Knowledge Bank announced its Housing Affordable Calculator, the first product of the business, which transcends standards to an affordable assessment.
The new feature is available as an add-on feature for subscribers – AFFCALC, and will be released in October based on a limited distribution basis.
AffCalc is launched with residential affordability, enabling brokers to edit customer data and see lenders drop in real time, providing visibility and control during the consultation process.
Brokers can now adjust inputs and observe impacts immediately, instead of relying on static outputs, making affordability checks faster, clearer and more accurate.
Knowledge Bank CEO and Founder Nicola Firth said in a commentary release:
“AFF CALC provides highly personalized and accurate results in seconds. It moves from the ‘number quantity obsolete’ model and for the first time provides brokers with smart calculators that lenders will only borrow the results of standard lending if they consider the lending standards that affect affordability and numbers.”
She added: “This prevents brokers from spending time when affordability is appropriate but then dropping standards. Lenders can also be confident in the cases they receive from brokers using AFF CARC because it uses standard data input directly to drive reliable results.”
