Nationwide Building Society is transferring the admin of two mortgage books worth a combined £2bn in house from HML following its acquisition of the Cheshire and Derbyshire building societies.
Last month, Money Marketing revealed that GMAC-RFC had brought the admin of its £3.6bn mortgage book in house from HML. Since mid-December, HML has lost 12.7 per cent of its £44bn under administration.
At the time of taking over Cheshire and Derbyshire building societies in 2008, Nationwide also acquired the mortgage books of Emex, a Cheshire Building Society subsidiary, and DHLL, a Derbyshire Building Society subsidiary.
A spokesman says it is more cost-effective to bring the servicing of the book in house. He says: “By July 2011, we will mig-rate the administration of the DHLL and Emex mortgage acc-ounts that are being serviced by HML over to Nationwide. It is more cost-effective for the society to manage the servicing of these accounts in house.”
An HML spokeswoman says the move was anticipated after Nationwide’s acquisition of the two societies.
HML invited voluntary redundancies following the loss of the GMAC-RFC account but it is not yet known how many staff will leave the company.