Fitch upgrades Acenden’s rating as mortgage specialist

Acenden (http://www.acendenmortgages.org), the UK’s leading mortgage specialist, has had both its Prime and Subprime service rating upgraded by the organisation ‘Fitch’, up to RSS2. According to a representative at Fitch, the Primary Servicer ratings upgrade was due to Acenden’s continuous implementation of innovative web payment services. These had resulted in a huge reduction (approximately 67%) in payments made by phone, as customers realised how much quicker and more convenient online payments were.

In addition to this, Fitch stated that the higher rating was a reflection of the efforts Acenden had made regarding the installation of a high-tech management system for documents, which has made it easier for employees to access the information they need within the company. Fitch also acknowledged the stability of both the middle and senior management teams, each member of which had demonstrated skill and expertise when handling customers’ issues.

Fitch praised the company’s internal auditing function which has continued to evolve and develop, providing Acenden with a highly organised risk management system which is normally only found within financial services companies that have significantly higher risk profiles. The rating organisation pointed out that this risk framework which the company has so deftly implemented is one of its most impressive attributes, and has set a benchmark for all other services which are Fitch rated within Europe. This, Fitch has said, is confirmed by Acenden’s achievements in gaining the Certificate for Information Security this year, and by the KPMG Audit report in 2011.

The company’s specialist servicing rating has also been noted, reflecting its capabilities as a specialist servicing operation. Fitch commented on Acenden’s continuous utilisation of loss mitigation strategies and arrears tactics, which are consistent inside of the market in the UK, and which adhere to the regulatory standards regarding the fair treatment of customers.

The CEO of the company, Amany Attia, remarked that following this rating upgrade, Acenden is now the highest rated Fitch service providing specialist mortgage advice, both in the special servicing and primary markets of the UK. Attia added that this is confirmation of the company’s position as a market leader.