Migration of an equity release mortgage loan book


3 months from start to finish

Migration API

Seamless migration utilising the Phoebus migrations API

Pure Retirement is an equity release lender and started working with Phoebus in 2014. Since then, Pure Retirement has grown substantially.

Having organically grown the business through third party relationships via the broker channel, Pure Retirement’s strategy also consists of servicing equity release loans via new funders and third-party back book purchases.

Challenge and goals

Pure Retirement was appointed to take over the servicing of an equity release mortgage loan book owned by a funder. The book consisted of accounts including further advances and subsequent drawdowns.

The project was to complete a successful migration moving the loan book from the previous servicer to Pure Retirement, which uses the Phoebus Servicing System. Pure Retirement can then administer these loans going forward on behalf of the funder.

Phoebus’s solution and experience

The award-winning Phoebus originations and migrations API allows the onboarding process of mortgage books to be achieved seamlessly.

Once the migration project had started it took three months from start to finish with the migration of the loans taking place over a weekend. It started on Friday evening and was finished by Saturday afternoon but once all the preparation and testing had been completed, the actual migration took just over one hour.

Communication is vital when undertaking a migration and the teams kept in touch and were updated continuously over the weekend. Each activity completed by the individual teams responsible for each task sent a group e-mail confirming that the task has been completed.

There were checkpoint calls throughout the two days which were documented in the schedule of events so that everyone could assess progress.

The final decision to go ahead with the migration takes place after a series of Go\No Go meetings throughout the day, involving senior stakeholders to ensure the correct decisions have been made.

During the migration, Phoebus provided Pure Retirement and the source servicer with a reconciliation report detailing the number of accounts and the balances migrated by division.

Pure Retirement has at least two more mortgage book migrations planned for 2023 and intends to continue using Phoebus due to its reliability, experience, skill and efficiency

“We have worked closely with Phoebus since 2014 and have an extremely strong and positive partnership approach to working together. The Phoebus servicing solution provides both operational efficiencies and excellent functionality in a robust and well trusted package.

“This is the third migration we have undertaken with Phoebus and each time the process has run smoothly. We know we can rely on Phoebus as its migration expertise is second to none and we have two more book migrations lined up for 2023.”

Simon Hayton

COO at Pure Retirement