Lender criteria comparison tool launches

Ryan Bembridge

May 19, 2017

A tool allowing brokers to compare lender criteria has launched called Criteria Hub.

Its director Jason Hegarty, who is also a broker, founded the system after getting frustrated with jumping from one lender’s criteria page to another which he said took hours.

He explained: “We thought if we build a platform where lenders put all of their criteria in one place and brokers simply come along, pick criteria and compare it across all lenders that would save them a lot of time.”

Let’s scrap the phrase ‘robo-advice’

Currently the system is in beta and therefore free to use, but in a few months’ time brokers must pay a monthly subscription fee to use it in a similar model to Mortgage Brain and Trigold.

However unlike those sourcing systems Criteria Hub doesn’t include rates and is more focused on checking off lenders that don’t fit a specific customer’s criteria.

For example using the system brokers can quickly identify which lenders would and wouldn’t lend if the customer was bankrupt three years ago or if the property being purchased was infested with Japanese Knotweed.

Criteria Hub currently has 20 lenders on board with 40 more in the pipeline.

It compares residential criteria but will shortly add buy-to-let.

Hegarty has lofty ambitions for the system in the next few years.

He said: “We are in an era where there’s a lot of technology in the market, particularly in the direct-to-consumer market with robo-advice.

“Criteria Hub is a huge tool for brokers to remain the best source of mortgage advice in the UK because they are going to be competing with robo-advice in the coming years.

“Anything to give them a better arsenal has got to be a big win.”

He added: “In terms of where we see this going in the future we really want to bring the broker and the lender together and build a bit of a community for them to communicate.

“I’d like to see the system allow brokers and lenders to chat –  you can do research, see a lender is online and jump into a conversation.”

As well as the plan to allow brokers and lenders to chat, Criteria Hub is constantly adding new data, including categories, to the system.

Lenders using the system can input criteria data themselves, though the system also has the ability to pull criteria off their websites if they don’t have the time or inclination to play ball.

As well as being the owner of Criteria Hub Hegarty owns Keystone IMC, a Suffolk-based brokerage.

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