MSO

Introduction to our new Mortgage Sales platform

We've launched our new Mortgage Sales and Origination (MSO) platform.

The new functionality in this system, we hope, will make placing your mortgage applications with us a lot simpler, easier to track and quicker to give your customers the answers they need. 

We've set up this dedicated support hub which includes lots of FAQs, helpful 'how to' videos and more.

Registration

Here you'll find answers relating to our new registration process for MSO.

Will I need to re-register with Principality?

Yes, please click here to re-register with us. Registrations will be processed immediately.

I’m already registered, will my old registration remain active?

As of Monday 8th March, you will not be able to access our old system, brokerpoint. 

We will continue to process any applications you have already submitted through our old brokerpoint system in the normal way. Any application currently at, or taken to offer will remain in our old system, brokerpoint, until completion.

All product transfers will continue to be processed in the normal way, with our dedicated team internally. For a reminder of our process, please visit our dedicated Product transfer page.

I can’t register online, does my company have to be registered first?

If your firm has never registered with us, they will need to fill out the firm registration form before individual brokers can register with us. All firms that were registered with us on our previous system will be transferred to our new MSO system, but individual brokers will still need to re-register. 

Can I have more than one mortgage club set up?

Yes, your payment routes are set up against your firm, please call us to add or remove any clubs.

DIPs and credit score

Here you'll find answers relating to DIPs and credit checks.

Can I get a DIP for Buy to Let and Holiday let applications?

Yes, our new system has a Buy to Let and Holiday Let DIP facility, you will now be able to obtain an DIP certificate for both Buy to Let and Residential applications providing the credit decision is accepted.

Does a DIP leave a hard or a soft footprint?

A DIP will leave a soft footprint, only a full mortgage application will leave a hard footprint. If you are completing a porting case through our previous system, a hard footprint will be left at the full mortgage application stage.

What should I do if I get a refer decision at DIP stage?

Please proceed to full application and once your application is submitted, upload any documents according to the case requirements. There is no requirement to contact our intermediary team or your BDM, unless you wish to discuss specific concerns related to your customer's circumstances.

Criteria

Here you'll find answers relating to the criteria changes for MSO.

Has your lending criteria changed for the new system?

We have tried to make as few changes as possible, however we have had to make minor adjustments for the new system:

  • We now require 3 years address history
  • IVA’s and bankruptcies must be discharged for 6 years before we can consider an application
  • We will lend a maximum of 100% of the discounted price for Right to Buy applications
  • We will still include equity in the affordability calculator for purchases where its being used to pay off debt

Applications

Here you'll find answers relating to the types of applications you can submit through MSO.

Can I submit a transfer of equity?

Applications that are solely transfer of equity can only be submitted directly, by the customer, as per our normal process.

Can I submit affordable housing scheme applications like Help to Buy?

Yes, Help to Buy, Shared Ownership, Shared Equity and Right to Buy applications will all be available through our new system.

Do I need to upload a direct debit mandate?

For the vast majority of cases the direct debit agreement is included within your MSO application, therefore there is no requirement to upload this document. However if the bank account from which the mortgage is being paid is a joint account that requires more than one signature in order for the direct debit to be authorised by the bank, then a signed paper direct debit mandate will need to be uploaded to the case. Please call through to the intermediary team to arrange for a case requirement to be applied to the application as we are not able to recognise the need for this up front.

Existing clients

Here you'll find answers relating to the applications you can submit for existing clients.

Can I submit further lending applications?

Not currently, this feature will be added soon.

Can I submit a porting case?

Yes, please contact your BDM who will be happy to explain the process to you.

Solicitors and conveyancing

Here you'll find answers to your questions relating to solicitors and valuations.

How do I know which conveyancers are on your panel?

We have a ULS conveyancer search function which will enable you to check if a solicitor or conveyancer is on our panel.

If a solicitor or conveyancer is not on our panel, they should apply with ULS directly at panelapplications.ulst.co.uk. This should be completed within 48 hours of the request.

Should they need further support, they can contact ULS via telephone: 01844 390 821 or email at panelmanager@ulstechnology.com.

Are desktop valuations possible?

Yes, desktop valuations will be used where possible, with specific limitations being applicable. The application must be for a residential remortgage with an LTV of 75% or lower. The property must be a house that is not listed, with no more than 2 storeys, and of standard construction. The value and purchase price is limited to £500,000 and the maximum loan size limited to £400,000. For any application outside of this criteria, a physical valuation will be instructed.

What happens if I choose Separate Representation?

You should only choose this option if the Conveyancer you wish to use is not on our approved panel and your clients understand that they will also need to cover the costs of Principality's own Conveyancer.

If your Solicitor/Conveyancer wishes to be added to our panel, then this must be completed prior to the application being submitted.

MSO users

Here you'll find answers relating to the different users on MSO and proc fees.

Can my colleagues and admin support team check the progress of my applications and submit business on my behalf?

Yes, our new system allows administrators to register separately, they will be able to submit applications on your behalf, track cases and upload documents. You will be able to restrict which administrators can deal with your cases or you can select an option to allow all administrators within your firm to have access to your cases.

What is the difference between Broker, Administrator, Supervisor and Case Viewer roles when I register?

You will be able to register as a broker, admin, supervisor or case viewer.

  • ‘Broker’ – an individual qualified to give mortgage advice i.e. will be submitting the application on MSO & be able track cases
  • ‘Administrator’ – can create new and update existing cases on behalf of Brokers, they are nominated by the broker so wouldn’t just be able to register in their own right.
  • ‘Supervisor’ – Can view all of their firm’s cases in a read-only format and can transfer cases between Brokers. This is more of an oversight/ management access to view the whole firm however not able to change the cases.
  • ‘Case Viewer’ – read only access which is used by companies to complete QA. This means that the individual is unable to update anything on the case.

A user is able to select more than one role in certain scenarios, E.G. you can be a broker and an admin if needed or a broker and a supervisor.

Have you made any changes to how you pay procuration fees?

Yes, directly authorised brokers will be paid via a mortgage club, appointed representatives will be paid via the network as normal.

Products

Here you'll find answers relating to any affordability changes on MSO.

Does the affordability differ between your old and new system?

Yes, if the client requires a loan that appears affordable using our standalone calculator, but doesn’t appear to be affordable using MSO, please contact your BDM or a member of the intermediary team to discuss the case requirements.