Knowledge Bank is introducing six new criteria questions to its platform following broker feedback during the latest instalment of its Criteria Clinic series.
The latest session focused on houses in multiple occupation (HMOs), bringing together five specialist lenders (Zephyr, LendInvest, Family BS, Keystone and Paragon) to answer broker questions.
The discussions highlighted at least six new areas of criteria that brokers need answers to, with Knowledge Bank's criteria team already working to introduce these questions onto the platform. Once live, brokers across the UK will be able to search these additional criteria when placing HMO cases.
Jason Wilde, head of sales at Paragon, said: “Knowledge Bank’s Criteria Clinics provide an excellent platform for lenders and advisers to collaborate and discuss key topics affecting the market. HMOs continue to represent a significant opportunity for landlords, supported by a diverse range of lending options.
"However, advisers should be aware that the presence of a HMO licence does not necessarily mean a property has the required planning consents in place. These are critical considerations that should be verified before an application is submitted. With planning regulations, licensing requirements and Article 4 directions becoming increasingly complex and widespread, it is more important than ever that brokers undertake thorough due diligence and have access to specialist sourcing and expertise.“
Nicola Firth, founder and CEO of Knowledge Bank, commented: "The real value of Criteria Clinic isn't simply bringing brokers and lenders together for an hour. It's listening carefully to the conversations taking place and identifying where we can make the platform even stronger.
"Every broker question tells us something about the market. If multiple advisers are asking the same thing, that's a clear indication that we should be helping every broker find those answers more quickly. That's exactly why our team is already working to introduce six new criteria questions following this session.
“With the help of KB AssIst (Knowledge Bank's built in AI search feature) the new and unique categories will be discoverable and can be added to searches. What matters most with technology is that it's relevant. It has to solve genuine problems, adapt quickly to changing lender criteria and reflect the cases brokers are working on today. That's where we believe Knowledge Bank adds real value."
