Exact continues on growth path
Mortgage servicing business, Exact, has experienced significant growth in 2012 despite the financial services market remaining challenged.
Its due diligence service which helps banks, building societies, mutual lenders and hedge funds identify the credit risk contained in mortgage books has, since launch, assessed over £6.3 billion of mortgages across 46,000 mortgage accounts in 24 individual projects.
Exact’s primary and special servicing continues to grow is set to pass the £1 billion threshold in the next few months. This includes both first and second charge mortgages across more than 15,000 mortgage accounts.
The firm has put significant resource into building a highly scalable outsourced origination platform, available to new lenders wishing to enter the UK mortgage market or those lenders looking to increase volumes.
In 2008 Exact launched the Mortgage Asset Reduction Strategies (MARS) to deliver principal forgiveness programmes on behalf of mortgage asset owners. This has been used by nine clients on mortgage books with a face value of £2.2 billion across 23,000 mortgage accounts.
Ian Lonergan, CEO of Exact, commented “Exact has continued to attract new clients and grow its service offering substantially in 2012, and we anticipate further market disruption will make our products and services even more attractive to potential customers."