Phoebus has completed the migration of Keystone Property Finance’s back mortgage book onto the Phoebus servicing solution.

The software firm revealed the migration took seven weeks to complete in total.

In May 2022, Phoebus and specialist buy-to-let lender Keystone signed a four-year contract to onboard all new completions onto the Phoebus servicing platform. The implementation was delivered in partnership with Keystone and utilised the 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 made the decision to onboard its estimated existing portfolio of £275m onto the same solution utilising the migration functionality of the API.

“Migrations can be notoriously complex no matter the size and numbers of accounts,” said Phoebus chief revenue officer, Adam Oldfield. “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.”

Keystone Property Finance CEO, David Whittaker, added: “The Phoebus team did a sterling job, moving at pace to migrate the balance of our mortgage book onto the new platform.

“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.”

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