Nicola Firth

Knowledge Bank adds new criteria categories around cladding and indemnity insurance

Knowledge Bank has introduced two new criteria categories to its search system, including one to support brokers to find lenders who will lend on properties with composite cladding.

Due to issues around potentially unsafe cladding, the platform claimed that there was a huge surge in brokers dealing with clients who are effectively mortgage prisoners.

The new categories from Knowledge Bank are ‘composite cladding/EWS1 form’ and ‘local authority search indemnity insurance’.

This type of indemnity insurance helps speed up the mortgage process and can lower costs as it means the lender does not have to conduct a search on the property. 

Knowledge Bank has included the new category to ease brokers’ searches for lenders that accept this, as the company has seen growing awareness and demand for indemnity insurance.

These new launches follow a record 1.35 million searches on the system in 2020.

Nicola Firth, founder and CEO at Knowledge Bank (pictured above) said that supporting brokers was the company’s number one focus.

“When we see a trend of requests or activity in the market, we immediately look to develop new categories to support this demand and give brokers access to the information they need to help their clients. 

“In the past year, more than any other, Knowledge Bank gained the reputation for being immediately responsive, providing brokers with the information they need, when they need it. 

“With 52,000 criteria changes last year alone, it is clearly impossible to keep up with lenders’ changing criteria with a traditional spreadsheet — [and] brokers clearly realise this. 

“2021 looks certain to be another year of change — as always, we will ensure that we are on hand to help brokers and will continue to add new criteria, improve our service, and support brokers the moment it is necessary.”

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