Homeloan Management Limited (HML), a leading player in the UK mortgage administration market, is to invest almost £9.5 million in a mortgage servicing operation in Londonderry that will create 400 new jobs over the next three years.
The Invest Northern Ireland backed project was announced today by Ian Pearson, MP, Minister with responsibility for Enterprise, Trade and Investment.
Welcoming the announcement the Minister said: “This investment is a tremendous start to 2004 for Londonderry and for Northern Ireland. As well as creating high value quality jobs for the excellent local labour force, it will provide additional financial services skills, which will contribute to the further development of a financial services cluster in the north-west.
“Financial services is an important sector and one which Invest NI believes has the potential to generate considerable growth in the economy.
“Despite the recent trend for contact centres to move their operations offshore, attracted by lower wage costs, Homeloan Management, having considered all the issues and realising the benefits of setting up in
Northern Ireland, made the decision to remain in the UK. In doing so they offer the potential to deliver over £5 million to the local economy in annual salaries alone and are joining many other major players in this sector, which have already made Northern Ireland home to significant operations.
“This project further enhances our reputation as a prime location for financial services investment and will act as an impressive reference for attracting other new investors to the north west.”
HML processes and administers mortgages on behalf of over 30 financial institutions. The role of the Derry operation, which will be located in the Ulster Science and Technology Park, will be to undertake additional mortgage servicing work on behalf of HML’s existing clients. This is initially expected to entail a call centre operation, which will be followed by the introduction of back office mortgage servicing activities.
Steve Haggerty, HML’s Managing Director, outlined the company’s reasons for choosing to locate in Derry: “Londonderry is an excellent choice for us. High quality office space is available. Even more important, there is a highly educated and talented local labour force who speak our customers’ language and understand the business environment in this country. It also gives us a perfect location on the edge of the eurozone to build our business outside the UK, in particular in the Republic of Ireland. In deciding to invest in Londonderry, we very much value the help and support of Invest Northern Ireland, and the local business and political community in Derry.”