servicers and this I believe gives us a significant advantage.”
Phil Jenks, non-executive director at Exact adds, “My role at Exact is to ensure that risks are managed effectively and that borrowers are treated fairly, I am delighted the FSA has agreed with our approach.”
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