Nationwide and Experian have joined forces to speed up the mortgage application process by automating checks needed to verify customers’ income.
Through Experian’s Work Report income and employment verification service, Nationwide is able to digitally confirm homebuyers’ declared income instantly, removing the need for applicants to provide manual proof of income, such as copies of payslips.
A mortgage decision in principle is usually subject to verification of income, which can create uncertainty and delays for customers and brokers alike. By incorporating Work Report into its application journey, Nationwide is further streamlining and automating its income verification process to obtain an accurate view of the applicant’s income.
Henry Jordan, Nationwide’s Director of Home, said: “We are simplifying the homebuying experience for both brokers and customers. The introduction of the Work Report is a new and important step in the way our mortgage application process will work.
“Removing the need to provide proofs and introducing automated verifications will make it quicker for brokers and customers to move from a decision in principle to getting an instant offer.”
Work Report is the first digital verification service that will allow consumers to consent to digitally share their payroll information with another organisation. It provides connectivity to an employer’s payroll data to provide direct confirmation of a consumer’s gross and net income, as well as their employment status and tenure.
Alongside its recent expansion of automated valuation models, Work Report has increasingly enabled a move towards instant offers in minutes rather than days, improving efficiency and certainty for both customers and mortgage brokers.
Paul Speirs, Managing Director of Consumer Information Services of Experian UK and Ireland, said: “Income verification is a key point of friction in the mortgage journey and having one of the country’s largest and most well-known mortgage lenders use our solution to enhance their service is outstanding recognition for the value Work Report brings.
“We collaborated closely with Nationwide for more than two years on the project, developing a full payslip categorisation capability so data can be managed consistently, and helping unlock the key automation benefit for them and ultimately their customers.”
Ben Robbins, Senior Mortgage and Protection Adviser at DGS Financial, added: “I use it all the time. I find it fantastic.
“It makes my life so much easier, giving me the confidence that what I have entered is correct and has been verified. A large number of my clients have benefited from a positive experience reflected in the days from application to offer.”