Paragon Bank appoints Computershare Loan Services as substitute administrator
Computershare Loan Services has been appointed substitute administrator by Paragon Bank.
The UK’s largest third-party mortgage servicer will undertake the role for its new securitisation (Paragon Mortgages (No. 25) PLC), which closed in April this year and represents over £700m worth of prime, buy-to-let mortgages.
Andrew Jones, chief executive officer at Computershare Loan Services, said: “Paragon is a major force in British banking lending with a successful history as one of the UK’s leading specialist lenders.
“We were delighted to be chosen to work with them again on these assets as our work together represents another important relationship for Computershare Loan Services.”
S&P Global named Computershare Loan Services “the UK’s leading third-party mortgage administrator” as part of its most recent assessment of the company’s Skipton-headquartered division.
The international ratings agency again awarded the division an ‘above average’ ranking as a UK primary and special servicer of residential home finance.
Global ratings agency Fitch awarded Computershare’s home finance servicing operation headquartered in Skipton, Yorkshire, a RSS2+ Special Servicer Rating and a RPS1- Primary Servicing Rating during their last assessment.
It cited its “strong capabilities” and “highly automated systems” that had been designed to “drive operational efficiency”.
Substitute (or standby) servicing ensures that an organisation with the right systems and expertise is ready to continue the administration of the loans if problems materialise.