Nationwide takes back £2bn book from HML
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Nationwide Building Society is transferring the servicing of almost £2bn of its mortgage book from HML in-house, following its acquisition of the Cheshire and Derbyshire building societies.
The society bought the two mutuals in 2008 and acquired the mortgage books of EMEX, a Cheshire subsidiary, and DHLL, a Derbyshire subsidiary.
A spokesman for Nationwide says: “By around July we will migrate the administration of the DHLL and EMEX mortgage accounts that are currently being serviced by HML to Nationwide.
“It is more cost-effective for the society to manage the servicing of these accounts in-house.”
Julian Wells, marketing director at HML, says it anticipated the move.
He says: “We are sorry to have lost a valuable client but we anticipated its exit as it realised the merger benefits.”
In December GMAC-RFC revealed that it is transferring the administration of its £3.6bn mortgage book from HML in-house from April next year. HML started a voluntary redundancy programme after GMAC-RFC decided to move its mortgage book in-house.
The total assets under HML management amounted to £44.9bn at the end of 2009, compared with £47.1bn in 2008.
HML recently appointed Ian Cornelius, former director of banking at Virgin Money, as director of savings and unsecured lending as part of its expansion plans into the savings and unsecured lending market.
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