The Crown group of companies provides services to the real estate capital markets of Europe and the US. Its core business areas are: Mortgage Management, Asset Management and Mortgage Origination. Crown Mortgage Management Limited (CMM) in the UK focuses on Mortgage Servicing and Loan Origination. CMM is one of very few rated servicers in Europe and was the first servicer to be rated by Standard & Poors, Fitch and Moodys in the UK. CMM provides Primary and Special servicing tasks in Mortgage Servicing and Loan Origination for securitised vehicles and balance sheet lenders. In addition CMM acts as Standby Servicer on transactions in the UK both for these asset types and consumer loans.
CMM currently manages Commercial and Residential mortgage portfolios for nine clients and, at 30 November 2006, funds under management totalled £2.2 billion and in excess of 20,000 loans.
Phoebus Software is a key partner of CMM, and is delighted to provide its systems to facilitate the servicing of both residential and commercial mortgages. Phoebus interfaces to the SDS eFIRST Origin originations system to import loans for servicing. These loans range from prime to sub prime and can be multi party. If books are subsequently sold, Phoebus is able to provide exports of information to other third parties where required.
CMM chose Phoebus as their servicing partner in 2002 and worked together on the joint development of the Phoebus “Commercial” package. Starting with a blank sheet of paper, this partnership utilised the expert knowledge resident in Crown through parent company North Corp and the significant business skills and knowledge within Phoebus, to produce a market leading Commercial mortgage system which supports every aspect of a commercial loan including the ability to securitise.
Julien Holmes, managing director of CMM in the UK summarises why Crown are in partnership with Phoebus: “With Phoebus as our servicing partner we have been able to grow our business over the last few years and look forward to many more successful years of partnering each other. Phoebus are a reliable, proactive company who provide us with a market leading servicing system which in turn enables us to provide our clients with excellent service.”