Mortgage Title Resolutions/Crown Mortgage Management

[cat10]

Hi Everybody

Just trying to do some research on Mortgage Title Resolutions/Crown Mortgage Management.

What Im trying to find out is, are they owed by Deutsche Bank or are they the majority share holder.

Also would like to know if anybody have had problems with their mortgage being transferred from Deutsche bank to Mortgage Title Resolutions.

Any help would be appreciated.

Regards

Cat

[Airwolf]

Mortgage Title Resolutions, I believe has 3 directors and 1 Company Secretary (this information may now be out of date).

 

The only human director is Mr James Garner Smith MacDonald. The other 2 directors and secretary are SFM companies.

 

The following is from the SFM website

 

SFM is a pre-eminent provider of independent directors, corporate administration and governance services to Special Purpose Vehicles ("SPVs") used in the securitisation and structured finance industries. The SFM Group's significant market presence has been built upon the fact that the principals are all experienced capital markets professionals.

 

The Group currently manages in excess of 1000 SPVs associated with international capital market transactions, providing the resources and local knowledge through its offices in the United Kingdom, Channel Islands, Germany, Ireland, Italy, Luxembourg, the Netherlands, and Spain.

 

Going back to Mr MacDonald, he is also the director of numerous over companies that exist for the most part on paper and/or Holding companies

Edited December 13, 2011 by Airwolf

[Airwolf]

As for Crown, I believe they are mortgage administrators

 

From the Crown website

 

About us

Crown is one of the mortgage administration industry’s longest-established organisations.

We believe that close partnerships with our clients will define our success. Every day, our people work with our clients to optimise the management of the portfolios with which we have been entrusted.

 

We partner with banks, building societies, insurance companies, investment funds and other property lenders to service their residential and commercial loan portfolios.

 

Crown Mortgage Management is at the bottom of a list of companies ending with FCWI in the cayman islands.

 

Starting with Crown, you go up to Crown NorthCorp Ltd, then up to FCWI Luxemborg and finally FCWI in the cayment islands.

 

In November 2009, as part of a restructure of the Crown Group, Crown Westfalen B.V. acquired all subsidiaries of CWB, including Crown NorthCorp Ltd

Edited December 13, 2011 by Airwolf

[Airwolf]

At a push, I would say that Crown Mortgage Managment, administer the mortgages on behalf of Mortgage Ttitle Resolutions. In a similar way to Acenden and Southern Pacific Mortgages Limited.

Edited December 13, 2011 by Airwolf

[cat10]

Thanks for your advice and information Airwolf.There was a thread on the forum that said that CMM were owned by Deustche Bank.With out going into too much detail.I had a mortgaqe with DB,fell behind with payments etc.Went to court defended the 1st possession hearing successfully,ie payment arrangement.Fell behind again,went back to court and defended successfully on a number of occassions.The mortgage was transferred to Mortgage Title Resolutions while still going through the court,in one particular hearing the case was susupended until the lender could be confirmed.In the end we voluntary handed the property back due to ill health etc.

Why im looking back at the whole situation, is that if DB own Crown Mortgage Management and they own Mortgage Title Resolutions. Then what they will have done is stacked alot of redemption charges onto the account just by transferring between companies they own.

This all happened 3 years ago,the problem i have is that up to now we haven't been approached by Mortgage Title Resolutions to pay the shortfall. I realise they have up to 12 years to chase it. The property was sold £70 k less than market value. It was never advertised for sale, and i can not find any record of it being sold via an auction.But searching through the land reg it shows up ie who it was sold to and how much>

When i check my Credit file there is no record of the property/mortgage at all. The property is linked on the credit search to the property we are in,so i don't understand why it doesn't show up.

I don't want to get in touch with them for obvious reasons.

Any advice would be appreciated

Cat

[Airwolf]

There was a thread on the forum that said that CMM were owned by Deustche Bank.

 

Hello Cat

 

The information in that thread is incorrect. The ownership is as detailed in my previous post. The following is from the accounts for CMM

 

[Airwolf]

Why im looking back at the whole situation, is that if DB own Crown Mortgage Management and they own Mortgage Title Resolutions. Then what they will have done is stacked alot of redemption charges onto the account just by transferring between companies they own.

 

Hello Cat

 

In the above situation there should not be any redemption charges applied to your mortgage account. Redemption charges are only payable upon the early repayment of your mortgage and not by the sale of your mortgage to another financial insitution, in this case 'Mortgage Title Resolutions'.

 

Do you have details of what redemption charges have been applied ?

[Airwolf]

The property was sold £70 k less than market value. It was never advertised for sale, and i can not find any record of it being sold via an auction.

 

Hello Cat

 

If your mortgage is regulated by the FSA, the following rule from the FSA Handbook is applicable -

 

https://fsahandbook.info/FSA/html/handbook/MCOB/13/6

 

MCOB 13.6 Repossessions

 

MCOB 13.6.1 06/04/2007

 

A firm must ensure that, whenever a property is repossessed (whether voluntarily or through legal action) and it administers the regulated mortgage contract or home purchase plan1in respect of that property, steps are taken to:

 

(1) market the property for sale as soon as possible; and

 

(2) obtain the best price that might reasonably be paid, taking account of factors such as market conditions as well as the continuing increase in the amount owed by the customer1.

 

MCOB 13.6.2 31/10/2004

 

In MCOB 13.6.1 R it is recognised that a balance has to be struck between the need to sell the property as soon as possible, to reduce or remove the outstanding debt, and other factors which may prompt the delay of the sale. These might include market conditions (explicitly referred to in MCOB 13.6.1 R(2)) but there may be other legitimate reasons for deferring action. This could include the expiry of a period when a grant is repayable on re-sale, or the discovery of a title defect that needs to be remedied if the optimal selling price is to be achieved.

 

If the proceeds of sale are less than the 1amount due1

 

MCOB 13.6.3 06/04/2007

 

A firm must ensure that, as soon as possible after the sale of a repossessed property, if the proceeds of sale are less than the amount 1due under the regulated mortgage contract or home purchase plan1, the customer is informed in a durable medium of: (1) the sale shortfall; and

(2) where relevant, the fact that the1 sale shortfall 1may be pursued by another company (for example, a mortgage indemnity insurer).

MCOB 13.6.4 06/04/2007

 

(1) If the decision is made to recover the 1sale shortfall,1 the firm must ensure that the customer is notified of this intention.

 

(2) The notification referred to in (1) must take place within five years of the date of the sale (if the regulated mortgage contract or home purchase plan 1is subject to Scottish law) or within six years (in all other cases).

 

MCOB 13.6.5 06/04/20071

 

A firm is not required 1to recover a 1sale shortfall.1 A firm may not wish to recover the 1sale shortfall 1in some situations, for example where the sums involved make action for recovery unviable.

[Airwolf]

Hello Cat

 

The information in that thread is incorrect. The ownership is as detailed in my previous post. The following is from the accounts for CMM

 

 

Here is some more detailed information about them

 

http://www.cmm-group.com/cmm/en/pdf/S&P_Crown_201011.pdf

[cat10]

Thankyou so much Airwolf,don't know how you got that information. I have struggled to find any information out.Well that closes that door.

As regards charges/shortfall I have not received anything from MTR. As in previous post,they could find us easily. There is a substantial shortfall so I don't understand why they don't try and get it. I don't want to write to them as this will know doubt make them interested.

As far as I'm aware MTR are regulated by the FSA.

It was my interpretation by reading other posts that they can claim the shortfall up to 12 years. But reading the FSA rules in the earlier post, they have up to 6 years from the date of the sale,of the property.

Regards

Cat

[Airwolf]

It is a bit of a tricky situation and hopefully someone else will be along to advise.

 

Normally you can reclaim charges (late payment) etc. However, as you say you don't want to raise their interest. You might want to let sleeping dogs lie on the chance that this slips through the cracks and you never hear from them.

 

Under the Statue of Limitations it is 12 years but if the loan is regulated than the rules contained within the FSA handbook become binding as a result of the Financial Services and Markets Act 2000.

 

I think you have done the right thing so far, try and find out as much information as you can about both companies and your rights

 

I will look further into it, at a guess I would say that it is more likley that the adminsitrator (CMM) is regulated rather than MTR. However, as long as one of them is, it does not matter.

[Airwolf]

Thankyou so much Airwolf,don't know how you got that information.

 

All I have done is look at their companies accounts, via the companies house website and just googled their name and go through the search results. It takes a little time but it is amazing what you can find out on the net. It is all there to be found

[Airwolf]

I will look further into it, at a guess I would say that it is more likley that the adminsitrator (CMM) is regulated rather than MTR. However, as long as one of them is, it does not matter.

 

Ok just checked the FSA register on the FSA website.

 

306235 - Crown Mortgage Management Limited

 

Address: Crown House

Crown Street

Ipswich

Suffolk

IP1 3HS

Phone:

Fax:

Email:

Website:

44 01473 283 800

44 01473 283 848

jane.manning@cmm-group.com

www.cmm-group.com

 

Nothing coming up with the FSA for MTR so far but I will keep digging

[cat10]

Same address for MTR

Much obliged.

Cat

[Airwolf]

Same address for MTR

Much obliged.

Cat

 

Hello Cat

 

The registered address for MTR is

Name & Registered Office:

MORTGAGE TITLE RESOLUTIONS LIMITED

35 GREAT ST HELEN'S

LONDON

EC3A 6AP

Company No. 06644685

[Airwolf]

Mortgage Title Resolutions, I believe has 3 directors and 1 Company Secretary (this information may now be out of date).

 

The only human director is Mr James Garner Smith MacDonald. The other 2 directors and secretary are SFM companies.

 

Mr MacDonald was replaced on 2 November 2011 by Mr John Nowacki

[cat10]

Just looked at a letter head from MTR. It has the same Ipswich address as CMM. Doesn't mean anything I know. I will go back and do some more research on DB, I don't know if they sold all their domestic mortgage book to MTR? I will try and find out.

Regards

Cat

[Airwolf]

Hello Cat

 

I have a feeling that MTR is just a shell company. Everything to do with your mortgage is done through Crown as the administrator of your mortgage, which would explain why it is their address that is on your letter.

 

I will take a look at the accounts for MTR tomorrow and see if anything springs up.