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Capstone rebrands as Acenden

Capstone, the UK mortgage services division of Lehman Brothers, is today rebranding with a new name Acenden.

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.

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Comments
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  • Stephen 14th February 2011 at 2:33 pm

    They are running, trying to hide away, trading under another name.
    Their solicitor ceased trading as of January 2011.
    I have emailed Richard Dyson of the Financial Mail, emailed my local MP and lately have sent off the CIB form. Its all to put their malicious name into the public domain, to eventually see their demuse, i.e the FSA will take them to court.

  • dan bovill 22nd November 2010 at 5:57 pm

    The Comments made in the above article, make my blood Boil.
    I have statements full of inaccuracies, un wanted insurance, and in excess of 240 documents from Capstone for 1 mortgage over just 4 years. Not to mention an additional £10k in charges, after daring to dispute the insurance placed on an already insured building.
    Obviously there are many out there who can`t or won`t keep up to date with payments, and there is a process in place to deal with that, and rightly so, but Capstone`s only goal here does not seem to be payment collection or loan management, but in excessive fee charging, poor/inadequate insurance at vastly inflated prices & re-possesion, not as a last resort but almost as standard.
    The anger vented at SPML/capstone is justified by those that can evidence these facts.
    Re-possesions being brought about for sums under £1000, whereby mortgagee`s have adhered to a repayment plan. Agressive collections departments argumentative and completely un-informed. An internal computer system not always updated. Computer generated collection letters that do not take account of recent payments, or tally with the last. And a litigation department that is largely un qualified leading to laughable documents being produced in court (much to the dismay of the TLT legal team) Not what I would call good practice! Hence the many ongoing investigations by F.o.s and the FSA.
    Absolutely shambolic, all in all an utter disgrace for a financial institution. There is only one reason for the name change, and that is to hide from comments such as these.
    Reading the absloute drival that has come from Ms Attia & Mr Frazer shows how out of touch with Capstone/Assenden they really must be.

  • DB 22nd November 2010 at 5:04 pm

    The Comments made in the above article, make my blood Boil!
    I have statements full of inaccuracies, un wanted insurance, and in excess of 240 documents from Capstone for 1 mortgage over just 4 years. Not to mention an additional £10k in charges, after daring to dispute the insurance placed on an already insured building.
    Obviously there are many out there who can`t or won`t keep up to date with payments, and there is a process in place to deal with that, and rightly so, but Capstone`s only goal here does not seem to be payment collection or loan management, but in excessive fee charging, poor/inadequate insurance at vastly inflated prices & re-possesion, not as a last resort but almost as standard.
    The anger vented at SPML/capstone is justified by those that can evidence these facts.
    Re-possesions being brought about for sums under £1000, whereby mortgagee`s have adhered to a repayment plan. Agressive collections departments argumentative and completely un-informed. An internal computer system not always updated. Computer generated collection letters that do not take account of recent payments, or tally with the last. And a litigation department that is largely un qualified leading to laughable documents being produced in court (much to the dismay of the TLT legal team) Not what I would call good practice! Hence the many ongoing investigations by F.o.s and the FSA.
    Absolutely shambolic, all in all an utter disgrace for a financial institution. There is only one reason for the name change, and that is to hide from comments such as these.
    Reading the absloute drival that has come from Ms Attia & Mr Frazer shows how out of touch with Capstone/Assenden they really must be.

  • Mark 17th August 2010 at 1:09 pm

    They have to change their name. Capstone have such a bad reputation that no one would want to be associated with them. I speak from experience when i say that they are probably one of the most unprofessional outfits on the market. I hope the FSA gets some teeth and puts a stop to some of their woeful practices.

  • Sid Siddiqui 11th July 2010 at 12:48 pm

    So CAPSTONE are changing its name to Acenden, wonder why? Capstone previous crooked brokers such as Loans.co.uk advisers or their security system was that slack that any Tom, Dick and Harry can get ALL Confidential information from their system. In mid June 2008 I found that my and my wife details were searched by Loans.Co.Uk, without our permission, though Capstone admitted that YES indeed our name was searched by Loans.co.uk but they could not help us THE VICTIMS. (They did not know who got our personal details from Experian). I approached them and gave them the clue that who have done it, but they were not interested in. We even approached Experian and Information Commissioner, you can imagine after spending hours and days trying to come to find out HOW these sorts of high profile companies can never control their security system. My advice. DEAL BUT BE VERY CAREFUL. I say to Amany Attia, CEO. GOOD LUCK
    We are, confused, helpless, distressed, puzzled and disillusioned citizen of United Kingdom sometime it feels we are living in Zimbabwe.

  • T.Kerridge 6th July 2010 at 1:28 pm

    Oh my, the word ‘Acenden’ means ‘pedarast’ in urdu!

  • Ian Griffiths 5th July 2010 at 10:56 am

    Thank you for informing us. We need to keep track of these sharks and warn clients of the new name.

  • Ian Griffiths 5th July 2010 at 10:56 am

    Thank you for informing us. We need to keep track of these sharks and warn clients of the new name.