This is the highest ranking currently held among UK Standard & Poor’s rated third party mortgage servicers.
Ratings agency S&P stated that the outlook for third party mortgage administrator Acenden is Positive for primary servicing and for special servicing.
The ratings agency noted that the portfolios Acenden manages have remained stable due to the successful boarding of outsourced portfolios.
The business is expected to be reviewed again within six months.
The rankings are based on a number of key strengths identified by the ratings agency, including Acenden’s track record, its experience in servicing difficult loans and Acenden’ s development of proven processes and tools for debt management and loss mitigation.
The ratings agency also noted the expansion of Acenden’s management team with experienced industry individuals. As a result, Acenden’s sub-ranking for management and organisation was affirmed as Above Average.
S&P also noted that Acenden has continued to develop its technology infrastructure, including launching a customer account website, which enables online self service payments.
Martin Frazer, Acenden’s commercial director, said: “This announcement is a validation of the strength of the Acenden business model and the progress this company has made in enhancing that model over the last year. S&P has made a point of highlighting our track record and the experience of our management team as key factors in our continued success. S&P’s endorsement bodes well for the future of Acenden.”
