Castle Trust has signed a five year deal with Phoebus Software for its mortgage servicing software.
Phoebus has completed the migration of Castle Trust’s mortgage book – with buy-to-let and limited company loans with products that feature rolled up interest – onto its cloud-based mortgage servicing solution.
The change designed to reduce the time it takes the lender to service some operations that were previously completed manually.
For example Phoebus now produces redemption quotes and annual statements within seconds for the lender.
Richard Pike, sales and marketing director at PSL, 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 executive of 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.”