You are here: cherry > Press releases for March 2023 > Phoebus and Keystone complete mortgage book migration in record time

14 March 2023

Phoebus has completed the smooth migration of Keystone Property Finance’s back mortgage book onto the Phoebus servicing solution in just seven weeks.

In May 2022, Phoebus and specialist buy-to-let lender Keystone Property Finance signed a four-year contract to onboard all new completions onto the Phoebus servicing platform.

The implementation was delivered in partnership with Keystone in a highly agile manner and utilised the award-winning Phoebus originations and migrations API allowing the seamless transfer of accounts from Keystone’s originations platform to Phoebus servicing on completion.

Keystone has various tranches of existing loans and following a successful go-live period, made the decision to onboard an existing portfolio of c£275 million onto the same solution utilising the migration functionality of the API.

Because of the automation in this mission critical area, the elapsed project time from initial analysis through to migration go-live was seven weeks in total. The migration itself took place over a weekend and was live for users to service the loans immediately the following working day.

Adam Oldfield, chief revenue officer at Phoebus, commented: “Migrations can be notoriously complex no matter the size and numbers of accounts. We often hear in the market of migrations of relatively simple books taking several months and even over a year in some instances. For the Keystone book of accounts to be accurately migrated and live on Phoebus in less than two months is very pleasing.

“Our significant investment in the migration API added to our experience of over 30 years of handling migrations of varying sizes makes Phoebus the absolute market leader in this mission critical area. The teams at Phoebus and Keystone worked incredibly well in partnership and to complete a migration in seven weeks is impressive, even by our high standards.”

David Whittaker, CEO at Keystone Property Finance, said: “The Phoebus team did a sterling job, moving at pace to migrate the balance of our mortgage book onto the new platform. All the teams updated each other on progress using WhatsApp including over the Christmas holiday period – whoever knew it was such a great ‘business tool’?

“I’m not sure whether it was the fastest migration Phoebus has supported but given the initial timeline indications from others, we’re over the moon that it was measured in weeks rather than months.

“Our group IT director was very impressed by the Phoebus team’s proactivity and engagement throughout the dash to get the migration over the line – with great leadership and technical expertise throughout.”