Knowledge Bank’s updates are to help brokers navigate the rapidly changing mortgage market as an unprecedented number of lenders withdraw products from the market.
It said some areas of the market are struggling to keep up with the changes due to manual update processes.
It added that products that are no longer available, along with lenders that have temporarily paused accepting new business, are still showing on some systems.
Knowledge Bank is to send out daily emails every evening with a summary of changes on both criteria and products to help keep both brokers and their mortgage desk users up to date.
This is in addition to the live on-screen banners will also allow brokers to see product changes as they happen.
Brokers who don’t currently subscribe to Knowledge Bank can sign up for free 30-day full trial of the system here.
Putting brokers ‘in the know’
Nicola Firth (pictured), founder and chief executive of Knowledge Bank, said “We can see that both brokers and lenders needed help in communicating product and criteria changes to brokers and we are perfectly positioned in the advice process to be able to assist in these challenging times.
“With some of the product sourcing systems struggling to keep up with the pace of change, the notifications on our system puts brokers in the know at the point that they are placing the case. The response we’ve had from brokers to this as well as our daily update emails has been phenomenal, they really value that extra help at this time.”
