The acquisition of Crown Mortgage Management by Capita Asset Services completed last Friday following approval of the transaction by the Financial Conduct Authority (FCA).
Crown Mortgage Management becomes part of the Capita Asset Services Division which provides loan administration, asset management, debt restructuring and loan workout services to the banking and securitisation markets.
Andrew Doyle, managing director of Crown Mortgage Management, said: “Clearly Capita brings scale and many skills to the table. Crown offers extensive residential mortgage market expertise and we are all delighted that the transaction has closed and these skills and experience can be combined.
“The priority now is to ensure we merge the best of both businesses and become a major force in the residential mortgage servicing sector.
“There is significant interest currently in the UK mortgage market with many people seeking efficiency or capacity solutions in their businesses. Others are looking to deploy capital for new lending. This is evidenced by the number of transactions currently and the increased activity in the capital markets.
“Our goal is to grab the momentum the market and this transaction gives us with a goal to become the UKs leading residential mortgage servicer.”
