Equifinance to transform mortgage servicing with Phoebus Software

Chris Payne, Finance Director, Equifinance

UK-based specialist second charge mortgage lender Equifinance has reportedly signed a 5-year agreement with Phoebus Software, wherein the latter will provide Equifinance with a replacement mortgage servicing platform at its Leytonstone headquarter.

Phoebus Software Limited’s sales and marketing director, Richard Pike, said, “The second charge market remains strong and PSL has always had a strong client base of second charge businesses utilizing Phoebus’s ability to service these types of mortgage. Equifinance is a forward-thinking, ambitious company that will undoubtedly continue to grow over time. We look forward to supporting the business throughout the term of our relationship.”

According to the supplier, the contract will facilitate the implementation as well as the provision of primary servicing and arrears management functionality for Equifinance. The mortgage solution, hosted on Phoebus’ Private Cloud, is expected to utilize its origination and migration API. It will also allow for card payments and data transfers to Equifinance’s data warehouse solution.

Chris Payne, Finance Director at Equifinance commented, “Our existing systems and infrastructure have supported our growth to date, but to enable our future expansion plans we realized we needed to go down a best of breed approach in terms of mortgage servicing. Working with a leading fintech company such as PSL allows us to utilize their pedigree, proven mortgage servicing solution, but also utilize their digital solutions in areas such as APIs. We look forward to a successful partnership moving forward.”

Established in 2010 in the UK, Equifinance is a specialist second charge mortgage lender that works with UK-based distribution partners for the development and delivery of lending products.

Recently, Paragon Bank completed its migration of the development finance lending portfolio on Phoebus’ module.

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