Pepper (UK) has been appointed as the servicer on the recently announced Slate No. 1 and 2 residential mortgage backed securitisation issues.
Slate 1 & 2 comprise over £2.7 billion of residential mortgages recently acquired by a consortium of investors led by J.P. Morgan and Commercial First Group Limited from UK Asset Resolution Limited (UKAR), the holding company for Bradford & Bingley plc (B&B) and NRAM plc (NRAM). Commercial First Mortgages Limited has also been retained by the securitisation issuers as Servicing Consultant.
The portfolios consist of performing residential mortgage loans from the legacy books of NRAM, B&B and Mortgage Express (MX), secured on residential property assets in the UK. They were sold as part of UKAR’s on-going process to manage down the closed mortgage books of both B&B and NRAM whilst maximising value for the taxpayer. Pepper will board the portfolios in stages over the next 12 months.
The servicer believes it is the largest transaction of its type globally this year and the largest European transaction in over three years.
Richard Klemmer, UK CEO, said: “Pepper is absolutely delighted to have been awarded this mandate. The Slate securitisations are ground breaking and signify renewed appetite from investors in UK RMBS on a global scale.
“Pepper looks forward to working with all parties to ensure the highest possible service standards are maintained for all customers and investors.”
