The Lender Hub platform uses application programming interface (API) technology to allow whole of market connection with other broker and lender systems to transfer client data.
It’s second stage will allow lenders to also communicate back to brokers, for example to send case alerts or updates.
The firm said its first lender to go active on the system will be announced soon.
Brokers already using one of Iress’ technology systems will automatically be able to use the functionality.
According to results from its Mortgage Efficiency Survey, Iress believes 20-40 minutes per case could be cut by vastly reducing the data input by brokers.
It also believes less duplication of data input will cut errors and speed up processing for lenders.
No new processes
Iress principal mortgage consultant Henry Woodcock (pictured) told Mortgage Solutions that when brokers start using the system it should be seamless with no new processes, technology or skills to learn.
“Brokers won’t see any change,” he said.
“When they log in to the usual lender sites the data will have already been imported and filled-in. In most cases around 85% of client data required by lenders will be auto-completed by the process, which is fully encrypted.
“However, if the broker makes the application at an earlier stage, such as ESIS, there will be less data available to be copied over,” he added.
Iress joins software provider Twenty7Tec and broker Capricorn Financial in launching API-based systems. They are also awaiting lenders to go live.
