Back up servicing
The role of the standby servicer is to be available at all times to take over the servicing of mortgage assets in the event of a default by the current servicer. This service is typically employed by the debt capital markets where continuity of cash flow is an essential solvency criterion for the ratings of the bond issue.
In 2008, Crown became the first and only servicer in the UK to have ever been called upon to fulfil its back-up servicing obligations, taking over the servicing of a large commercial portfolio from Northern Rock.
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Chief Operating Officer
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Business Development Director
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