Crown gains 19th standby contract

UK mortgage servicer Crown Mortgage Management has completed a pair of ’warm’ standby contracts for the West Bromwich Building Society’s Hawthorn and Kenrick securitisations which mark its 18th and 19th standby contracts.

The contracts cover 13,000 residential mortgages with a total value of £1.3 billion.

This brings the total of standby assets under management to a total of £6 billion for Crown.

Crown Mortgage Management, which operates as standby servicer 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.

Eric Stoclet, CEO of Crown Mortgage Management, said: “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.”