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Fitch upgrades HML’s special servicer rating

Fitch Ratings has upgraded HML’s residential mortgage special servicer rating and has affirmed its primary servicer rating.

HML’s special servicer rating has been lifted from RSS3+ to RSS2- while its residential mortgage primary servicing rating remains at RPS2+.

Fitch says it upgraded HML’s special servicer rating due to “high levels of industry experience of senior management and the continued improvements to operational performance surrounding the management of defaulted mortgage loans”.

HML has suffered a number of high-profile account losses in the past year and has shed 12 per cent of its workforce over the past 12 months through redundancies and office closures.

In December, Money Marketing revealed GMAC-RFC was to bring admin of its £3.6bn mortgage book in-house. In January, Nationwide Building Society decided to administer its own £2bn combined mortgage book.

However, Fitch says this has not affected service levels.

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