Iress has announced that Principality Building Society has gone live with its Lender Connect software.
Lender Connect aims to speed up the mortgage process by using API technology to connect with lenders directly.
The platform automatically pre-populates mortgage applications with data captured from advice and sourcing software.
This can help to reduce time and avoid duplication.
Jacqui Durbin, global head of product for sourcing at Iress, 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.”
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Gwion Williams, product owner at Principality Building Society, added: “We are delighted to have successfully piloted Lender Connect with one of our larger broker firms, London and 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… the application is submitted quicker and there is less duplicated work for our brokers.”
David Hollingworth, associate director of 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.”
Earlier this month, Principality Building Society consolidated its family boost mortgage options into one category. It said this followed an 89% rise in first-time buyers using a gifted deposit between 2022 and 2023.
The mutual’s recent bout of mortgage rate changes came into effect at the beginning of November.
