Computershare Loan Services has been appointed substitute administrator by Paragon Bank.
The UK’s largest third-party mortgage servicer will undertake the role for their new securitisation (Paragon Mortgages (No. 25) PLC), which closed in April this year and represents over £700 million-worth of prime, buy-to-let mortgages.
Andrew Jones, CEO 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.”
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.