Today marks the launch of Knowledge Bank; the UK’s first criteria search system.
The hope of the launch is to change the way that brokers search for a lender when looking to place a mortgage to save time particularly on more complex cases.
Nicola Firth, chief executive of Knowledge Bank and its parent company Compass Systems, said: “Knowledge Bank has been designed to reduce the amount of time that brokers spend searching for the right mortgage and increasing the amount of time they spend with clients.
“Knowledge Bank has also been embraced by lenders who now only need to update their criteria information once and once only.”
The system comes to market with 43 of the main lenders on board, and is a fully searchable database with more than 18,000 completed criteria categories across several sectors such as residential mortgages and equity release.
Despite today marking its launch date, the system has been operating and refining its proposition for more than a year and is on its third generation of technology.
Louisa Sedgewick, director of sales at Vida Homeloans, added: “Knowledge Bank is just the innovation that the mortgage market needs.
“We’ve been really impressed on our conversations with Nicola and her team and are committed to continue to support this initiative.”