Knowledge Bank has added a new criteria category to help brokers navigate lender requirements regarding EWS1 forms and acceptable safety certificate providers.
The update follows recent developments in the cladding crisis, which saw some lenders withdrawing mortgage offers due to concerns over which companies had issued these forms.
Following a BBC news report in January, which highlighted lender concerns over the validity of certain EWS1 forms, Knowledge Bank has acted to provide brokers with clarity.
The new category allows brokers to instantly see whether a lender will accept a mortgage application regardless of the company that has issued the EWS1 form. If a lender does impose restrictions, the criteria will detail which safety certificate providers are deemed acceptable.
This critical update ensures that brokers can provide accurate advice to clients facing uncertainty over mortgage approvals due to EWS1 form challenges. It also streamlines the application process by eliminating the need for brokers to manually check with individual lenders.
Lenders have direct access to update their criteria on KB PRO which gives them the ability to change their criteria instantly which not only updates for all of their internal teams and Knowledge Bank for brokers, but also updates their Interactive Criteria Guides and third party systems such as Iress’ XPlan Mortgage, OMS and Air Sourcing so accurate information is displayed everywhere and in real-time.
Knowledge Bank chief executive Nicola Firth commented: “The recent cladding-related concerns have caused distress for buyers and disrupted mortgage applications and even seen mortgage offers rescinded. By adding this new category, we are ensuring brokers have the information they need at their fingertips to help clients navigate this issue.”
