Phoebus at the heart of Oakwood (now Pepper)

Oakwood Global Finance LLP (Oakwood) is an established asset management and special servicing business. In 2010, the partners decided to grow by expanding their range of mortgage services. They wanted to offer a full third party offering - including primary, special and master servicing.

To make the transition, Oakwood needed a residential mortgage primary servicing system which would meet all their requirements, both present and future, while adding significant value to the business. In particular, Oakwood wanted to be able to stream borrowers, and apply variable TCF collections strategies quickly and efficiently.

After a thorough market search, Oakwood chose Phoebus Software (PSL). Richard Klemmer, partner and COO of Oakwood, says they made the decision due to a combination of system flexibility, reliability, and market reputation. It was also crucial that the provider they chose could deliver within demanding time lines.

A streamlined solution, seamlessly delivered

As soon as work began, Oakwood was impressed by PSL's ‘no surprises’ approach to delivery. This means ensuring that all business requirements are documented, and all risks mitigated at project outset. The methodology also builds in clear lines of communication throughout the project lifecycle.

To transfer portfolios effortlessly from other servicing systems, PSL worked closely with Oakwood to develop a streamlined data migration toolkit. The first live migration occurred just three months after project initiation; further migrations have occurred smoothly and efficiently, all meeting strict contractual timelines.

To maximise the benefits of implementing Phoebus, PSL also developed a two-way interface to Oakwood's proprietary case management system. This gives up-to-the-minute case tracking information, while reducing the risk of rekeying errors.

The big picture

Thanks to implementing PSL's intelligent and seamless servicing platform, Oakwood can now concentrate resources on value-added tasks. Most notably, Oakwood can resolve more accounts into performing assets.

In addition, Oakwood is using the extensive Phoebus tools to apply variable and targeted collections strategies. As a result, Oakwood can compare various mortgage borrowing options swiftly and surely - delivering excellent customer value and service.

Looking forward, Mr Klemmer sees the link with PSL as important to future development. ‘Our relationship with Phoebus Software is very strong. We value their deep industry expertise and ability to rapidly respond to our business needs. The system is extremely flexible and has exceeded our expectations.’

So PSL continues to specialise in giving clients ‘no surprises’ - except, it seems, on the upside.

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