UK financial firm HML, which manages customer mortgage accounts for banks, has appointed Bernard O’Sullivan as the head of its Irish business.
A former senior executive with rating agency Standard Poor’s, with 20 years experience in credit scoring and credit rating, Mr O’Sullivan takes charge of a portfolio of 8,375 Irish mortgages totalling €1.6 billion, of which 28 per cent is securitised (sold on to investors).
HML, a subsidiary of Skipton Building Society, has been managing Irish mortgages since 2005 and manages about €52 billion of assets for more than 50 lenders in the UK and Ireland.
“Bernard’s appointment demonstrates our commitment to the Irish market and helping banks with the significant challenges they face managing their residential and commercial mortgage portfolios,” said HML chief executive, Andrew Jones.
A spokesman declined to say for which lenders it managed Irish loans, saying its clients did not like to be publicly named.
Loan management companies, including the Irish firm Certus, set up by former Bank of Scotland (Ireland) management, have been offering their services to Irish banks as the lenders attempt to manage high levels of arrears on mortgages.
