Brokers are increasingly turning to technology to ensure they are working with accurate, up-to-date lending criteria according to latest trends data from Knowledge Bank.

Traditionally, many lenders have provided downloadable criteria documents on their websites. While helpful at the time of download, these files can quickly become outdated as criteria evolves.

The demand for reliable criteria information continues to grow. Rather than replacing traditional search, AI appears to be helping brokers better understand how to navigate criteria and uncover more lending options for their clients.

The data suggests brokers are running more criteria searches per case, allowing the system to do more of the heavy lifting when identifying suitable lenders.

OPEN AND TRANSPARENT

Shane Chawatama (main picture, inset), sales director at Knowledge Bank, said: “An interesting perspective was shared with me recently by an underwriter who highlighted just how valuable a conversation can be before placing a case.

“Being open and transparent about the details can make all the difference to the outcome.

“I remember from my time as a broker that you’re often focused on the one big issue in the case which is the obvious challenge you’re trying to solve. But it’s very easy to overlook something that appears minor or non-consequential. Unfortunately, those smaller details can sometimes be the exact reason a case falls over later, after time and money have already been invested.”

UP-TO-DATE CRITERIA

He added: “That’s why clear and up-to-date criteria from lenders is so important. When brokers have access to accurate information, and they use the right tools to explore it properly, they can identify the right lenders earlier and avoid unnecessary delays. Ultimately, that helps more cases reach completion.”