Cleary, Lonergan and Nixon Launch New Mortgage Services Business.
Posted on November 11th 2008
The trio who were formerly executive directors of edeus have launched a new mortgage
services company called Exact. The business will focus on providing services to
companies that either hold mortgages on their balance sheet or are purchasing mortgage
assets on the secondary markets. Over the last six months they have won several
major contracts to provide due diligence and related mortgage services to third
parties.
“Whilst it is regrettable that edeus could not continue as a profitable business
due to the devastating effect of the liquidity crisis, the viable parts of the business
have been saved. All of the assets of edeus have been purchased and all of the employees
have been transferred to the new business,” said Alan Cleary MD of Exact.
Mr. Cleary also said, “With the backing of a major private equity group we can deliver
a business strategy that will revolutionise the mortgage services market in a similar
way that we revolutionised the mortgage originations market. We are still committed
to the intermediary mortgage market, we intend to launch a very exciting initiative
in the New Year that will specifically benefit mortgage intermediaries and their
customers.’
The board of Exact includes Alan Cleary, John Nixon and Ian Lonergan, as well as
a number of non-executive directors who will be appointed in due course.
