Oakwood boards £150m NPL mortgage portfolio
Oakwood Global Finance LLP has won the contract to service another mortgage portfolio on behalf of a new client.
The client, which cannot be named, is a well-known investor and the mortgage book consists of £150 million of non-performing residential loans.
This new portfolio represents the tenth mortgage book boarded by Oakwood since January 2010, and takes the Oakwood group’s total assets under management to around £2.5 billion, equating to over 17,000 individual accounts.
Oakwood partner Richard Klemmer said: “Boarding this pool has been part of a steady and strong growth period for Oakwood. Despite a difficult market, we have continued to win business thanks to our reputation for managing mortgage risk, particularly at the non-performing end of the market where we truly lead the way.”
“We hold a unique position as the only Fitch rated servicer in Europe with ratings in all three available classes: to be rated as primary servicer, master servicer and special servicer demonstrates the strength of our in-house capability to manage some of the most important factors affecting the performance of loan assets.
“Our experienced and highly competent teams are trusted to manage the complex reporting and cash management requirements of acquired or originated mortgage portfolios on behalf of lenders and investors, in addition to the loan administration, arrears management and loss mitigation aspects of successful portfolio management.
“In addition, and increasingly importantly for clients, we have proven experience and capability to successfully migrate loan portfolios onto our proprietary servicing systems in what we believe is the most efficient and low risk process available in the UK today.”