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Castle Trust signs deal with Phoebus Software for mortgage servicing solution

by: Tim Chen
  • 18/10/2017
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Castle Trust signs deal with Phoebus Software for mortgage servicing solution
Phoebus Software (PSL) has migrated Castle Trust’s mortgage book into its cloud based platform, after signing a five-year deal.

The companies say that the implementation has streamlined parts of Castle Trust’s operations, as well as automating certain tasks which have “significantly reduced” servicing times.

For instance, Phoebus now produces redemption quotes and annual statements “within seconds, where product complexity in these areas previously made them labour intensive.”

Richard Pike, PSL’s sales and marketing director, describes PSL’s service as “automated solutions that drive efficiencies.”

“Phoebus has an integrated workflow as a solution, meaning that any process in looking after a mortgage can be automated to the extent you want to automate it.”

“For instance, messages in the arrears process can be sent out automatically, which saves a lot of manual work by letting the human beings deal with the cases by exception.”

The mortgage book migration also includes buy-to-let and limited company loans which feature rolled up interest.

Speaking on Castle Trust, Pike said: “Castle Trust is an innovative, growing lender that required a new platform that could automate some key areas, but also required financial accuracy from the system.”

“Both teams have worked excellently together on the project culminating in an accurate migration over a weekend.” He added.

Barry Searle, chief operating officer at Castle Trust, said: “Castle Trust is certainly not a standard lender – our portfolio includes bespoke loans, with rolled up and serviced interest. So, it was important to find the right servicing partner and we compared a number of different providers before concluding that Phoebus was best equipped to meet our requirements.

“We worked closely with the team to implement the system and we are delighted that everything is now in place to help us provide even better service to our clients.” He added.

“Phoebus has provided Castle Trust with a more automated approach to our processes from completion of a loan, right through to redemption, including the production of statements and calculation of charges. This means that we can be more efficient and consistent in the service we provide to our clients.”

Phoebus Software, based in Solihull, is a specialist software supplier founded in 1989 as a subsidiary of a merchant bank, and became independent in 1997.

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