Yorkshire Building Society has appointed financial outsourcing specialist Target Group as standby servicer for its €7.5bn covered bond programme of residential mortgages.
Target will act as a standby servicer for the portfolio of some 30,000 accounts assisting the Society in providing additional security for the bond holders.
Commenting on this new contract win, James Snow, CEO of Target Group said: “Standby servicing is increasingly a “must have” to support the successful execution of securitisations and covered bond programmes. Originating lenders and the investor communities need realistic standby services in place for credible resilience and continuity planning and to achieve optimum ratings. Target already has a track record of successful delivery following the invocation of a standby servicing contracts for 3 global banks, proving we have the expertise and flexibility to ensure an efficient service transfer if invoked.”
Target specialises in servicing and software for loans, mortgages, savings and investment products. It is rated “Above Average” by Standard & Poor's for primary residential mortgage servicing and primary consumer finance servicing in the UK.