This development will help to save brokers even more time as it means they can see which lenders cater for their clients’ circumstances and work out affordability, all in one place.
Just three weeks after its official launch, the number of lenders on Knowledge Bank has increased by 25% and now includes every major lender and many specialist lenders. At the beginning of September, at the time of its official launch, 43 lenders had signed up to Knowledge Bank and included all of their data. This is already up to 54 lenders with another forty behind the scenes who have registered but are yet to upload their criteria.
There are now over 22,000 different criteria held in Knowledge Bank, in 480 different categories - with residential, buy-to-let, second charge, equity release, self build, and overseas mortgages covered.
All search results can be saved as a PDF or printed out as ‘evidence of research’ alongside product sourcing results, supporting a broker’s recommendation to their client. They will be automatically time and date stamped with the broker’s name, proving especially valuable as evidence of why the broker hasn’t recommended the cheapest mortgage of that type.
Nicola Firth, CEO of Knowledge Bank and its parent company Compass Systems, says:
“Knowledge Bank has been designed to put brokers first and make their working day easier. Uploading all of the different affordability calculators so they are all in one place is just one more step to give brokers back time and space in their diary to see more clients.
“It is incredible to see how popular Knowledge Bank already is with both brokers and lenders. To have increased the number of lenders on the system by twenty five per cent in just three weeks is beyond what we ever imagined.”
