Coventry Building Society is the latest lender to join Lender Connect, Iress's API-based service that connects brokers directly with lenders.
Lender Connect, which pre-populates decisions in principle and full mortgage applications using data already captured in advice and mortgage sourcing software, speeds up the application process by up to 20 minutes per case by reducing the need for rekeying across multiple lender platforms.
Coventry Building Society joins Nationwide, Accord, TSB, Leeds, Principality, and Darlington in streamlining the mortgage application process for brokers through Lender Connect.
Lender Connect is available in Xplan Mortgage and Trigold and can integrate with any advice software or lender portal. Coventry Building Society's full product range is now available via Lender Connect to L&C, as well as via Iress’s own mortgage software Xplan Mortgage and Trigold.
Jacqueline Durbin, head of product sourcing at Iress, commented: “Once you’ve experienced a streamlined process, one that saves you a significant amount of time and effort in your day-to-day work, it’s hard to go back to doing mortgage applications the ‘old way’. That’s why we’re seeing increasing demand from brokers to add specific lenders like Coventry Building Society to Lender Connect. By joining Lender Connect, Coventry Building Society will benefit from providing an improved digital mortgage journey with faster processing time and improved data accuracy, so it really does benefit everyone all round.”
Kevin Purvey, director of mortgage distribution at Coventry Building Society, added: “Over the past few years, we have invested significantly to improve the journey for our broker partners, primarily by moving our mortgage platform to MSO. This has yielded meaningful time savings for all, and we are regularly seeing instances of same day offers. Partnering with Lender Connect was a natural next step in building out our digital journey which supports broker demand and removes the need to rekey essential information to secure a DIP decision.”
Simon Hendy, chief relationship officer at L&C Mortgages, added: “We were an early adopter of Lender Connect, so we were delighted to be able to help pilot the addition of Coventry and test in a live environment. This is a time-saving tool that enables our teams to avoid re-keying errors and to submit applications more quickly and efficiently. The addition of Coventry to the expanding list of lenders using Lender Connect will only enhance the value to us.”
