Mortgage applications expected to become faster after All over the country joined forces with Experienced to automate the controls necessary to verify a client’s income. Through Experian Work Report™’s income and employment verification service, Nationwide is able to instantly digitally confirm homebuyers’ reported income, eliminating the need for applicants to provide manual income proof, such as copies of their pay slips.
As a general rule, a mortgage decision is in principle subject to income verification. This can create uncertainty and delays for both clients and brokers. By integrating Work Report™ into its application journey, Nationwide is further streamlining and automating its income verification process to quickly obtain a highly accurate view of a candidate’s income.
Along with its recent expansion of automated valuation models, Work Report™ has increasingly enabled a shift toward instant offers, in minutes rather than days, improving efficiency and certainty for customers and mortgage brokers.
Paul Speirs, managing director of consumer information services, Experian UK&I, said: “Income verification is a key friction point in the mortgage journey and the fact that one of the country’s largest and best-known mortgage lenders is using our solution to improve their service is an exceptional recognition of the value provided by Work Report.
“We worked closely with Nationwide for over two years on the project, developing a comprehensive payslip categorization capability so that data could be managed consistently, and helping to unlock the key benefits of automation for them and, ultimately, for their customers.
Henry Jordan, national director of the home, said: “We simplify the home buying experience for both brokers and clients. The introduction of Work Report is an important new step in the way our mortgage application process works.
“Removing the need to provide evidence and introducing automated checks will allow brokers and clients to move more quickly from making a decision in principle to securing an instant offer.”
Ben Robbins, Senior Mortgage and Protection Advisor at DGS Financial, said: “I use it all the time, I think it’s fantastic. This makes my life a lot easier, giving me confidence that what I’ve entered is correct and has been verified. Many of my clients have had a positive experience that has been reflected in the days from application to offer.
Work Report™ is the first digital verification service that will allow consumers to consent to the digital sharing of 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, in seconds.