Monday 24 October 2011
Standard & Poor's Upgrades Acenden's Primary Servicer Ranking To STRONG
- Acenden is the highest ranked primary servicer in the UK and the only servicer to hold a STRONG ranking
- Acenden is also affirmed as ABOVE AVERAGE by Standard & Poor's as a special servicer of residential mortgages in the UK
Mortgage servicing specialist Acenden has had its S&P ranking as a UK residential mortgage primary servicer upgraded to STRONG. The upgrade makes Acenden both the highest ranked residential primary servicer in the UK as well as and the only servicer in the sector to hold a STRONG ranking.
S&P has also affirmed Acenden's ranking as a residential mortgage special servicer as ABOVE AVERAGE, with a positive outlook.
S&P also changed Acenden's rankings from being restricted to a "non-conforming mortgage servicer" to a "full spectrum residential mortgage servicer" due to the growth of the company's activities.
The rankings are based on a number of key strengths identified by the ratings agency. In particular, S&P highlighted Acenden's track record, its experience in special servicing and servicing difficult loans and that Acenden has developed proven processes and tools for debt management and loss mitigation.
S&P also made note of Acenden's continual improvement in the efficiency and quality of its processes and customer service. The ratings agency stated that a significant gain in efficiency had been achieved, while complaint levels by customers had also fallen and are now viewed by S&P as low.
In addition to Acenden's traditional strengths, S&P stated that the increased portfolio of clients and innovation the company has displayed in the last six months was a key factor in the upgrade. Furthermore, the ratings agency commented on the successful launch of Acenden's customer self service website, the first of its kind in the market, as an example of the company's technology infrastructure and dedication to customer service.
The ratings agency noted the positive impact of Acenden's highly experienced senior management team, which has now been working together for a year. It also noted that the management team has continued to develop, most recently with the appointment of Andy MacDonald as Human Resources Director.
Martin Frazer, Commercial Director from Acenden commented: "This announcement is a significant watershed for Acenden. To be ranked by S&P as the single strongest servicer in our sector is validation of our belief in the Acenden business model and in the rapid progress the company has made in the last 18 months. As S&P has highlighted, the upgrade is not just based on our traditional strengths, but on our efforts to grow the business, excel in our customer service and bring innovative solutions to the market. We are confident that we can continue to improve in these aspects, and S&P's endorsement bodes well for the future of Acenden."
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Acenden is a leading mortgage servicing solutions provider, adding value through the use of our innovation, operational experience and advanced analytics, to enable better asset performance, risk management and business performance. We provide primary servicing, special servicing, analytics and securitisation services. We employ almost 400 skilled and highly trained people located in central London, High Wycombe and Dublin.