Iress integrates with Knowledge Bank’s mortgage criteria search engine
Iress, an Australian software provider to financial services across Asia-Pacific, North America, Africa and Europe, has integrated with UK-based mortgage criteria search engine Knowledge Bank to make it easier for non-traditional customers to find the right mortgage.
Lender criteria is changing rapidly, especially under the current economic crisis or coronavirus
The partnership will see Iress, which serves more than 9,000 businesses – many of them banks and investment managers – integrate its Xplan Mortgage software with Knowledge Bank’s search engine.
Iress says the integration will allow mortgage brokers to check lender criteria faster, “at no additional charge”, and all in one place.
Knowledge Bank’s data reserves hold more than 100,000 pieces of lending criteria related to more than 200 lenders. Instead of checking multiple lenders’ systems, Iress says brokers can cut out entirely the process of going to multiple providers for information.
“It is no longer a viable option to search only for mortgage products and not criteria,” says Knowledge Bank’s CEO Nicola Firth.
Firth says that since the coronavirus outbreak and the announcement of payment holidays, more than 4,000 pieces of criteria have changed in under a month. And even before the pandemic, she says there were 9,200 pieces of criteria either added or changed in the first quarter of 2020.
“It is clearly impossible for anyone to keep this in their head,” she adds.
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