Scarborough Unveils Specialist Underwriting Expertise Behind New SSM Brand Launch

Press release published on 12 September 2006 by Scarborough Building Society

Scarborough Specialist Mortgages (SSM) – the Scarborough Building Society Group’s new non-conforming lending subsidiary – will boast some of the best underwriting expertise in the industry.

For SSM is supported by a respected specialist underwriting team boasting a total of nearly 30 years’ experience in the non-conforming market.

Working from Scarborough’s newly created Specialist Mortgage Centre in Leeds, Dave Newby, Andy Richardson and Peter Brooke – formerly of Kensington Mortgages – will form the underwriting backbone of the Group’s ambitious designs on the non-conforming and specialist buy-to-let sectors.

And Chief Executive John Carrier described how their extensive expertise will form one of the key selling points of the new specialist brand.

‘We already have a decade-and-a-half of sub-prime experience through our mortgage administration subsidiary SMS Mortgage Services (SMS), which administers large portfolios on behalf of major clients.

‘However, we recognised that if we wanted to begin originating non-conforming business ourselves, we would need an additional layer of underwriting expertise, which David, Andy and Peter are able to offer.

‘In fact, we are delighted that, through their combined track record, our new brand will offer some of the most skilled and efficient underwriting capability in this segment of the market – making this a key differentiator for SSM.’

SSM falls under the umbrella of the Scarborough Group, which also encompasses asset trading subsidiary North Yorkshire Mortgages (NYM) and SMS, as well as the core building society business.

John explained that an extensive development programme is also underway within the business, led by this trio, to equip the Group’s existing prime underwriters with the additional skills they need to meet the needs of the newly diversified Group.

Direct access to such specialist underwriting support will form a key aspect of the high quality personalised service Scarborough plans to offer, with Dave, Andy and Peter seeing cases through on an individual basis.

‘Unlike many other lenders, we will offer direct access to our specialist underwriting team, who will take personal responsibility for seeing cases through.

Specialist Lending Manager Dave Newby, who heads up the Leeds-based team, said: ‘We’re relishing this opportunity to use the skills we have built up over a significant number of years to help develop the completely fresh offering which we believe SSM represents.

‘Recognising that every intermediary and client within the specialist mortgage market will have very individual needs and circumstances, we are committed to offering a personalised, common sense approach to finding them a suitable solution.’

As well as providing day-to-day underwriting support for customers and clients of the new subsidiary, Dave, Andy and Peter have been actively involved in designing the products, criteria and approach which will ensure Scarborough Specialist Mortgages stands out from the crowd when it is launched in October.

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