Nationwide, which claims to be the UK’s largest building society is the first major lender to reportedly use Experian Work Report in order to verify applicants’ income, removing the need for manual income proofs.
Mortgage applications are set to become “speedier” after Nationwide joined forces with Experian in order to automate the checks needed to “verify a customer’s 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 income proofs, such as copies of their payslips.”
Quite often, a mortgage decision in principle is subject to verification of income. This can create “uncertainty and delays” for customers and brokers.
By incorporating Work Report into its application journey, Nationwide is streamlining and automating its income verification process to “obtain an accurate view of the applicant’s income.”
Alongside its expansion of automated valuation models, Work Report has enabled a move towards instant offers, in “minutes rather than days,” improving efficiency for customers and mortgage brokers.
Paul Speirs, MD, Consumer Information Services, Experian UK&I, said:
“Income verification is a key point of friction in the mortgage journey and having one of the country’s largest … mortgage lenders use our solution to enhance their service is … recognition for the value Work Report brings.”
They added:
“We collaborated closely with Nationwide for more than two years on the project, developing a full payslip categorization capability so data can be managed consistently, and helping unlock the key automation benefit for them and ultimately their customers.”
Henry Jordan, Nationwide’s Director of Home, said:
“We are simplifying the homebuying experience for both brokers and customers. The introduction of Work Report is a new and important step in the way our mortgage application process will work.”
Work Report is the digital verification service that will allow consumers to consent to digitally share their “payroll information with another organization.”
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.
Experian is a data and tech company, powering “opportunities for people and businesses around the world.”
They help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and “gain deeper insights into the automotive market, all using our unique combination of data, analytics and software.”
They also assist millions of people to “realize their financial goals and help them to save time and money.”
They operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and other industry segments.
They invest in talented people and technologies to “unlock the power of data and innovate.”
As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), they have a team of 22,500 people across 32 countries.
Their corporate headquarters are in Dublin, Ireland.
As covered, Nationwide claims that it is the world’s largest building society.
It is owned by its 16 million members and exists to serve their needs.
The Society is one of the UK’s largest providers for mortgages, savings and current accounts, as well as being a “provider of ISAs, credit cards, personal loans, insurance and investments.”
