This integration allows brokers using Xplan Mortgage to access Knowledge Bank to check the criteria of lenders across the market.
Financial services software company Iress has integrated its Xplan Mortgage software with criteria search system Knowledge Bank.
This integration allows brokers using Xplan Mortgage to access Knowledge Bank to check the criteria of lenders across the market, making it easier to source the right mortgage for non-traditional customers.
Whereas, once products have been sources, brokers traditionally have to check multiple lenders’ systems for criteria, this product aims to provide information in one place at no additional charge.
Knowledge Bank holds over 100,000 pieces of lending criteria for upwards of 200 lenders.
Andrew Simon, executive general manager, product, UK, at Iress, said: “We’re thrilled to be integrating with Knowledge Bank.
“At this particularly difficult time in the market we’re trying to make the lives of our customers easier and this integration means that, rather than spending time checking lending criteria, they can focus their efforts on where it’s most needed – on advising their clients and providing value.”
Nicola Firth (pictured), CEO of Knowledge Bank, said: “It is no longer a viable option to search only for mortgage products and not criteria.
“Since the coronavirus outbreak and the announcement of payment holidays, more than 4,000 pieces of criteria have changed in under a month, but even before then there were 9,200 pieces of criteria either added or changed in the first quarter of this year, so it is clearly impossible for anyone to keep this in their head.
“This integration with financial technology company Iress, and its mortgage software Xplan, means that brokers can now search for both products and criteria all in one place receiving the most accurate and up-to-date information.”
