Knowledge Bank has launched a real time management information (MI) product that will give lenders insight into the mortgage criteria that brokers are searching for.
The product, Knowledge Insights, will provide lenders with a realistic overview of the most popular and most required areas of lending criteria.
Currently, the only data available to lenders is based on completions that may have happened two or three months prior to a report becoming available.
With Knowledge Bank providing up-to-date search criteria in customisable data sets, lenders can interrogate the data collected to better understand what brokers are being asked for in real time and what kind of cases they are looking to place.
Lenders will also be able to see where there is demand for policy or criteria that may well be a unique selling point for them and quickly tap into that market where they have funds available.
Knowledge Bank says this could transform the mortgage market as quick-thinking lenders will be able to design products that the market needs.
Following meetings and discussions, Knowledge Bank has agreed to share all of its Insights data with the FCA. The data will also be made available to other trade bodies requesting it.
“Data analysis is vitally important to mortgage lenders to enable them to constantly review their product offering and the criteria that sits behind their lending decisions,” Nicola Firth, chief executive officer of Knowledge Bank, said.
“As most often know, criteria is the key driver now as opposed to the rate in terms of which lender the case will be placed with.”
She concluded: “We believe that Knowledge Insights will transform the market and the way that lenders develop products and policy, providing a level of insight that has never before been available.”