Your IndustryAug 26 2016

Iress adds protection to mortgage software

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Iress adds protection to mortgage software

Technology provider Iress is due to launch a new protection module for its XPlan Mortgage software in the coming weeks.

Andrew Simon, executive general product manager at Iress, said it would give advisers the ability to look at protection options for their clients while arranging a mortgage.

The system will provide a price range for how much protection would cost the client. Iress is working on including a series of questions to make the price as accurate as possible

Mr Simon said: “We will ask questions about body mass index, height and weight which turns an indicative price into a more certain one. Two or three questions will solve the problem for most people.

“We will give you a range of options from the providers and say you can get protection for around this price.

“We know different brokers work in different ways. Some will want the fully integrated option while others will want it as two separate processes.”

Mr Simon said Iress works with all the main protection writers and said the new module would launch at some point in the third quarter of this year.

He added that Iress is looking at other modules it can add to the system over the course of next year, such as equity release and general insurance.

The XPlan Mortgage solution was launched at the end of July 2015, part of Iress’s multi-million pound investment programme in its UK mortgage product offering across advice, research and application processing.

Iress is also working with lenders on the next generation of its Mortgages Sales and Originations product.

Challenger Atom Bank will be one of the first to use the new system and Mr Simon said Iress is in talks with others.

Iress has said its new MSO system could allow lenders to approve a mortagage in a matter of hours but Mr Simon said this would depend on their internal systems as well as on his company’s technology.

He said: “Our software connects with a decision engine based on the lending policy of the lender.

“The real power is the workflow engine which asks itself what it should do next based on the particular circumstances it is in. It is usually part of a business transformation process.”