"The packager section has been designed to make brokers’ lives easier and shorten the amount of time it takes to find the information they need and place a case."
Lenders with their criteria on Knowledge Bank can now select which packagers they accept business from and whether it is optional or mandatory for the broker to go through a packager to place business with them.
They will be able to do this for every lending type, so this information will be specific to the search the broker has conducted.
Where a lender accepts business through a packager, it will be denoted by a P symbol, letting the broker know that they either can or must use a packager to submit business to that lender. This will be colour coded as to whether it is mandatory or optional.
When the broker clicks the packager option they will see all the details of the packager the lender has approved them to use, together with the packager’s contact details and a link to their website and email address.
Networks will also be able to tailor this to display only the packagers or master brokers that their ARs are permitted to use. Networks can also do this with regards to lenders, so ARs of a particular lender only ever see the criteria for the lenders on that network’s panel.
Knowledge Bank now contains over 26,000 different criteria across over seventy different lenders, up from just 18,000 criteria and 48 lenders at launch three months ago.
Nicola Firth, CEO of Knowledge Bank and its parent company Compass Systems, said: “After a broker has searched the criteria on Knowledge Bank to find out which lenders may take their client’s case, it then makes it simple for them to contact the packager or master broker with the case details straight away if the lender prefers this route of case submission.
“Like the whole of Knowledge Bank, the packager section has been designed to make brokers’ lives easier and shorten the amount of time it takes to find the information they need and place a case. In this case it will also make life easier for lenders and showcase both packagers and master brokers.”
