The company said that six consecutive months of increased mortgage lending helped drive sales and as a result of the growth in revenues, Phoebus increased headcount by 13% over the course of 2011.
‘2011 has been an encouraging year for the whole mortgage industry. Banks and building societies have strengthened their balance sheets, improved their capital ratios high levels and core liquidity while lending more. The increases in gross lending that we’ve seen over the last six months are symptomatic of the returning confidence of lenders,’ said Paul Hunt, managing director of Phoebus Software.
‘Phoebus has benefitted as that confidence has echoed around the industry. While lenders like GE Money Home Lending have invested in their systems as they endeavour to streamline their operations, outsourcers like Oakwood have bought us in to develop a new origination system for instance,’ he added.
To grow capacity and take advantage of strengthening market conditions the company has appointed Richard Pike as director of sales and said it is also investing in new talent and growing its workforce by 13%.
Last week, the CML reported gross mortgage volumes rose by 10% in the year to January and said mortgage volumes increased on an annual basis for six consecutive months in the year to January 2012.
Lending volumes by banks were up 17% on the year to December 2011 and mutuals increased their lending activity by 15% in the same period.
According to the e.surv mortgage monitor, loans at 85% LTV and above now represent a larger portion of the lending market, rising from 7% in January 2011 to 13% in January 2012.
