Currently, the only data available to lenders is product based and is historical, based on completions that may have happened two to three months prior to a report becoming available.
Knowledge Bank is now able to provide up-to-date search criteria in customisable data sets. This means that lenders can interrogate the data collated by Knowledge Bank to better understand what brokers are being asked for at this exact point in time and what kind of cases they are looking to place.
Following meetings and discussions, Knowledge Bank has also agreed to share all of its Insights data with the FCA, which is delighted to receive such an in-depth view of the market as it is at any given time, for the first time ever. The data will also be made available to other trade bodies requesting it.
Nicola Firth, CEO of Knowledge Bank said:
“Data analysis is vitally important to mortgage lenders to enable them to constantly review their product offering and the criteria that sits behind their lending decisions. As most often now, criteria is the key driver now as opposed to the rate in terms of which lender the case will be placed with.
“We believe that Knowledge Insights will transform the market and the way that lenders develop products and policy, providing a level of insight that has never before been available.”
