As a result of the growth in revenues, Phoebus increased headcount by 13% over the course of 2011.
Paul Hunt, managing director of Phoebus Software said:
“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. 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.
"To grow capacity and take advantage of strengthening market conditions we’ve appointed a new Director of Sales, Richard Pike, and invested in new talent growing our 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.
