Knowledge Bank launches ‘lender-focused’ criteria platform – Mortgage Finance Gazette
The criteria platform says its KB PRO software offers lenders a single point of entry to keep products and criteria updated.
It adds: “This means the information that internal lender teams have access to will mirror exactly what brokers see when they search for criteria on Knowledge Bank removing inconsistencies and incorrect information being given out by accident”.
The system will display any ‘instant blockers’ that prevent a lender from lending on a case, as well as all of the criteria they will lend on.
If a lender will not handle a particular case, it will show other lenders who will, the tech firm says.
Knowledge Bank’s database holds over 140,000 criteria across seven different lending types from more than 260 lenders.
The new system has an ‘at a glance’ feature, which highlights recently updated criteria.
As well as a historic log of the lender’s criteria changes, which shows “when criteria changes were made, so any queries on historic cases now show what the prevailing policy was at any given time”.
Knowledge Bank chief executive Nicola Firth says: “KB PRO is a lender-inspired system putting the missing piece of the criteria jigsaw in lender’s hands to ensure their team are all on the same page and at the same time.
“Nothing is more frustrating to brokers than hearing a business development manager tell them something different to what is on the lender’s own website or speaking to two different people and getting two different answers.”