Knowledge Bank has reported that 509 brokers have signed up in less than 24 hours for the free live feed tool it created yesterday.

The tool has been designed to provide brokers with a single point of reference for every lender’s criteria, policy and processes relating to the coronavirus pandemic.

The criteria search specialist, responding to the Government’s announcement this week that homeowners affected by the outbreak could take a three-month mortgage payment holiday, indicated a need for such a feed had become apparent with 926 criteria updates from 91 lenders recorded in just 48 hours following that announcement.

While some of these were the lenders’ approach to the Covid-19 situation, Knowledge Bank suggested others were the launch of new product ranges, with lenders’ cost of funds rising overnight.

AMI CEO, Robert Sinclair, commented: “In these difficult times the industry needs to support each other to ensure that we can provide information and comfort to the general public.

“Initiatives such as this, which allow brokers to be better informed and so help their customers are a great example of this industry at its best.”

Knowledge Bank founder and CEO, Nicola Firth, said: “In light of the different government announcement, information was being released at such a pace that it was immediately clear that we had to do something to help make lives easier both for brokers and lenders, both of whom would be inundated with calls from borrowers.

“It’s at times like this that we all need to work together. This live feed is a completely free to use tool for brokers and the industry to help deal efficiently with the understandable concerns from borrowers in these unprecedented times.

“We will work with the lenders over the coming days and weeks to constantly keep the live feed updated with each lender’s approach and criteria.”

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