Principality launches new mortgage sales and origination platform

Principality Building Society has implemented new mortgage sales and origination software to streamline the mortgage journey for its brokers and customers.

Following a pilot programme, the Welsh building society’s new mortgage platform will simplify the process of placing mortgage applications with the lender.

Principality said the benefits for users include the ability for brokers to complete a Decision in Principle (DIP) which will only leave a soft footprint on their customer's credit file, and this includes DIPs for buy-to-let (BTL) and holiday let applications.

The platform has been created specifically for the lending market by technology software provider, Iress, and speeds up the decisions process for brokers’ clients while enabling Principality to bring new mortgage products to the market.

“Our new system will enhance that service, making the mortgage journey simpler for brokers and customers, offering a seamless experience that speeds up the process,” Principality head of distribution, Shaun Middleton, commented.

“It was important we spent time trialling the software with brokers and the anecdotal feedback we’ve had said the system was much simpler to navigate and the ease at being able to make changes to an application saved a lot of time.

“We know that every customer has different needs and we’re excited to be able to offer our brokers a platform that is flexible, with advanced technology that makes it as streamlined as possible to support the next generation of borrowers.”

To streamline the process for brokers, the society said the software accepts more detailed information about customers, saving time by reducing the need to provide additional details to an underwriter.

The system also alerts brokers when a customer’s application has changed, with a self-service case tracker feature.

Iress executive general manager, Andrew Simon, added: “We’re proud of the work we’ve done with Principality to make the mortgage journey easier for their customers and more efficient for their brokers. The pilot has proven that Principality’s platform saves time for both brokers and customers, ensuring that applying for a mortgage is straightforward and hassle-free.”

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