Fri, 02 May 2014 | BUSINESS SALE
Crown Mortgage Management Ltd (Crown) is to be bought by Capita's asset services business.
The business sale is to go through for an undisclosed sum and will mark the continuation of Capita's relatively new exploration of the domestic mortgage administration market.
Capita plc chief executive, Andy Parker, commented: “The acquisition of Crown will broaden and strengthen the range of services we can offer financial services clients and, vitally, provide us with an immediate and well established position in the residential loan servicing market.
“We think that the combined strengths of Capita and Crown will provide a compelling proposition both for the traditional and challenger banks, particularly as we invest in infrastructure to support both existing and new mortgage administration.”
Crown is one of the UK's longest running residential and small balance commercial mortgage servicers. It offers both residential and commercial services to banks and financial institutions.
Among the services provided are residential primary servicing, commercial servicing, equity release administration, new mortgage origination and due diligence.
The business employs around 130 staff and is based out of offices in Ipswich, Suffolk.
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