New Life Mortgages has launched a Lifetime Mortgage Business in response to an increasing demand for greater flexibility and innovation in Equity Release. One of their latest offerings is their non-serviced Landlord’s Loan which fills a gap in the market for over-60s who want to mortgage their investment properties rather than their home. Key to launching the niche product was finding a flexible support system that could manage the varied requirements of the new product alongside those of the company’s major investor and administrator, The NMB Group.
NMB had been using Phoebus software for its mortgage processing and nominal ledger system for more than 10 years, having initially chosen Phoebus to support its secured consumer loans business. Kevin Allen, Managing Director of NMB, commented, "Given our very satisfactory experience to date, the obvious starting point for systems for this new venture was Phoebus; their team was able to extend the system simply and swiftly to cater for the unique features of a non-serviced fixed rate mortgage. The business understanding of the staff and inherent flexibility of the system meant Phoebus was able to meet our very strict time demands for taking the product to market."
"Phoebus is a valuable business partner which is able to understand our needs and respond positively and swiftly to them. NMB originally chose Phoebus for those levels of commercial understanding and responsiveness as well as the flexibility and scalability of the product. Now they are putting those benefits to work for us with New Life Mortgages."
Phoebus functionality covers the origination and servicing of secured lending, including residential and commercial mortgages, HP and leasing, bank lending, revolving credit (e.g. credit cards), securitisation, asset management, residential development finance, treasury (bonds, fixed/notice deposits, current accounts) and accounting ledgers (general, fixed asset, sales, purchase). |
