Principality Building Society will implement Iress’ Lender Connect software, complementing its existing installation of Iress’ mortgage software MSO.
MSO currently allows Principality to provide its brokers with quicker access to their cases, an easier registration process, simple document sharing and the removal of manual customer signatures.
Lender Connect technology will connect intermediaries’ systems to Principality’s lending origination platform and allows for faster ‘in principle’ decisions.
The platform also hopes to allow easier integration to third-party systems.
Lender Connect will give Principality access to over 15,000 mortgage brokers and multiple distribution channels.
It enables data to be shared through API integrations via lender broker portals and distributor desktop software, removing the need to re-key data and reducing error rates, admin overheads and compliance oversight.
This comes as Iress’ most recent Mortgage Efficiency Survey showed over half (55%) of lenders are looking at an API strategy, yet implementing this strategy can be lengthy and complex.
The integration with third parties represents a way to immediately access the benefits of an API-driven solution by quickly connecting existing lender and broker processes.
Andrew Simon, executive general manager of product at Iress, said: “Today’s consumer demands a digital approach but the digitisation process is not an easy or quick one.
“In implementing both MSO and Lender Connect, Principality will fast track its adoption of digital processes so it can quickly reap the benefits of an interconnected platform, which can fully manage the mortgage sales and origination process.”
Julie-Ann Haines, chief customer officer at Principality Building Society, added: “Lender Connect will make the mortgage journey much smoother for brokers.
“We have already updated many of our internal processes and systems to make it much easier for brokers to do business with us and our broker satisfaction results are at an all-time high.
“This latest software will allow us as a business to adapt to their needs.”