Experian has launched a new partnership with Nationwide in a move to accelerate mortgage applications by automating the checks needed to verify a customer’s income.

Through Experian’s income and employment verification service, Nationwide can now digitally confirm homebuyers’ declared income instantly, removing the need for applicants to provide manual income proofs, such as copies of their payslips.

Typically, a mortgage decision in principle is subject to verification of income which can create delays for customers and brokers.

By incorporating Experian’s Work Report into its application journey, Nationwide automating its income verification process to quickly obtain a highly accurate view of the applicant’s income.

“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,” said managing director, consumer information services at Experian, Paul Speirs.

“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.”

Nationwide’s director of home, Henry Jordan, 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.

“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.”

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