By Mark Davies, Managing Director, Mortgages
BCMGlobal Mortgage Services took home the win for Best Loan Servicer at Mortgage Gazette’s Awards – an award that celebrates exceptional mortgage servicing.
BCMGlobal Mortgage Services is a UK mortgage servicer, rated by Fitch and S&P, whose clients include award-winning innovative lenders.
The business offers clients a range of white-labelled outsourced services to help them manage their loan portfolios cost-effectively. This includes residential, buy-to-let and commercial loans for regulated and non-regulated clients – including retail banks, building societies, specialist lenders, pension, hedge and private equity funds.
The team services £6.9bn of mortgage assets for both loan originator and portfolio investors, totalling 53,000 accounts.
More than 15,000 of these (valuing £2.9bn) are for buy-to-let mortgages while 36,000 (£3.1bn) are residential.
Going above and beyond for lenders during Covid-19
Throughout Covid-19, BCMGlobal has continued to deliver service excellence and innovation to its lender clients – including the most difficult of lockdowns periods. The business ensured clients could respond positively to the unexpected demands caused by the pandemic while meeting stakeholder needs.
BCMGlobal in fact achieved its best-ever Net Promoter Scores in 2020-2021:
- 90% of clients say BCMGlobal was a great partner during the pandemic
- 1 out of 10 scored on the service delivered
- Now at 84.2%, BCMGlobal’s client satisfaction edges the top quartile of the Satisfaction Index.
How does BCMGlobal help clients overcome their challenges?
Covid-19 lockdowns reminded the UK’s mortgage industry how crucial it is that banks and funders can receive up-to-the-minute reports on their investments from their lenders. This helps them to judge performance and report back to shareholders, and even the Financial Conduct Authority (FCA) where required.
Many lenders found it difficult, if not impossible, to organise payment holidays at short notice when their own staff was either furloughed or working from home.
BCMGlobal’s clients needed accurate data on the performance of their part of the loan book. They also required immediate access to ensure their investment goals were being met. Real-time information was essential; so BCMGlobal created a solution that worked remotely and could accurately monitor all activity from the borrowers who took payment holidays.
Supporting from the inside out
During lockdowns, BCMGlobal established Covid committees who met weekly to ensure the safety of employees and their families. The committees also successfully introduced remote working and flexible working patterns.
All sites were made Covid-secure and service-level agreements (SLA) were preserved. BCMGlobal delivered payment deferral solutions and worked on two portfolio trades and two securitisations, enabling several standby arrangements. The business also delivered a project that built a post-completion servicing solution for a new lender who will launch this year.
A proactive approach
BCMGlobal adopted a proactive approach to management, including emails, broker contact and all other day-to-day activity.
The business also:
- Placed accounts on watchlists that met certain risk criteria – a dynamic process updated to ensure high-risk cases were identified early
- Held bi-weekly calls between with clients to discuss progress, strategies, recovery actions and daily arrears reports with real-time updates
- Established an arrears watchlist where accounts are added based on current arrears, recent arrears history, financial health issues or breach of terms and conditions. This included risk matrix grades level of risk according to exposure and reason. The watchlist tracks recovery actions and escalations.
Real-time services for buy-to-let clients
The business instigated comprehensive services such as company watch alerts for buy-to-let clients.
For some lenders, over 70% of buy-to-let books and originations are in company structures. So alerts were set up at Companies House for when loans came on-board with notification of changes. These include:
- Company directors and officers
- Company name or registered office
- Mortgage charge registrations
- Adverse events and cessation of trading
- County Court Judgements
- Changes in Standard Industrial Classification (SIC)
- Change of auditor.
Mark Davies, MD of BCMGlobal Mortgage Services, says,
‘I am thrilled that we have won the award for Best Loan Servicer at the 2022 Mortgage Finance Gazette Awards. A huge thank you to my team and those who support the business behind the scenes and further afield. We are being recognised for everything we have achieved; these gongs are awarded as a result of a team effort. We celebrate a job well done for our clients and the market as a whole.’