Capstone Mortgage Services to rebrand as Acenden

With new ownership, Capstone Mortgage Services, a third party specialist mortgage servicer is to rebrand as Acenden, probably in the fourth quarter of 2010.

As it is no longer ‘captive’ to Lehman Brothers, it is launching thenext phase of growth with the Acenden name. The company says it will complete its emergence as a standalone, financially strong company with the highest S&P special servicer ranking of any mortgage servicing company in the UK.

Amany Attia, CEO said: “Acenden will be the most experienced new entrant the market will ever see. We have taken the best of Capstone’s demonstrated capability in residential mortgage servicing and brought it to a new level.

“We have been very busy in the last year focusing resources and energy to offer a market-leading proposition and we have a new and strengthened management team.

“Clients and customers will benefit from our significant investment in the company – we have a completely new servicing system, have upgraded our data management and reporting capability and improved our analytic tools. Furthermore, we have rebuilt and strengthened our balance sheet and improved our liquidity to ensure the financial strength of the company.

“As the markets deteriorated and arrears and repossessions increased, we have added resources, teams and solutions to help our customers and clients deal with these problems, including creating what we believe to be the first loss mitigation team in the UK. We have also made a significant financial investment in upgrading our servicing system and telephony infrastructure.

Martin Frazer, commercial director said: “This is a new and exciting period for us and we are looking forward to a real growth period. We opened an office in Dublin in March 2010, are already servicing clients there and are, for the first time, open for business for new clients in the UK.

“We have a lot to offer as a full service, integrated provider of primary, special servicing and related administrative services for all residential mortgages, but for specialist and higher risk mortgage loans in particular. We look forward to making an impact in the market.”