The trio who were formerly executive directors of edeus have launched a new mortgage services company called Exact. The business will focus on providing services to companies that either hold mortgages on their balance sheet or are purchasing mortgage assets on the secondary markets. Over the last six months they have won several major contracts to provide due diligence and related mortgage services to third parties.
“Whilst it is regrettable that edeus could not continue as a profitable business due to the devastating effect of the liquidity crisis, the viable parts of the business have been saved. All of the assets of edeus have been purchased and all of the employees have been transferred to the new business,” said Alan Cleary MD of Exact.
Mr. Cleary also said, ‘With the backing of a major private equity group we can deliver a business strategy that will revolutionise the mortgage services market in a similar way that we revolutionised the mortgage originations market. We are still committed to the intermediary mortgage market, and we intend to launch a very exciting initiative in the New Year that will specifically benefit mortgage intermediaries and their customers.’
The board of Exact includes Alan Cleary, John Nixon and Ian Lonergan, as well as a number of non-executive directors who will be appointed in due course.
The announcement of the launch of Exact follows the release by KPMG yesterday of the following statement:
The joint administrators of Edeus Mortgage Creators Limited and Edeus Creators Limited have announced today the sale of the businesses and assets for an undisclosed sum. The new business, which will continue to be based in Wolverhampton, will trade under the name ‘Exact’. All remaining 25 Edeus employees will transfer to the new business.
Allan Graham, joint administrator from KPMG commented: “We are pleased to have secured the sale of Edeus during a very difficult period for the mortgage market. It will be ‘business as usual’ for the new company which will continue to offer due diligence and related mortgage services.”
