Selina Finance signs five-year mortgage servicing agreement with Phoebus Software
Consumer lending fintech Selina Finance has selected Phoebus Software for its mortgage technology platform as part of a new five-year servicing agreement.
Selina Finance partners Phoebus Software
The London-based lender provides loans to businesses that are backed by the borrower’s personal property, with homeowner loans and home equity line of credit (HELOC) financing being key components of its current offerings.
As part of the long-term agreement, Phoebus will now be responsible for servicing the mortgage loans administered by Selina Finance.
Phoebus writes on its website that its mortgage platform covers “the complete life cycle from initial short form enquiry through the active management of the live loan to its eventual redemption”.
“The Phoebus solution provides a flexible enquiry and application process that allows customers and brokers to optimise the loan information required to support and underwrite their proposition whilst standardising the back office for the lender to provide efficiencies in servicing the loans,” it continues.
Announcing the partnership, the technology vendor says that Selina Finance “wanted to be up and running on the Phoebus system as soon as possible”, adding that the first conversation between the two firms through to user testing and finalisation of the contract “took just 15 weeks”.
Founded in 1989, Phoebus provides mortgages and savings technology to financial institutions in the UK and Ireland. In 1997, it became fully independent, followed by a management buyout in 2019, supported by Northedge Capital.
Its clients include Aviva, Business Lending Group (BLG), Equifinance, Atom Bank, Legal & General, Cambridge & Counties Bank, Manchester Building Society, and Hampshire Trust Bank (HTB).
The new partnership announcement comes just a month after it was revealed that Paul Hunt, CEO of Phoebus Software, was stepping down from his role after two decades at the helm and moving to the position of vice chair of the board of directors.
