Knowledge Bank, the UK’s largest database of lending criteria has today launched a new lender focused criteria system called KB PRO that gives lenders a dedicated system to better manage their criteria data and a range of tools to improve how their criteria is communicated to brokers.

KB PRO is the only system like this on the market and offers head office staff, BDMs, underwriters, internal sales teams and brokers a consistent source of criteria data and wording updated in real-time.

Nicola Firth. CEO at Knowledge Bank said, “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.

“Lenders and brokers across the industry acknowledge that criteria sourcing is now firmly embedded in the mortgage advice process prior to a product search. KB PRO is lender-inspired system putting the missing piece of the criteria jigsaw in lender’s hands to ensure their team are all on the same page and at the same time. Knowledge Bank holds over 140,000 criteria across seven different lending types from over 260 lenders and is the UK’s largest database of mortgage lending criteria and so we recognise our responsibility in helping lenders to achieve the levels of communication needed to avoid wasted time on failed applications that are an on-going source of frustration for brokers and their clients. Nothing is more frustrating to brokers than hearing a BDM tell them something different to what is on the lender’s own website or speaking to two different people and getting two different answers.”

Research reveals that most lenders do not have an internal system on which to store their criteria with many using spreadsheets or their intranet, which may not always tally with what is on their website.  KB PRO solves this problem by providing one single source of information for their whole business. As well as providing a single point of entry to keep the whole eco-system up to date, it also means the information that internal lender teams have access to will mirror exactly what brokers see when they search for criteria on Knowledge Bank removing inconsistencies and incorrect information being given out by accident.

The new system enables lenders’ internal teams with set permissions with regards to levels of access and ability as the use cases within their businesses are wide ranging from field based and telephone-based sales teams, live chat team, underwriters, complaints handlers and even branch staff.

Key features of KB PRO include:

  • New Lender focused criteria system
  • One monthly fee for unlimited criteria changes effective on all platforms and linked product sourcing systems and CRM’s
  • Back-office control capabilities for head office and remote staff
  • Single criteria data input for multiple systems and applications
  • Sales and Underwriter criteria conformity
  • Instant criteria decisioning to help lenders with new business enquiries
  • Application and packaging support for better case approval rates
  • Consistent criteria wording across systems
  • Comparison search enabling referrals to other lenders when case not acceptable

KB PRO will display any instant blockers that will prevent the lender lending on a case as well as all of the criteria they will lend on. If the lender won’t lend on a particular case, it will show the other lenders who will, which may be particularly relevant for lender BDMs looking to help a broker with a more challenging case.

There is also a unique ‘at a glance’ feature which highlights recently updated criteria for ease of reference. This will help pinpoint what and when changes have been made so that all staff are kept informed to save misunderstandings. 

KB PRO also introduces a historic log of the lender’s criteria changes. This is another highly sought after development as it now reveals when criteria changes were made so any queries on historic cases now show what the prevailing policy was at any given time. Important for policy change deadlines and complaints handling.

The ‘case builder‘ functionality also allows lender staff and BDMs to build the case as the broker makes an enquiry, either over the phone or in person. Results are displayed with any ‘blockers’ that would stop the case progressing conveniently with the criteria conditions that would need to be met. This fast-tracks the new business enquiry process as they can understand quickly whether the outstanding conditions can or cannot be met. This stops redundant, time-wasting, failed applications that will inevitably fail later in the application process. This is a huge benefit for the broker, lender and the borrower.  

The launch of KB PRO will see the beginning of several new innovative product releases from Knowledge Bank which have been designed specifically with the lender in mind to bring about better communication and efficiencies across multiple teams and departments in relation to lending policy and new business enquires from brokers.

Lenders or brokers wanting to find out more about KB Pro or Knowledge Bank can visit:

 Read more news from bClear’s clients here: