Phoebus Software lands five-year deal with Equifinance
Specialist second charge mortgage lender Equifinance has chosen Phoebus Software (PSL) to support its future expansion plans, reports Jane Connolly.
The five-year deal will see Phoebus provide a replacement mortgage servicing platform at Equifinance’s Leytonstone headquarters, offering primary servicing and arrears management functionality.
Utilising Phoebus originations and migration API, the Phoebus Private Cloud-hosted solution will provide other features such as seamless card payments and the submission of data to Equifinance’s data warehouse solution.
“Our existing systems and infrastructure have supported our growth to date, but to enable our future expansion plans we realised we need to go down a best-of-breed approach in terms of mortgage servicing,” says Equifinance’s finance director, Chris Payne. “Working with a leading fintech company such as PSL allows us to utilise their pedigree, proven mortgage servicing solution, but also utilise their digital solutions in areas such as APIs.”
Richard Pike, sales and marketing director at Phoebus, adds: “The second charge market remains strong and PSL has always had a strong client base of second charge businesses utilising Phoebus’s ability to service these types of mortgage. Equifinance is a forward-thinking, ambitious company that will undoubtedly continue to grow over time.”
With more than 25 UK clients, Phoebus currently has more than £50 billion in assets running on its solution. The West Midlands company recently achieved a management buyout backed by NorthEdge Capital.