Knowledge Bank launches powerful new communication tool
Knowledge Bank, the UK’s largest and most comprehensive criteria search system, today launches a powerful new way for brokers to submit new business enquiries to mortgage lenders.
Called ‘Notify’, it is a revolutionary new-business enquiry platform on the Knowledge Bank criteria system. Lenders will be able to access it via the Knowledge Bank lender system KB Pro, while any broker with a subscription to Knowledge Bank will have access to this.
Notify comes into play when a broker has conducted a criteria search, but they have a case that doesn’t quite fit. Notify enables brokers to contact lenders directly, quickly and easily, with the details of the case and their enquiry.
Nicola Firth, CEO of Knowledge Bank said, “There is nothing in the mortgage market like Notify. The design of this has been driven, as always by our mission to ‘assist brokers and lenders to find each other and place cases more quickly and accurately than ever before’.
“The question we always ask ourselves is ‘Does it benefit the lender? Does it benefit the broker, and does it benefit the end customer?’, and we absolutely believe that Notify will do all three. It will enable brokers to place more cases faster and more efficiently than ever before, while providing lenders with access to more enquiries, better quality cases and increase the productivity of their sales teams.”
Normally if a case didn’t fit, the broker would need to start ringing lenders, sending emails or jumping on Live Chat sessions which can be very time consuming – especially if the broker needs to speak to many lenders about the same case. The revolutionary Notify system, instead allows brokers to send a new case enquiry to multiple lenders at the same time and see their responses in one place. Brokers can include full details of a case so the lender’s BDM or underwriter can easily provide a response. The broker will be able to monitor replies from all lenders in real-time, eliminating declines, enabling them to focus on the lenders they can work with.
Once a broker has placed the case, Notify can be updated with details of which lender the case is placed with, withdrawing it from view of the other lenders so responses stop, and the unsuccessful lenders know they don’t need to spend time on it.
Brokers have a full audit trail of conversations that took place with different lenders which will help it go smoothly when the case is submitted while also evidencing best advice. The Notify system will also link directly to a Decision in Principle with a unique tracking reference number.
Ying Tan, chairman of Knowledge Bank says, “Notify is a revolutionary new business enquiry system. A powerful tool for both mortgage brokers and lenders. It allows lenders to deal with multiple new business enquiries in real time and get decisions back quickly. It drives efficiencies by allowing a lender’s sales team to focus on cases they may consider and those which are still active and haven’t already been placed elsewhere.”
For lenders Notify will drive efficiencies by allowing their sales teams to deal just with cases they may consider and focus only on those which are still active and haven’t already been placed elsewhere. Until now a BDM may well have received a message about a case which they don’t realise has already been placed by the time they pick it up. This has meant they may waste time when they could have been dealing with other new business, but with Notify, that is a thing of the past.
Notify is fully customisable for individuals or teams at each lender. Enquiries submitted by brokers can even be divided by postcode region so only the correct BDM at a lender looks at that case.
Notify will lead to increased productivity for lender sales teams, saved time for brokers, efficient management of new enquiries by lenders with real-time monitoring and persistent messaging.
A real positive is that Notify works in real time, so both the brokers and all of the lenders who have been asked to respond can see where the enquiry is and whether or not it has been successfully placed.
Finally, another advantage of the Notify system for lenders is that they will be able to see exactly why they lost a case enabling them to alter their criteria going forward to maximise new business opportunities.
