Target acquires specialist mortgage servicer
Target Group, a financial services outsourcing and software business, has announced the purchase of mortgage servicer Commercial First.
Commercial First, established in 2002, is a provider of commercial and residential mortgage servicing, due diligence and property valuations for clients ranging from banks and fund managers to private equity firms.
It also provides clients with services in the real estate lending market ranging from loan administration through to the full arrears, debt recovery, litigation and repossession cycle.
Ian Larkin, co-group chief executive at Target, said: “Combining this capability with our primary servicing will enable Target to deliver our clients an end-to-end servicing proposition for residential and commercial lending.”
John Barbour, chief executive of Commercial First, said the company looks forward to bringing a service to the market for providers looking to outsource all or some of their administration and IT operations.
Target said this purchase is part of a growth and expansion strategy and follows its acquisition by technology specialist Tech Mahindra in June last year.