Phoebus and Keystone complete mortgage migration in record time

Phoebus has completed the smooth migration of Keystone Property Finance’s reverse loan book to the Phoebus servicing solution in just seven weeks.

In May 2022, Phoebus and specialist lender Keystone Property Finance signed a four-year contract to bring all new completions onto the Phoebus service platform.
The implementation was delivered in partnership with Keystone in a highly agile manner and utilized the award-winning Phoebus originations and migrations API, which allowed seamless migration of accounts from Keystone’s origination platform to the Phoebus service upon completion.

Keystone has various tranches of existing loans and after a successful initial period, took the decision to bring an existing portfolio of c£275m onto the same solution using the migration functionality of the API.
Due to the automation in this mission-critical area, the elapsed project time from the initial analysis to the migration being put into operation was a total of seven weeks. 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 regardless of the size and number of accounts. We often hear in the market about migrations of relatively simple books taking several months and even over a year in some cases. It is very pleasing that the Keystone accounts will be migrated accurately and live on Phoebus in less than two months.

“Our significant investment in the migration API, added to our 30+ years of experience handling migrations of varying sizes, makes Phoebus the absolute market leader in this 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, managing director of Keystone Property Finance, said: “The Phoebus team did a fantastic job, moving at pace to migrate the balance in our mortgage book to the new platform. All the teams updated each other on progress using WhatsApp, including during the Christmas break – who knew it was such a great ‘business tool’?

“I’m not sure if 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.

“The Group IT Director was very impressed with the Phoebus team’s proactivity and commitment throughout the dashboard to get the migration across the board – with great leadership and technical expertise throughout.”