Monmouthshire Building Society has successfully completed the migration of its £1.36 billion mortgage book from Mutual Vision to the Phoebus servicing product.
The migration is the latest phase of the Society’s core transformation programme, which will also deliver the migration of its savings portfolio onto Phoebus as part of the final phase.
The successful migration was completed over a weekend and was made up of over18,000 open and closed mortgage accounts which included Monmouthshire Building Society’s full range of products covering residential, commercial, development, buy-to-let and holiday-let mortgages. The award-winning Phoebus Migrations API was used to onboard the book smoothly and efficiently.
The migration to the Phoebus product will deliver automation across Monmouthshire Building Society’s servicing operations, removing manual workarounds and bottlenecks caused by its previous platform. It also allows the Society to scale through launching other product ranges as the market continues to evolve.
Adam Oldfield, Chief Executive Officer at Phoebus said: “Monmouthshire Building Society is a fantastic client, and we have worked truly collaboratively from initial go-live in April, through to getting the mortgage migration successfully delivered. The investment we have made in our mortgage and savings product, including the ability to migrate books of any size accurately and efficiently, and our people, means we are a great fit for any Society considering moving to modern SaaS technology, backed up by proven, referenceable experience.”
Dawn Gunter, interim chief executive officer at Monmouthshire Building Society said: “We chose Phoebus because of the operational automation its product will deliver, and also because of its proven migration expertise which de-risks our transformation programme. I The final stage of the programme will be to migrate our savings book which we expect to be as smooth a process as the mortgage workstream has been”.
