Nationwide incorporates Experian’s new digital income verification service

The UK’s largest building society Nationwide has become the first major lender to incorporate Experian’s income and employment verification service ‘Work Report’ into the mortgage application process to speed up checks.

Nationwide and Experian worked together on the new service, which enables the building society to digitally confirm homebuyers’ declared income instantly, removing the need for applicants to provide manual income proofs, such as copies of their payslips.

According to Experian, ‘Work Report’ is the first digital verification service that allows consumers to consent to digitally share their payroll information with another organisation.

The service provides connectivity to an employer’s payroll data to provide direct confirmation of an applicant’s gross and net income, employment status and tenure, in seconds.

In the UK, a mortgage decision in principle is typically subject to verification of income, which can lead to delays for borrowers and mortgage brokers.

Paul Speirs, managing director, 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 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.”

By using ‘Work Report’, Nationwide is able to quickly obtain an accurate view of an applicant’s income.

Henry Jordan, Nationwide’s director of home, said it is 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,” Jordan added.

“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.”

Further reading: Nationwide becomes member of Open Property Data Association