Crown Mortgage Management wins West Brom contract
The contract is open-ended and covers 5,600 residential mortgages with a total value of £420m bringing the total value of Crown’s standby assets under management to more than £7bn.
Andrew Doyle, chief executive for Crown Mortgage Management, said: “We are delighted to be working with the West Brom on this third standby contract which demonstrates the importance we place upon delivering excellent service to our existing clients.
“We continue to grow our expertise in standby servicing and this win strengthens our track record in the building society sector.”
Crown Mortgage Management, which operates as standby service in both the UK and Republic of Ireland, will be on notice to take over the servicing of mortgages should its standby clients be unable to provide the service themselves.
David Barton, head of structured finance at the West Brom, said: “We are pleased to build on our existing relationship with Crown Mortgage Management which continue to provide valuable support to the West Brom’s ongoing securitisation programmes.”