Principality Building Society collaborates with Iress to simplify mortgage applications.
- Iress’s Lender Connect uses API technology for faster mortgage processing.
- Automated data pre-population reduces application time and errors.
- Lender Connect integrates seamlessly with various software platforms.
- Pilot program shows promising results for broader broker implementation.
Principality Building Society has integrated with Iress’s Lender Connect platform, marking a significant advancement in the way mortgage applications are processed. The collaboration aims to expedite the mortgage application process by leveraging advanced API technology, which allows for seamless data transfer and reduces the need for repetitive data entry.
Lender Connect stands out by automatically pre-populating mortgage applications with previously captured data, thus alleviating the burden on intermediaries who wish to apply for mortgage products on behalf of their clients. This innovative approach not only cuts down on processing time but also minimises the likelihood of errors within applications.
This intuitive software platform is accessible to all intermediaries and can readily integrate with any advice software and lender portal. Jacqui Durbin, Iress’s Head of Product for Sourcing, expressed enthusiasm for the partnership, highlighting how Principality will benefit from Iress’s extensive UK distribution network. The integration is set to streamline applications, enhancing reassurance and certainty for clients during their home-buying journey.
Piloting the Lender Connect platform with London & Country (L&C), a prominent broker firm, has proven to be a successful initiative, according to Gwion Williams, Principality’s Product Owner. The pilot phase has notably accelerated application flow through the originations portal, surpassing initial estimates, thereby paving the way for wider deployment among Xplan Mortgage brokers.
The feedback from David Hollingworth, Associate Director at L&C Mortgages, corroborates the positive outcomes of the pilot project. In a highly competitive market, streamlining application processes and reducing rekeying efforts are invaluable benefits Lender Connect brings to advisers and their customers alike.
Principality’s adoption of Lender Connect marks a promising shift towards efficiency and accuracy in mortgage applications.
