Iress today announces Principality Building Society (Principality) is live with its Lender Connect software, which aims to help mortgages move faster by using API technology to connect directly with lenders.
Principality is a mutual building society based in Wales, which looks after savings, investments and mortgages for over 500,000 members.
The Lender Connect platform automatically pre-populates mortgage applications with data already captured in advice and sourcing software, making it simpler for intermediaries to apply for mortgage products on their clients’ behalf. By automatically pre-populating a mortgage application, Lender Connect can significantly reduce time and duplication of data entry. Lender Connect is available to all intermediaries and can integrate with any advice software and lender portal.
Iress’s Global Head of Product for Sourcing, Jacqui Durbin, said: “We’re delighted that Principality has joined Lender Connect, which will provide them with access to our large distribution network in the UK. By joining our service, Principality will be able to streamline the mortgage application process for their clients, giving their members increased reassurance and certainty in the home buying process.”
Principality’s Product Owner, Gwion Williams, said: “We are delighted to have successfully piloted Lender Connect with one of our larger broker firms, London & Country (L&C). From design to implementation, the support from the Iress team has been excellent and in a short period of time we have seen a variety of applications flowing through to the Originations portal. We are now ahead of plan and in a position where we can look to widen the pilot to all Xplan Mortgage brokers.
“We are working hard to provide our broker partners with certainty and efficiency. Lender Connect has been easy to use and has meant the transition from the sourcing portal into MSO is smooth. Given that a large proportion of the data is pre-populated means the application is submitted quicker and there is less duplicated work for our brokers.“
David Hollingworth, Associate Director, Communications at L&C Mortgages said: “In such a fast-moving market, anything that can help to improve efficiency for advisers and their customers is more than welcome. We were therefore delighted to use our experience with Lender Connect to help Principality pilot their implementation.
“Speeding up the application process, reducing the need for rekeying and the potential for error that comes with it, Lender Connect will bring benefits for our colleagues, Principality and most importantly our customers.”
