When the US investment giant went under in September 2008, its administrators initially put Capstone up for sale.
But after Capstone’s management put together a business plan the decision was made to keep it going as a separate company.
Previously it just serviced the sub-prime mortgage assets of Lehmans’ UK brands Southern Pacific Mortgage Limited and Preferred Mortgages, but with the rebrand today it’s now offering its services to other firms.
Amany Attia, CEO, says: “Acenden will be the most experienced new entrant the market will ever see. We have taken the best of Capstone’s demonstrated capability in residential mortgage servicing and brought it to a new level
“We have been very busy in the last year focusing resources and energy to offer a market-leading proposition and we have a new and strengthened management team. Clients and customers will benefit from our significant investment in the company – we have a completely new servicing system, have upgraded our data management and reporting capability and improved our analytic tools.
“Furthermore, we have rebuilt and strengthened our balance sheet and improved our liquidity to ensure the financial strength of the company.”
It is expected that Capstone Mortgage Services will change its name to Acenden in Q4 2010.