Knowledge Bank has introduced a system called KB PRO to allow lenders to manage their criteria data and improve the communication of changes to brokers.
It aims to offer business development managers (BDMs), underwriters, internal sales teams and brokers a consistent source of lender data which will be updated in real time.
Research carried out by Knowledge Bank found that most lenders did not have an internal system to store their criteria, and many used spreadsheets or their intranet which did not always match the information on their website.
KB PRO is expected to accurately reflect the data seen by brokers and BDMs which will remove incorrect information being given by accident.
The lender’s internal team will be given permissions to use the platform.
There is a single monthly fee which allows lenders to make unlimited criteria changes. This will update across all linked product sourcing systems and CRMs.
The aim of this is to standardise sales and underwriter criteria with consistent wording.
Case progression
The system will automatically prevent a lender from accepting a case which does not meet its criteria and a historic log of criteria changes will be provided. Knowledge Bank said the list of former criteria could be helpful for policy change deadlines and complaints handling.
A comparison search feature will also refer to alternative lenders who will take on cases that are rejected so that BDMs can advise brokers with challenging cases.
There is also a case builder function which allows lender staff and BDMs to build a case when a broker makes an enquiry either on the phone or in person. The results will reveal any elements which could stop the case from progressing smoothly as well as the criteria conditions which need to be met.
Knowledge Bank said KB PRO marked the beginning of a series of new product releases from the firm which have been designed with lenders in mind.
Nicola Firth, CEO at Knowledge Bank, said nothing was more “frustrating” than brokers hearing information from a BDM which did not align with what was on a lender’s website or when they spoke to two people and got two different answers.
She added: “Lenders using KB PRO are demonstrating a real investment in more accurate communications with brokers and a commitment to consistency with regards to criteria messaging across their business.”
Shekina is the commercial editor at Mortgage Solutions. She has over four years’ experience in the B2B publishing market, with previous industries including the accounting, pet, funeral, hospitality, retail and jewellery trades.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
