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Profits up at HML as Skipton decides to keep it after all

Skipton Building Society has taken its mortgage servicer HML off the market.

In May last year, the society was looking to sell the subsidiary and had issued a prospectus detailing its sales terms, but in August talks between Vertex and Skipton over buying the company broke down.

HML has lost some high-profile accounts in the past year, with GMAC-RFC and Nationwide taking the administration of their mortgage books in-house in December 2010 and January 2011 respectively, although HML signed a new deal with Nationwide to service £1.2bn worth of mortgages originated by Bank of Ireland in December.

HML’s assets under management stand at £43bn and it is expected to report a profit of £1.6m for 2011, up from £64,000 the previous year.
A spokeswoman for Skipton says: “HML has a bright future as an important part of Skipton Group.”

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