CHAPTER 6: CRITERIA SYSTEMS

Criteria systems help users to establish which lenders are most likely to consider the applicant’s case. Users can typically search using a wide variety of criteria to see which lenders will accept the case.

The product types that are covered by criteria systems go beyond ‘vanilla’ first charges, with Knowledge Bank, for example, covering residential, buy-to-let, second charges, self-build, equity release, bridging and commercial.

Criteria search firms use their data to produce reports into the most common criteria searches performed by brokers and how these change over time.

Brokers were surveyed on how important they feel criteria systems are and whether they believe they should be integrated into a mortgage sourcing system.

6.01 ADVISER RESEARCH

Criteria systems have very rapidly established themselves in as a vital tool for mortgage brokers. All advisers surveyed believe the ability to compare mortgage criteria is important.

In comparison, the 2020 edition of this report found that 5% of advisers did not believe criteria comparison to be important.

Figure 4.01: Figure 6.01: How important is the ability to compare mortgage criteria?

[wpdatachart id=21]

The vast majority of advisers see the ability to use a sourcing system to compare criteria as important, with 38% saying it is extremely important. In contrast, only 5% believe it to be not so important.

Figure 6.02: How important is it to compare mortgage criteria within a sourcing system?

[wpdatachart id=22]

This data was collated in January 2021. Trek Publishing Limited accepts no liability for loss or damage to material submitted for publication.
© 2021 Trek Publishing Limited. All rights reserved.
No part of this report may be reproduced in any form without written permission of the publisher.