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Edeus changes course with arrears management move

Edeus is to enter the arrears management market after re-engineering itself into an “asset management” service business for the UK mortgage market.

In an interview with Money Marketing, chief executive Michael Bolton says the firm has not made a final decision on whether it will withdraw temporarily from the mortgage origination market.

But Bolton admits that the current market does not allow for any form of non-balance-sheet lender.

He also reveals that the company is looking at moving into the deposit-taking arena and will be making an announcement on this in the near future.

He says Edeus has always had an in-house servicing team, which he brought with him from HBOS, and claims the firm already has several contracts in place.

He says: “It is a service that will become increasingly in demand as we turn into the credit crunch. I do not want to sound like the doom and gloom chap but dare I say that we are moving the business towards the growth area of the UK mortgage market.”

Baronworth director Michael Brill says: “There is a space there for firms to enter this market. I think that they will do well as long as it is done sensibly.”

Bolton interview, p13

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