International rating agency Fitch has awarded Homeloan Management residential loan servicer ratings of RPS2+(Prime)UK and RPS2+(Sub-Prime)UK, the highest it awards to any servicer in Europe.
The review was conducted by Fitch following a period of remarkable growth and change at HML, which resulted in assets more than doubling from just over £11bn at the beginning of 2003 to £24bn today, and the acquisition of new business premises in Padiham, Lancashire and Londonderry, Northern Ireland.
Fitch says: “The company demonstrated its ability to maintain effective control over expansion without disrupting existing business.”
The rating agency also highlights HML's further ambitious growth targets, with the aim of £65bn under management by end 2006 and notes HML's “long experience of boarding portfolios which puts it in a strong position to manage this growth.”
Steve Haggerty, managing director of HML, says: “HML's expansion has been exceptional over the past 18 months and Fitch has rightly analysed how we have coped with this huge growth in the scale of our business. This necessitated acquiring two new offices, in Lancashire and in Northern Ireland, to accommodate 550 new staff recruited over the past year. We've also been progressively upgrading our systems to pave the way for our planned future growth. ”