Residential mortgage shortfall

Residential mortgage shortfall

Shoosmiths offers this niche capability through its dedicated mortgage shortfall recovery department.

The team has extensive experience in this area and acts for a number of high street banks and building societies, with proven performance levels.

Significant attention is placed on managing the sensitive issues sometimes associated with recoveries of this nature, especially in the current financial market.

We are always mindful of the reputation of our lender clients.

We understand and appreciate that in order to maximise recoveries it is necessary to act quickly and with discretion.

Our bespoke case management system, combined with our in-house trace section, is instrumental in eliminating collection process delays. It also ensures that we can provide all the management information necessary for clients to manage their portfolios or an individual case via our web-based remote access facility.

We work strictly to Financial Conduct Authority (FCA) regulations and industry guidelines, and all pre-legal recoveries operate on a commission-only basis, which provides a built-in incentive to maximise collections at all stages of the process. Core to the recovery process is our Conduct Risk Treating Customers Fairly (TCF) policy.

We are fully compliant with the FCA's Mortgage Code of Business (MCOB13), and the FCA's Consumer Credit sourcebook (CONC).

It is our aim to reach an amicable and reasonable arrangement with customers to repay their liability, based upon their ability to make payment.

Wherever possible we work in conjunction with the Common Financial Statement (pursuant to the BBA and MAT requirements) to promote clear communications between ourselves and our client's customers.

The mortgage shortfall recovery team has a clearly defined internal procedure for complaints management, with a rapid escalation of any issues. Operating such a procedure protects the high standing of our clients.

If required, the team can refer cases to our dedicated litigation and professional negligence teams to progress a file on an agreed, fixed-fee basis.

Work highlights

  • Recoveries in a compliant manner
  • Expertise in this niche area of recoveries
  • Dedicated team for mortgage shortfall recovery
  • In-house tracing & enquiries team
  • Portfolios under management include both prime and sub-prime mortgage books