Computershare to service 60% of outsourced mortgages

Computershare will service three out of every five outsourced UK mortgages from next month, the company has confirmed.

This follows its Government appointment to service mortgages for UK Asset Resolution (UKAR) and will add £41 billion of assets to the book that it manages.

The move will bring its total to £73 billion or 62% of the total market.



From early June, UKAR’s 1,700-strong staff will transfer to Computershare’s newly-established Loan Services business, including chief executive Richard Banks.



Naz Sarkar, chief executive of Computershare in the UK, said: “We’re delighted to be welcoming UKAR colleagues to the company this summer.



“We’re especially pleased to be working with Richard, who brings with him a wealth of knowledge and expertise in the mortgage servicing industry, backed up by UKAR’s exceptional debt management and customer service capabilities.”



Computershare’s UKAR appointment followed its acquisition of mortgage servicing company Homeloan Management Limited (HML) in November 2014.



Andrew Jones, previously chief executive at HML, will be CEO of Computershare Loan Services, with Banks taking on the deputy chief executive role. 



Jones said: “By bringing our mortgage servicing businesses together under one umbrella, Computershare has redefined the mortgage sector and created compelling new opportunities for mortgage providers looking to outsource their administration.



“We’re looking forward to welcoming a number of significant new clients over the next 12 months, and further strengthening our existing relationships with UKAR, as well as the new owners of former UKAR assets.”



Later this year, HML will be re-branded Computershare Homeloan Management, with Andrew Freeley, previously proposition director, heading up the division and also reporting to Jones.