Principality Building Society has embraced Iress’s Lender Connect to streamline mortgage processes.
- The integration of API technology promises to quicken mortgage applications significantly.
- Pre-populated data in applications reduces time and data re-entry for intermediaries.
- Principality has piloted this technology with major broker London & Country.
- The move aims to reinforce confidence and efficiency in mortgage proceedings.
Principality Building Society has recently adopted Iress’s innovative Lender Connect software, marking a strategic move to enhance the speed and efficiency of mortgage applications through advanced API technology. This system is designed to automatically fill in mortgage applications using data already held in advisory and sourcing platforms, effectively cutting down the time and effort required from intermediaries in completing these applications.
The integration of Lender Connect is particularly beneficial because it eliminates the repetitive task of data entry, which is common in traditional mortgage processing methods. By facilitating the automatic transfer of information between systems, the tool not only expedites the application procedure but also minimises the risk of errors that often occur during manual data entry. This feature is accessible to all intermediaries and can be seamlessly integrated with any existing advisory software and lender portals.
Jacqui Durbin, the global head of product at Iress, expressed satisfaction with Principality’s decision to join the Lender Connect service, highlighting the vast distribution network it brings across the UK. This network is expected to streamline the mortgage process for Principality’s clients, providing them with greater confidence and assurance in their property transactions.
Gwion Williams, a product owner at Principality, noted the successful pilot of Lender Connect with London & Country, a major broker firm. Williams praised the support from the Iress team, which facilitated a smooth transition of applications to the originations portal. As a result, Principality is now poised to expand this service to all their Xplan Mortgage brokers, well ahead of their initial schedule.
Williams emphasised the simplicity and efficiency brought by Lender Connect, underscoring the seamless transition from sourcing portals to the MSO. With a significant portion of application data being pre-populated, brokers can submit requests faster and with less duplication of effort. This enhancement is part of Principality’s ongoing commitment to provide their broker partners with enhanced efficiency and reliability.
David Hollingworth, an associate director at L&C Mortgages, acknowledged the benefits of Lender Connect in a fast-paced market. By enhancing efficiency and reducing the need for repeated data entry, Lender Connect is anticipated to greatly benefit advisers, Principality, and ultimately, their customers, by speeding up the application process and reducing the potential for errors.
This development signifies a step forward for Principality Building Society in optimising mortgage processes and reinforcing broker relationships.
