View more on these topics

Oakwood gets first master servicer rating from Fitch

Oakwood Global Finance has been assigned the first ‘master servicer’ rating for a mortgage asset manager by Fitch.

Oakwood, which provides management of non-performing mortgages to third party administrators, has been awarded two specific ratings: a residential special servicer rating of ‘RSS2-UK’, which makes it the highest Fitch-ranked provider of outsourced special servicing in the UK; and a residential master servicer rating of ‘RMS2-UK’, which is the first time Fitch has ever assigned such a rating in Europe.

Fitch says it gave Oakwood the rating for “the high levels of industry experience of senior management and the innovative servicing strategies employed by the company”.

Oakwood chief executive Mike Culhane says: “This is a tremendous endorsement of the operations we have developed and refined over the last four years.

“We have a longer track record, more scale and greater experience than any other provider in the sector and our ratings underscore the fact that our proactive approach to servicing is highly relevant in today’s challenging environment. Arrears and repossessions are headline news and to achieve such a high rating is a testament to our special servicing team’s ability to manage cases effectively, sensitively and in compliance with ever changing legal and regulatory requirements.”

Oakwood says it is in further discussions with new mortgage book investors, such as hedge funds acquiring mortgage portfolios, as well as banks and building societies looking to improve their ability to service troubled assets, or investment banks managing out existing positions.

Culhane adds: “In many organisations Servicing has traditionally taken second place to new business origination. As the economy deteriorates, these organisations are being left with assets they are not equipped to manage.”

Recommended

PriceWatch to become full analysis tool

Skandia is to develop its PriceWatch platform into a full analysis tool using an independent consultant following concerns among rival platforms over its impartiality and scope.

‘Don’t shoot offshore golden goose’

Worldwide Financial Planning IFA Nick McBreen is warning that the current probe of offshore tax havens could catch legitimate investors in the crossfire.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com