Phoebus Software Ltd (PSL) has completed the migration of Castle Trust’s mortgage book following the signing of a five-year servicing agreement.
The migrated cases were buy-to-let and limited company loans with products that feature rolled up interest.
The implementation has significantly reduced the time it takes Castle Trust to service certain areas of its operations, automating several key tasks that previously required manual intervention. For example, Phoebus workflow now produces redemption quotes and annual statements within seconds, where product complexity in these areas previously made them labour intensive.
Richard Pike (pictured), PSL’s sales and marketing director, 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. Phoebus has achieved these goals whilst also providing high quality, efficient servicing activities in more standard areas.
“Both teams have worked excellently together on the project culminating in an accurate migration over a weekend. We look forward to assisting Castle Trust in achieving their future business aspirations over the course of our relationship.”
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.”