Knowledge Bank has announced the launch of Knowledge Insights, a tool that allows lenders to see what the most popular lending criteria is in real time.
Using the Knowledge Bank database as a source, the company says that the data gleaned from up-to-date interrogation will allow lenders to develop products and criteria based on the actual needs of borrowers as they arise.
In a further move, Knowledge Bank says that it will share its data with the FCA and other trade bodies that request it.
Knowledge Bank chief executive Nicola Firth says: “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.
“As most often now, criteria is the key driver now as opposed to the rate in terms of which lender the case will be placed with.
“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.”