Knowledge Bank has launched Knowledge Insights, which provides lenders with an overview of what areas of lending criteria are the most popular and the most required.

Currently, the only data available to lenders is product based and is historical, based on completions that may have happened two to three months prior to a report becoming available.

Knowledge Bank is now able to provide up-to-date search criteria in customisable data sets. It says this means that lenders can interrogate the data collated by Knowledge Bank to better understand what brokers are being asked for at this exact point in time and what kind of cases they are looking to place.

Knowledge Bank believes that Knowledge Insights will enable lenders to develop product and policy where they can see that there is a proven demand for it. The firm adds that Knowledge Insights will enable lenders to understand their own propositions better and see where they may be missing out on business. Lenders will also be able to see where there is demand for policy or criteria that may well be a unique selling point for them and quickly tap into that market where they have funds available.

Following meetings and discussions, Knowledge Bank has also agreed to share all of its Insights data with the FCA and says the data will also be made available to other trade bodies requesting it.

Nicola Firth, CEO of Knowledge Bank, said: “Data analysis is vitally important to mortgage lenders to enable them to constantly review their product offering and the criteria that sits behind their lending decisions. As most often now, criteria is the key driver now as opposed to the rate in terms of which lender the case will be placed with.

“We believe that Knowledge Insights will transform the market and the way that lenders develop products and policy, providing a level of insight that has never before been available.”