Mortgages  

Yorkshire BS rolls out Iress application platform

Yorkshire BS rolls out Iress application platform

Yorkshire Building Society has chosen financial technology provider Iress to deliver an online mortgage application platform.

The society will roll out the mortgage sale and organisations software in stages, beginning with new lending through its intermediary arm, Accord Mortgages, in 2019.

The lender said it wants to simplify the mortgage application process as much as possible. 

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The technology will allow the group to digitalise the mortgage journeys of its customers. But the lender reaffirmed its support of human underwriting.

Jeremy Duncombe, director of intermediary lending at Yorkshire Building Society, said: "The appointment of Iress is the latest in a series of developments we continue to make to strengthen our role in the intermediary market.

"There’s no doubt brokers value the importance of a human touch throughout the mortgage application process. Our core strategy of principle based underwriting and named underwriter contacts will remain key.

"However, it’s important we have technology to complement our teams and the intermediaries we work with."

Yorkshire BS said the technology’s application programme interface (API) will help the group work more closely with its third party companies involved in the mortgage application process, including valuers and conveyancers.

Steve Olenik, managing director of Mortgages for Business, said: "Automating the mortgage application process improves turnaround times and data accuracy so we applaud YBS adopting this technology.

"I’d like to think the entire mortgage industry will eventually move in this direction.

"We are massive fans of technology. Earlier this year we adopted robotics to automate submissions with both Kent Reliance and Paragon and are now working with Precise Mortgages to achieve the same goal."

rosie.quigley@ft.com