This will make the income and employment verification process automated, which is expected to speed up mortgage applications.
Using the service, Nationwide will be able to digitally confirm a borrower’s declared income instantly, removing the need to provide manual income proofs such as copies of a payslip.
Nationwide said this would streamline the process and deliver a “highly accurate” view of an applicant’s income.
The Work Report platform has recently expanded its automated valuation models (AVMs) too, a sign of moving towards instant offers, which are expected to improve efficiency and certainty.
Paul Speirs, managing director for consumer information services at Experian UK&I, 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.
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“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.”
Henry Jordan, director of home at Nationwide, added: “We are simplifying the home buying 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.
“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.”
Speaking to our sister title, Mortgage Solutions, last month, James Briffitt, head of intermediary sales and new build at Nationwide, said technological developments with application programming interfaces (APIs) would be the main focus for lenders and bring about efficiencies.
This article was first published on YourMoney.com‘s sister site, Mortgage Solutions. Read: Nationwide teams up with Experian to introduce automated income checks
