The move follows a buyout by the new management team, with the management team owning a significant minority and the administration estate of Lehmans a significant majority stake.
Capstone was created in 2006 as the third party servicing arm for Lehman Brothers, the investment bank which collapsed in September 2008 as a result of the credit crunch. It has in excess of £7bn lender assets under management and services some 80,000 accounts.
Earlier this year the business was relaunched as a standalone third party mortgage administrator and the Acenden brand is currently being introduced to reflect the change.
Amany Attia, chief executive, said: “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.”
She adds that the new management has invested considerable capital into the servicer, including developing a new servicing system, upgrading data management and reporting and improving analytics.
She said: “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.
“Rebranding as Acenden reflects our emergence as a highly ranked stand-alone servicer, our leading client data reporting and analytics tools, and our commitment to deliver value added capabilities and outcomes to our customers and clients.”
Acenden has the highest Standard & Poor’s special servicer ranking of any mortgage servicing company in the UK.
Martin Frazer, former managing director of Scarborough Mortgage Services and now commercial director at Ascenden, said: “This is a new and exciting period for us and we are looking forward to real growth.
“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.”
It is expected that Capstone Mortgage Services will change its name to Acenden in the 4th quarter of 2010.
