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Nationwide takes £2bn mortgage book admin in-house

Nationwide Building Society will transfer the administration of a combined £2bn mortgage book previously serviced by HML in-house following the acquisition of the Cheshire and Derbyshire Building Societies.

The transfer, which will be completed by July, follows GMAC-RFC’s move to bring the administration of its £3.6bn mortgage book from HML in-house, as revealed by Money Marketing last month.

At the time of acquiring Cheshire and Derbyshire Building Societies in 2008, the lender 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 around July 2011, we will migrate the administration of the DHLL and EMEX mortgage accounts that are currently being serviced by HML over to Nationwide.  It is more cost effective for the society to manage the servicing of these accounts in-house.”

A HML spokeswoman says the move was anticipated.


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Skipton BS launches new fixed and tracker range

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Unemployment rises to 2.5 million

UK unemployment rose by 49,000 to 2.5 million in three months to November 30, 2010, the Office for National Statistics has revealed. The unemployement rate for those aged 16 to 24 also rose by 32,000 in the quarter to reach 951,000. This is the highest figures since records began in 1992 and now means that […]

OPM set to add model portfolio service

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