HML managing director Steve Haggerty, who is already on the board of SML, will take over as managing director, and operations director David Grant will run both companies.
This change will enable SML to benefit from HML’s unparalleled experience of business process outsourcing over the past 15 years and will enhance the group’s ability to develop state-of-the-art savings and mortgage products to existing and potential clients, including a new range of ‘offset’ mortgage products.
Both companies are based in Skipton, North Yorkshire, and are wholly owned by Skipton Building Society.
HML is the UK’s leading provider of third party administration to the mortgage industry, administering the loans of more than 30 lenders currently worth more than £20 billion, up by 82% over the end 2002 figure of £11.3 billion. Rating agency Fitch recently upgraded HML’s residential primary servicer rating to RPS2+ (Prime) and RPS2+ (Sub Prime), positioning HML as the highest rated residential primary servicer in Europe.
Steve Haggerty says: “HML is already a highly successful company in the business process outsourcing market and is expected to grow assets under administration by more than 80% in the current year. Following these changes, SML will benefit from the additional expertise and resources of HML – which now has more than 900 staff.”
“Most important, it will strengthen our ability to meet our clients’ needs on both sides of the balance sheet – for both savings and lending products - as well as the ‘offset’ mortgage.”
Existing customers of SML will continue to be looked after by the same operational staff so as to ensure continuity of service.
