Computershare will continue to administer the portfolio of mortgages transferring from Bradford & Bingley to Prudential and Blackstone, the UK’s biggest third-party servicer of mortgages has confirmed.
UK Asset Resolution (UKAR) recently announced that it has sold a portfolio of around GBP12 billion Bradford & Bingley buy-to-let loans to funds managed by Blackstone, the international investment firm, and Prudential, the international financial services group.
Computershare was appointed to service the mortgages of Bradford & Bingley, Mortgage Express and NRAM from June 2016, and will continue to provide full administration services to both new owners of the sold assets.
Andrew Jones, chief executive officer at Computershare Loan Services, says: “We’re delighted to announce that we’ll be working with Prudential and Blackstone on these mortgages, who both possess extensive experience and highly impressive asset management operations.
“I believe their decision to retain Computershare Loan Services reflects our track record of success and our vision for the future, particularly our strong emphasis on developing digital tools for the end consumer.
“It’s great news for our teams in Crossflatts, Doxford and Skipton, who provide excellent customer service and will effect a seamless transition to Blackstone and Prudential’s ownership.”
For both Prudential and Blackstone, Computershare will offer a full suite of administration services, acting as legal title holder, master servicer and long-term servicer for all of the assets.
In February Computershare Loan Services was awarded a RSS2+ Special Servicer Rating and a RPS1- Primary Servicing Rating for its management of a significant proportion of its portfolio by international ratings agency, Fitch, which cited its “strong capabilities” and “highly automated systems” that had been designed to “drive operational efficiency”.
In the UK it manages GBP67 billion in assets, which represents more than half of all outsourced mortgages in the UK.
Computershare Loan Services administers over USD100 billion of assets across the globe, operating in the US, Ireland and the UK.