Seven new lenders launch with Knowledge Bank’s Notify
In 2023 Knowledge Bank introduced something new and exciting into the market. Notify was launched with the purpose of assisting brokers and lenders to find each other and place cases faster and with more transparency than ever before. Since its launch in September 2023, Notify has seen over £100m of new business referred to lenders from brokers.
Seven new lenders have joined service since the start of the year for brokers to engage with directly on their new business enquiries. Stafford Railway Building Society, Buckinghamshire Building Society, Newbury Building Society, Earl Shilton Building Society, Leek Building Society, Gatehouse Bank and NatWest are now all live on the system. They join the 26 lenders already live on the service. The quickest case to be agreed so far this year was by NatWest who reviewed it and invited the broker to submit a decision in principle in under nine minutes!
Shane Chawatama, sales director at Knowledge Bank says “With the latest lenders to join Notify, we know this will make it even faster for our 4,000 plus broker community to place their cases with confidence. We have used our search insights to determine which lenders would deliver the greatest value to our brokers. Based on the most popular searches and criteria gradings, brokers are able to see which lenders are most likely to accept their case and then present it to the lender to iron out any quirks or questions to secure a home for it.”
Notify is available to all brokers who are subscribed or currently on a free 30 day trial with Knowledge Bank. It comes at no extra cost to use the service. Knowledge Bank brokers performed over 1.5 million searches on the system on 2023 which doesn’t include those performed on integrated platforms such as Iress’ XPlan Mortgage, OMS and Air Sourcing which would see that figure double. With over 145,000 criteria points across seven different lending types, Knowledge Bank offers the most comprehensive view of the lending criteria landscape for brokers.
Shane, who has previously had over a decade’s experience as a broker sees the service as a huge time saver. “For brokers, we understand that their time is so precious, even getting a quick no to case allows them to move on and use the time working on other opportunities. But having that surety of a written record of the detailed conversation about the case dramatically reduces the chances of things going wrong later on in the process. There are not many things worse for a broker than submitting a case and their client paying fees, only to be declined later down the line due to a technicality on the lender’s criteria. Notify is there so you can be sure that when you send the case in, it’s a smooth journey through to the offer.”
Lenders too are enthusiastic about joining the new and innovative service. Emma Parker, business development manager comments “Stafford Railway Building Society is excited to be partnering up with Knowledge Bank on its new proposition, Notify. Notify is simple and easy to use, and we highly recommend users of knowledge bank to get on board with this feature. We have already received cases to consider that users were finding difficult to place, so it’s a win for the client, broker and us!”
Already, Knowledge Bank have received feedback from thankful brokers who had given up on cases only to find a solution through Notify. Many brokers have taken to social media to express their joy at the new service. David Tasker, mortgage and protection adviser from London Money commented: “Notify is an extremely efficient way to identify lenders for cases that are slightly unusual and/or beyond one’s usual area of experience. The most complex case I have been involved in since I started moved to offer yesterday. A unique set of circumstances left only two lenders standing. Dudley Building Society issued an offer yesterday [sic] to my client. I found them via Notify.”
