The UK’s largest criteria search system, Knowledge Bank is once again stepping in to help brokers navigate the rapidly changing mortgage market as it introduces daily criteria updates and live ‘banners’ on screen to show lender product changes in real time.
This comes in response to an unprecedented number of lenders withdrawing products from the market while they re-price and re-evaluate their viability.
As a result, brokers have revealed that some product sourcing systems and even lenders themselves have admitted they are struggling to keep up with the changes due to their manual update processes. This inability to keep pace with the changes means that products which are no longer available and lenders who have temporarily paused accepting new business are still showing on the systems.
This creates confusion and diminishes the broker client relationship as decisions in principle are submitted for products that don’t exist and credit searches are undertaken with lenders who will no longer accept the client at this time.
The criteria sourcing provider has responded with the announcement that they will send out daily emails every evening with a summary of changes on both criteria and products to help keep both brokers and their mortgage desk users up to date. Live on-screen banners will also allow brokers to see product changes in ‘real time’.
Brokers who don’t currently subscribe to Knowledge Bank will not be left out as they can take advantage of a no-obligation, free, 30-day full trial of the system to benefit from the timely notifications on who is lending and on what.
Nicola Firth, Founder & CEO of Knowledge Bank said “We can see that both brokers and lenders needed help in communicating product and criteria changes to brokers and we are perfectly positioned in the advice process to be able to assist in these challenging times.
“With some of the product sourcing systems struggling to keep up with the pace of change, the notifications on our system puts brokers in the know at the point that they are placing the case. The response we’ve had from brokers to this as well as our daily update emails has been phenomenal, they really value that extra help at this time.”