This follows Knowledge Bank receiving 926 criteria updates from 91 lenders in 48 hours.
Over 500 brokers signed up for Knowledge Bank’s free COVID-19 live feed in 24 hours.
This follows Knowledge Bank receiving 926 criteria updates from 91 lenders in 48 hours.
The feed is designed to provide brokers with a single point of reference for every lender’s criteria, policy and processes relating to the COVID-19 situation.
According to Knowledge Bank, lenders themselves update the feed, in real-time, as they release their criteria.
Currently, 32 lenders have said that they will provide borrowers with a payment holiday but most require the borrower to phone dedicated telephone lines and numbers set up by the lender.
The firm outlines that brokers will be able to access these numbers from the Knowledge Bank free ‘COVID-19 Live Feed’, and in turn provide the number to their clients.
Nicola Firth, founder and chief executive of Knowledge Bank, said: “In light of the different government announcement information was being released at such a pace that it was immediately clear that we had to do something to help make lives easier both for brokers and lenders, both of whom would be inundated with calls from borrowers.
“It’s at times like this that we all need to work together. This this live feed is a completely free to use tool for brokers and the industry to help deal efficiently with the understandable concerns from borrowers in these unprecedented times.
“We will work with the lenders over the coming days and weeks to constantly keep the live feed updated with each lender’s approach and criteria.”
Robert Sinclair, chief executive of AMI, added: “In these difficult times the industry needs to support each other to ensure that we can provide information and comfort to the general public.
“Initiatives such as this which allow broker to be better informed and so help their customers are a great example of this industry at its best.”
