Following a pilot programme, the platform aims to simplify the process of placing mortgage applications with the lender.
The platform allows brokers to complete a Decision in Principle (DIP), which will only leave a soft footprint on their customer’s credit file.
This includes DIPs for buy-to-let and holiday let applications.
It has been created specifically for the lending market by leading technology software provider Iress.
The platform speeds up the decisions process for brokers’ clients while enabling the lender to bring new mortgage products to the market.
To streamline the process for brokers, the software accepts more detailed information about customers, which hopes to save 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.
Shaun Middleton (pictured), head of distribution at Principality, said: “At Principality, we have award winning customer service that we’re proud of and always strive to improve.
“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.”
“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.”
Andrew Simon, executive general manager at Iress, 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.”
