Capital Home Loans (CHL) and Phoebus Software Limited (PSL) have signed a five-year contract for the implementation of Phoebus’ loan servicing solution.

The arrangement involves an initial migration of around £4.2bn of mortgage assets from Computershare Loan Services’ UNISYS platform.

Richard Pike, PSL’s sales and marketing director, said: “CHL is a very successful business with strong aspirations for future growth. The engagement between our businesses has been excellent during the requirements gathering stage and this will lead to a very successful implementation in 2018 of a servicing solution that will drive the efficiencies expected from what is generally seen today to be the market’s leading loan servicing platform. We very much look forward to working with CHL for many years to come.”

Lee Kelly, CEO at CHL, added: “PSL’s reputation is excellent and the Phoebus servicing module is recognised for providing operational efficiencies. Certainly, the engagement to date indicates this will be the case moving forward and we look forward to a strong and lengthy relationship with PSL.”