Monmouthshire Building Society migrated £1.36bn mortgage book to Phoebus

By Divya Shah

Why this matters: Modern mortgage servicing platforms help financial institutions automate operations, reduce manual processes, improve scalability and support faster product innovation.

Monmouthshire Building Society completed the migration of its £1.36 billion mortgage portfolio from Mutual Vision to Phoebus, marking another stage in its core technology transformation programme.

The migration was completed over a weekend and covered more than 18,000 open and closed mortgage accounts. These included residential, commercial, development, buy-to-let and holiday-let mortgage products.

Adam Oldfield, Chief Executive Officer at Phoebus, said the companies had worked closely together from the initial go-live in April through to the successful mortgage migration.

He highlighted the company’s investment in its mortgage and savings technology, migration capabilities and delivery teams, adding that its platform could support building societies looking to move to modern software-as-a-service (SaaS) technology.

Phoebus used its Migrations API to transfer the mortgage accounts to its servicing platform, helping the Society complete the process smoothly and efficiently.

The project formed part of Monmouthshire Building Society’s wider technology modernisation programme. The next and final stage will involve migrating its savings portfolio to Phoebus.

The move to Phoebus is expected to automate several mortgage servicing operations, reduce manual workarounds and remove processing bottlenecks associated with the Society’s previous platform. It will also provide greater flexibility to introduce new product ranges as market requirements change.

Dawn Gunter, Interim Chief Executive Officer at Monmouthshire Building Society, said the Society selected Phoebus because of its automation capabilities and proven migration experience, which helped reduce risks across the transformation programme.

She added that the final stage would involve moving the Society’s savings portfolio to Phoebus, with the organisation expecting a similarly smooth process.

The migration marked an important step in the Society’s efforts to modernise its servicing infrastructure, improve operational efficiency and build a technology platform that could support its future growth.