Lender becomes the first to use the direct DIP process
Financial services software provider Iress has announced a partnership with Nationwide Building Society, which has gone live on Lender Connect and became the first lender to use its direct decision in principle (DIP) process.
Iress said the new process would enable brokers to apply for Nationwide products and receive a DIP directly through Xplan Mortgage, removing the need to rekey information into Nationwide’s online broker portal.
Customer details are captured in Xplan Mortgage and, using API technology, these details are sent to Nationwide to return a decision and produce the DIP certificate. The adviser can then click through to Nationwide to continue with the application.
Aside from receiving a DIP decision and certificate, an assessment of the property valuation and eligibility will be carried out if property details are provided. This, together with at least 95% of data being pre-populated into Nationwide’s broker portal, NFI Online, means the application can be submitted with a single click, removing rekeying errors and speeding up the process.
“Working with Nationwide supports our goal of providing our clients with access to the widest possible range of mortgage products, while reducing the friction associated with applying for them,” Dave Miller, executive general manager of sourcing at Iress, stated in a post announcing the partnership.
“The direct DIP process means that lending decisions can be reached faster, with fewer manual steps and fewer errors, all meaning that brokers can provide a more efficient, valuable service to their customers.”
Andy Tilsley, intermediary digital relationships lead at Nationwide Building Society, said they were delighted for the opportunity to work with Iress and be the first lender to offer the direct DIP service.
“This proposition aims to build on both simplicity and efficiency enabling brokers to progress decision in principles faster than ever before,” he stated. “We greatly look forward to continuing work with Iress to further improve the services we offer brokers.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, Twitter, and LinkedIn.
