Nationwide has signed a partnership with data group Experian to read customer’s payslips digitally, which they say will speed up mortgage applications.
The lender will use Experian’s work report income and employment verification service, which will digitally confirm homebuyers’ declared income “removing the need for applicants to provide manual income proofs, such as copies of their payslips”.
It says the move is part of the firm “streamlining and automating its income verification process to quickly obtain a highly accurate view of the applicant’s income”.
Nationwide director of home Henry Jordan says: “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.”
Experian UK&I managing director, consumer information services, Paul Speirs adds: “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.”