Knowledge Bank has launched Knowledge Insights, instant data for the mortgage industry on what mortgages brokers are searching for.

Knowledge Insights will provide lenders with a realistic overview of what areas of lending criteria are the most popular and the most required.

Knowledge Bank is now able to provide up-to-date search criteria in customisable data sets. This means that lenders can interrogate the data collated to better understand what brokers are asking for at an exact point in time and what kind of cases they are looking to place.

Nicola Firth, chief executive of Knowledge Bank, said: “Data analysis is vitally important to mortgage lenders to enable them to constantly review their product offering and the criteria that sits behind their lending decisions.

“As most often now, criteria is the key driver now as opposed to the rate in terms of which lender the case will be placed with.

“We believe that Knowledge Insights will transform the market and the way that lenders develop products and policy, providing a level of insight that has never before been available.”

Knowledge Bank said lenders will for the first time, be able to design products that the market needs, when they need them.

The tool will enable the whole of the mortgage market to better understand trends both as they are occurring and retrospectively, based not just on product or lending amount but the actual needs of borrowers as shown up by brokers’ searches for criteria.

It will enable lenders to develop product and policy where they can see that there is a proven demand for it.

Lenders will also be able to see where there is demand for policy or criteria that may well be a unique selling point for them and quickly tap into that market when they have funds available.

Following meetings and discussions, Knowledge Bank has also agreed to share all of its Insights data with the FCA. The data will also be made available to other trade bodies requesting it.