Thursday 31 May 2012
Acenden's UK Servicer Ratings Upgraded By Fitch
Mortgage servicing specialist Acenden's UK Primary (Prime) and Primary (Subprime) Servicer Ratings have been upgraded by Fitch to 'RPS2+' and Acenden’s UK Residential Special Servicer Rating has been affirmed at 'RSS2'.
Fitch stated that the upgrade of the Primary Servicer Ratings reflects Acenden's continued drive to improve its innovative web payment capabilities which has resulted in an increased number of payments taken via the website and a 67% reduction in telephone calls to make payments.
The ratings agency also highlighted that the Primary Servicer Rating is supported by the successful installation in 2011 of a new document management system that provides greater accessibility to information within the company.
Fitch also said that the ratings are supported by the stability of the senior and middle management teams together with levels of experience demonstrated by key individuals within the company.
Acenden’s internal audit function has, Fitch stated, continued to develop and mature and provides the company with a strong risk management culture typically observed in major financial services organisations with higher risk profiles.
Fitch believes the risk framework embedded at Acenden is a key strength and sets the benchmark for Fitch rated servicers across Europe. Fitch also said that this is further confirmed by the receipt of an unqualified opinion for the Service Organisation Audit Report (SOAR) ISAE3000 undertaken in 2011 by KPMG and the achievement of ISO27001 Information Security certification in January 2012.
Acenden’s Special Servicer Rating has been affirmed, reflecting the company’s ability as a special servicing operation. Fitch noted that Acenden continues to utilise arrears strategies and loss mitigation tactics that are consistent within the UK market as well as adhering to regulatory standards surrounding 'treating customers fairly'.
Amany Attia, CEO from Acenden commented: “Following its latest upgrade, Fitch has affirmed Acenden’s position as the highest Fitch rated residential mortgage special servicer providing both primary and special servicing capabilities in the UK. I believe that this upgrade is confirmation of Acenden’s experience, strong performance and continued market leading position.”
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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.