Knowledge Bank has announced that it is starting up a new service for advisors that will enable them to raise any issues they have with lenders.
This service is called Criteria Clinic and it will take the form of live online sessions that are held once a week, with each session focusing on a specific aspect of mortgage lending. These will include matters such as poor credit ratings for clients, equity release and contract workers. Advisors also have the option of placing complicated mortgage loan cases during the clinics so that they can get advice and tips.
Knowledge Bank is stating that there will be a panel made up of mortgage lenders with whom advisors will be able to raise matters that are troubling them. Its CEO, Nicola Firth, told FT Adviser:
“We wanted to do something that was really different to anything that’s out there and which was entirely focused on helping brokers to better understand certain areas of the market that are of interest or importance to them.”
Speaking after the first clinic, Richard Miles from the Swansea Building Society said that it had been an excellent forum for criteria conversations and that the decision to use example mortgage loan cases had helped to clarify issues for those advisors that had taken part in it.
This could be a virtual service that will be of real help to mortgage advisors, in a similar way to some training providers moving their CeMAP mortgage advisor courses online during the global pandemic.