Iress driving digitisation for Principality Building Society

Iress today announced Principality Building Society will implement Iress’ Lender Connect software, complementing its existing installation of Iress’ mortgage software MSO (Mortgage Sales and Origination).

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.

MSO simplifies the mortgage journey for Principality’s brokers and customers alike. Its advanced capabilities enable the society to manage changing business needs and bring new products to market quickly, adapting to customer needs as the mortgage industry evolves over time. It will allow easier integration to third-party systems, providing a seamless experience for brokers and customers.

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.

Andrew Simon
Iress executive general manager of product

Lender Connect will give Principality access to over 15,000 mortgage brokers and multiple distribution channels. It enables data to be shared through deep API integrations via lender broker portals and distributor desktop software, removing the need to rekey data and reducing error rates, admin overheads and compliance oversight.

Iress’ most recent Mortgage Efficiency Survey showed 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.

Iress executive general manager of product, Andrew Simon, 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.”

Principality Building Society chief customer officer, Julie-Ann Haines, said: “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.