Its offering will consist of the automated Phoebus primary and special loan servicing solution, while in future it will bring its full range of lending and banking software to the Republic.
This includes originations and servicing for first and second charge residential plus commercial mortgages; development finance and bridging; asset finance and unsecured loans, and retail and commercial deposits.
Richard Pike, Phoebus Software’s sales and marketing director, said: “Phoebus is a very functionally rich, flexible servicing platform - it is used by the majority of third party servicers in the UK because of this.
“The solution has handled Euro mortgages previously and the servicing market In Ireland very much reflects the UK market in recent years.
“In this time PSL has become the servicing supplier of choice in the UK due to the requirements of this market environment against the functionality of the solution and so our expansion into the Republic of Ireland to offer the same proven market leading functionality is a natural progression for PSL.”
After undertaking a review Phoebus concluded that fit the requirements of the Irish servicing market.
Two of the Phoebus’ solutions are different to all the others available in the Republic: its integrated workflow solution, which enables compliant and efficient servicing and its migration toolkit, allowing efficient and accurate migration of assets from and to other servicing solutions.
Irish mortgage market specialist David Guinane, country managing director at Rockstead, Ireland, said: “The servicing market in Southern Ireland is ready for new technology that drives operational efficiency and flexibility.
“Although a new player to the Irish market, because of its servicing pedigree in the UK, I believe the Phoebus solution will be highly attractive to both existing and new servicers and the Irish Banking market in general.”
Phoebus manages over £25bn of assets in the UK today.
