Exact has confirmed that its application to be regulated by the FSA has been approved. The mortgage servicing company which was set up specifically to meet the demands of mortgage asset owners in this new and intensive regulatory regime is thought to be the first to gain administration permissions since the FSA Arrears and Repossessions Thematic Review. The main focus of the business is to provide Primary and Special Servicing to third parties who wish to outsource their post completion mortgage administration.
Ian Lonergan CEO at Exact says “I am delighted to have been given the green light by the FSA, the process was rigorous and we were put through our paces but that is to be expected in this economic climate. Our business is built for today and has none of the legacy issues faced by many third party mortgage servicers and this I believe gives us a significant advantage.”
Phil Jenks, non-executive director at Exact adds “My role at Exact is to ensure that risks are managed effectively and that borrowers are treated fairly, I am delighted the FSA has agreed with our approach”
