Tool eliminates the need for manual income proof
Nationwide has partnered with Experian to introduce a digital income verification tool, aiming to speed up mortgage applications by eliminating the need for manual proof of income.
The lender will utilise Experian’s Work Report service, which instantly verifies a homebuyer’s declared income by accessing payroll data. This removes the requirement for applicants to provide documents such as payslips, a step that often slows down the mortgage approval process.
Traditionally, income verification has been a key bottleneck in moving from a mortgage decision in principle to a formal offer, causing delays for both brokers and customers. By integrating Work Report™ into its processes, Nationwide aims to offer faster, more accurate income assessments.
Work Report is the UK’s first digital income and employment verification service. It allows consumers to consent to share their payroll data directly with lenders. This information, including gross and net income, employment status, and tenure, is verified in seconds, providing a smoother application process for all parties.
The new technology complements Nationwide’s recent adoption of automated valuation models (AVMs), enabling a shift towards providing instant mortgage offers. Applications that previously took days can now be completed in minutes, the lender claimed.
“Including Work Report in our application process is a significant step forward in simplifying the homebuying experience for brokers and customers alike,” said Henry Jordan (pictured left), director of home at Nationwide. “Removing the need for proof of income documents and introducing automated verifications will make it quicker to progress from a decision in principle to an offer.”
“Income verification is often a key point of friction in the mortgage journey,” added Paul Speirs (pictured right), managing director of consumer information services at Experian UK&I. “Having one of the UK’s largest lenders adopt Work Report is strong recognition of the value it provides. We’ve worked closely with Nationwide to ensure the data is categorised consistently, unlocking key automation benefits for both brokers and applicants.”
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