Homeloan Management (HML), the Derry based provider of systems and process outsourcing solutions to the mortgage sector, is targeting Irish financial institutions to outsource their mortgage servicing.
The operation, which opened in Derry in 2004, and presently employs 250 people, recently won its first major Irish client, Start Mortgages. Start is Ireland’s new non-conforming mortgage company, and already has €100 million of loans booked to June 2005, and a run rate of ?100 million applications a month.
Start, backed by UK lender Kensington Mortgages, focuses on borrowers who fall outside of the normal lending criteria of mainstream Irish lenders and is the first dedicated mortgage provider in Ireland to concentrate on this market segment.
HML Derry will service Start’s mortgages post offer stage, handle the completion of documentation, disbursement of funds, management of mortgage accounts, collection of funds, provision of call centre functions, and, when necessary, shortfall debt recovery.
Andrew Duff, Director of Irish Operations, HML Derry, said, ‘While the outsourced mortgage administration model has become common in the UK and has provided the platform for the growth of many specialist lenders, it is a new phenomenon in Ireland.
He is convinced that other Irish lenders will follow Start’s lead, and come to appreciate the benefits of an outsourced solution in the future. ‘Not only does it offer speed, flexibility and scaleability, but it can help reduce the need for large upfront investment in systems and other infrastructure,’ he added. |
