Knowledge Bank and Iress partner to launch product and criteria sourcing system
Knowledge Bank and Iress have collaborated to provide the UK’s first, fully-integrated product and criteria sourcing system.
Through a single search, brokers will be able to find the lender to suit their clients’ needs from both a product and criteria perspective.
Knowledge Bank initially teamed up with Iress in April 2020 to provide a level of integration.
Brokers using Iress’ Xplan software will be able to input their clients’ requirements once via a single login.
The system will then display results detailing the lenders who will accept the client based on both the products available and the criteria circumstances.
This is different to other systems where brokers still need either separate logins, or to conduct searches on two separate parts of the system.
This new product complements Iress’ ‘Lender Connect’ proposition which enables brokers to then apply from Xplan Mortgage directly to the lender, with all of the data pre-populated.
Nicola Firth (pictured), chief executive of Knowledge Bank, said: “The result of this collaboration is a system that will revolutionise the market.
“It creates the ultimate sourcing tool for brokers to get the best possible outcomes for their clients.
“It is no longer a viable option to search only for mortgage products and not criteria, not with over 52,000 criteria changes in 2020 alone – that’s 1000 changes to criteria every single week.
“So by teaming up with Iress we have ensured that brokers can get both the most accurate and up-to-date product and criteria information all in one place.
“Never again will it be necessary for brokers to log into multiple different systems, spending hours cross-referencing and rekeying client data, to find which lender will provide a mortgage for their client.
“This can now be done in moments, pulling all of the information into one place and providing robust evidence of research for compliance purposes satisfying the FCA’s requirements.
“The need for a collaboration such as this has never been greater.
“Knowledge Bank holds over 125,000 pieces of lending criteria for over 250 lenders across eight different product areas from residential and buy-to-let to bridging and commercial.”