UK mortgage servicer Crown Mortgage Management has completed two warm standby contracts for the West Brom’s Hawthorn and Kenrick securitisations which mark its eighteenth and nineteenth standby contracts.
The contracts cover 13,000 residential mortgages with a total value of £1.3bn, bringing the total of standby assets under management to a total of £6bn.
Eric Stoclet, CEO for Crown Mortgage Management, says: “It is encouraging to see our growth in standby servicing, and working with the West Brom further strengthens our track record in the building society sector.
“As the only UK servicer to ever be called under a standby agreement, we offer expertise in this area where others cannot. We have been able to grow assets under management in a difficult environment and will continue to stand shoulder to shoulder with clients, particularly throughout the challenging economic climate.”