Talks have broken down between Vertex and Skipton Building Society over the acquisition of the society’s third-party mortgage servicer subsidiary HML, Money Marketing understands.
Skipton has been looking to offload HML for some time.
It is understood Vertex was in talks to acquire HML last month but discussions have recently broken down.
HML has suffered a number of high-profile account losses in the past year.
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.
The losses bring HML’s assets under management down from £44.5bn to around £39bn.
Vertex managing director of financial services Mark Charlesworth left the firm this month and was replaced by chief operating officer Robert Coyle.
Skipton, HML and Vertex refused to comment.