The Phoebus Securitisation Module

The Phoebus loan servicing solution is fully supported by the Phoebus Securitisation Module. This allows clients to identify and securitise loans from existing portfolios as well as provide an API to support the purchase, acquisition and servicing of third party portfolios. It is currently in use with a number of lenders in the UK and has been remodelled for the bond market.

The securitisation module is fully configurable either by the client or can be supported by Phoebus. It allows the creation of securitisation vehicles with their own specific transaction fees and charges if required. It also provides parameterised waterfalls and rules for each securitisation (including different loan statuses and the cash allocation buckets) for the order in which funds are to be allocated. Once accounts have been identified they can be automatically loaded into the securitisation vehicle. Account interrogation screens in turn allow waterfall and transaction analysis for all waterfall related transactions.

Features include:

  • Provides flexible options for defining the boundaries between principal and income in the securitisation waterfalls
  • Automated waterfalls processing overnight
  • Excellent data points for due diligence and for Simple, Transparent and Standardised (STS) securitisation
  • An additional component is also available for securitisation of accounts in recovery

These provide a broad range of benefits, including:

  • Simple transfer of accounts into and out of the securitisation vehicle, either automatically in bulk or manually by account
  • Choice of number of days after month end to “perfect” the waterfall in the case of payment failures such as rejected direct debits
  • A full audit trail of all actions shortens the usual reporting cycle

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Case Studies

Case Study

A mortgage implementation involving the migration of a £4billion CHL mortgage book.

Case Study

Pure Retirement

Case Study

Keystone Property Finance: mortgage back book migration