Knowledge Bank has introduced a new criteria category designed to help brokers navigate lender requirements surrounding EWS1 forms and acceptable safety certificate providers.
The update comes in response to ongoing concerns in the mortgage industry about the validity of some EWS1 forms, which have led to lenders withdrawing mortgage offers in recent weeks.
Following a BBC news report on 31 January, which highlighted lender concerns over specific EWS1 providers, Knowledge Bank has acted to provide brokers with greater clarity. The new category enables brokers to check lender policies instantly, including whether a lender accepts a mortgage application based on any EWS1 form provider, or if restrictions apply regarding which safety certificates are deemed acceptable.
PROVIDING CLARITY
The cladding crisis has left many buyers facing mortgage delays or even withdrawn offers due to discrepancies in EWS1 form approvals. By introducing this criteria category, Knowledge Bank aims to streamline the mortgage application process and reduce the need for brokers to manually check lender policies, saving time and improving accuracy.
Lenders have direct access to update their criteria on KB PRO, ensuring that internal teams, brokers, and third-party systems such as Iress’ XPlan Mortgage, OMS, and Air Sourcing are all updated in real-time.
Nicola Firth, CEO of Knowledge Bank, said: “At Knowledge Bank, we are committed to keeping brokers informed and empowered with real-time criteria updates. The recent cladding-related concerns have caused distress for buyers, disrupted mortgage applications, and even led to mortgage offers being rescinded. By adding this new category, we are ensuring brokers have the information they need at their fingertips to help clients navigate this issue.
“It is also bringing this matter to the forefront for lenders, some of whom have yet to confirm their stance. By proactively adding this criteria category, we are working alongside lenders to encourage clear policies and avoid future mortgage application disruptions.”
