Iress has announced it has integrated its Xplan Mortgage software with criteria search system, Knowledge Bank.

The move will allow mortgage brokers using Xplan Mortgage to use Knowledge Bank to quickly and easily check the criteria of lenders across the market, which Iress suggested would make it easier to source the right mortgage for non-traditional customers.

Iress also indicated the time saved in checking criteria would then be used to provide value-added services and advice to clients.
 
Knowledge Bank holds more than 100,000 pieces of lending criteria for more than 200 lenders, and the system saves time for brokers searching lending criteria across multiple providers.

Iress executive general manager, Andrew Simon, said: “We’re thrilled to be integrating with Knowledge Bank. At this particularly difficult time in the market we’re trying to make the lives of our customers easier and this integration means that, rather than spending time checking lending criteria, they can focus their efforts on where it’s most needed – on advising their clients and providing value.”

Knowledge Bank CEO, Nicola Firth, added: “It is no longer a viable option to search only for mortgage products and not criteria. Since the coronavirus outbreak and the announcement of payment holidays, more than 4000 pieces of criteria have changed in under a month, but even before then there were 9,200 pieces of criteria either added or changed in the first quarter of this year, so it is clearly impossible for anyone to keep this in their head.

“This integration with financial technology company, Iress, and its mortgage software Xplan, means that brokers can now search for both products and criteria all in one place receiving the most accurate and up-to-date information.”

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