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ABN AMRO joins SMS's growing client list8 May 2007 Scarborough Mortgage Services (SMS) has welcomed its latest major client onboard, in the form of ABN AMRO’s new UK Consumer Asset Finance platform, Topaz Finance PLC (Topaz).ABN AMRO has become the latest international bank to work with Scarborough Building Society’s third party mortgage administration subsidiary, further boosting the continued growth of the Scarborough Building Society Group. SMS will act as one of the main Primary Servicers for Topaz. It will also fulfil the Special Servicer role on certain delegated functions. This is a deal which will open the door for future growth and diversification for both businesses. This agreement is the latest in a string of positive developments for SMS, which, in October 2006, became one of the few mortgage administration companies in the UK to be awarded both primary and special servicer ratings from independent ratings agency Fitch. Martin Frazer, SMS Managing Director, said: ‘The last two-to-three years have seen the Scarborough Group undertaking a programme of major investment in our processes and systems and these capabilities – coupled with our years of experience in the mortgage origination and third party servicing arenas – were recognised last year by Fitch. ‘I am delighted that ABN AMRO has become the latest major client to recognise this, and has decided to do business with us. ‘ With our aspirations to further develop our relationship with our new partner over the next 12 months, we are confident that this partnership will continue to develop into the future.’ Rizwan Hussain, Head of Portfolio Arbitrage & Management for ABN AMRO and board member of Topaz Finance PLC, added: ‘This unique partnership with SMS is an exciting opportunity for ABN AMRO to lever and extend its extensive asset finance and international capital markets experience through Topaz.’ Source: http://www.easier.com/view/News/Business/article-114236.html |
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