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United Kingdom : CROWN MORTGAGE MANAGEMENT to offer Royal Bank of Scotland and Norton Finance with STANDBY ADMINISTRATION SERVICES

April 28, 2014

A new deal has been inked by Crown Mortgage Management to offer Royal Bank of Scotland and Norton Finance with standby administration services for a growing portfolio of first and second charge mortgages.

The standby agreement`s nature is cold at the outset, however, should certain triggers occur, the agreement is able to change to warm , placing Crown in a higher state of readiness to be invoked.

This nature of deal has been ratified for the first time as standby servicing continues to increase in popularity and necessity.

Nick Parkhouse, senior director financial institutions structured finance at RBS added, We were impressed that Crown Mortgage Management thought about the need for a standby agreement from both the lender s and the funder s perspective.We have the comfort of being able to deliver for our client an efficient cost structure while at the same time knowing that if our risk profile increases, we can move the standby closer to readiness.

Andrew Doyle, CEO of Crown Mortgage Management commented, This contract evidences Crown s innovative way of approaching agreements and demonstrates our desire to innovate services according to the changing needs of the mortgage market. We constantly strive to provide value for money for our clients, and this type of dynamic standby is as a result of our efforts.

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Source: TendersInfo (India)