The time-saving move follows a ten-month working partnership with the Iress system calling the Knowledge Bank API (Application Programming Interface) and using its data to produce ‘a more intelligent’ product search result.
From 25 February, more than 6,000 brokers using the software can input their client’s requirements 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.
For XPlan users the cost is £12.75 a month or £134.99 + VAT to access this new search and licensed Knowledge Bank users can link the two accounts together through the manage my accounts button on the software.
Afterwards, the Iress’ Lender Connect proposition enables brokers to submit applications direct to lenders without rekeying data, with two live lenders so far including TSB and another at pilot stage.
Iress executive general manager of product UK Andrew Simon said: “Criteria searches without using Knowledge Bank are time consuming and impractical, making it difficult for brokers to be certain that they are giving their client best advice.
“This integration continues our commitment to making our customers’ lives easier and lets them spend more time focusing on providing advice, rather than on checking lending criteria.”
Nicola Firth, CEO of Knowledge Bank (pictured) said: “The result of this collaboration is a system that will revolutionise the market. 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 1,000 changes to criteria every single week.”
“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.”
Speaking to Mortgage Solutions, Firth added: “Competition in any market is good. The next natural progression for the other guys is to catch up to where we are and take it one step further.”
For broker firms and networks with their own platforms or client management systems, Xplan can offer a modular add-on approach as an integrated offering.
Simon said the next phase was to get the value through brokers using the software. “The rubber hits the road when people are using the integrated offering. When we get the users actually using it we’ll get some insight into what’s next.”
Firth adds that Iress has harnessed the Knowledge Bank system in a way that retains its familiarity by replicating it within Xplan – from the screens to knowing how to work it – making adoption an easier proposition.