Nationwide Simplifies Mortgage Applications with Experian Work Report™ Integration

Nationwide Simplifies Mortgage Applications with Experian Work Report™ Integration

(IN BRIEF) Nationwide has partnered with Experian to integrate its Work Report™ service, becoming the first major UK lender to automate income verification for mortgage applicants. This eliminates the need for manual proofs like payslips, enabling instant validation of income and significantly speeding up the application process. The move, part of Nationwide’s strategy to streamline homebuying, complements its use of automated valuation models and supports faster, more efficient mortgage offers. Experian’s Work Report™ connects directly to payroll data, providing accurate income and employment verification within seconds, enhancing convenience for customers and brokers alike.

(PRESS RELEASE) LONDON, 2-Dec-2024 — /EuropaWire/ — Nationwide, the UK’s largest building society, has become the first major mortgage lender to adopt Experian’s Work Report™ service for income verification, eliminating the need for applicants to manually provide income proofs such as payslips. This partnership is set to accelerate the mortgage process, allowing faster, more efficient income validation for homebuyers.

With Experian’s Work Report™, Nationwide can instantly and digitally confirm applicants’ declared income, reducing delays and uncertainty often caused by traditional verification methods. This innovation is part of Nationwide’s broader strategy to streamline mortgage applications, complementing its recent use of automated valuation models. Together, these advancements pave the way for instant mortgage offers, significantly improving the experience for both customers and brokers.

Paul Speirs, Managing Director of Consumer Information Services at Experian UK&I, emphasized the importance of automation in enhancing the mortgage journey. “Income verification is a critical pain point, and having Nationwide leverage Work Report™ validates its value in making the process seamless for customers and brokers alike,” he said.

Henry Jordan, Nationwide’s Director of Home, highlighted the impact on the homebuying experience: “Automated verifications through Work Report™ simplify the journey for both brokers and customers, moving us closer to instant mortgage offers.”

Ben Robbins, a Senior Mortgage Adviser at DGS Financial, praised the tool for its efficiency and accuracy, noting that it has significantly reduced application-to-offer times for his clients.

Experian’s Work Report™ allows consumers to consent to share payroll data with lenders, providing instant verification of income, employment status, and tenure. This groundbreaking service aims to enhance transparency and speed in the mortgage process while maintaining accuracy and security.

About Experian

Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realise their financial goals and help them to save time and money.

We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments.

We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.

About Nationwide

Nationwide is the world’s largest building society. It is owned by its 16 million members and exists to serve their needs. The Society is one of the UK’s largest providers for mortgages, savings and current accounts, as well as being a major provider of ISAs, credit cards, personal loans, insurance and investments.

As a mutual organisation, Nationwide Building Society uses its unique position to help rebuild society by making a positive difference to the lives of its members and the communities in which they live. It is why Nationwide still values a branch network, supports communities through charitable grants, and places a premium on helping people thrive financially – whether helping them into a home of their own or giving them the financial support they need.

Taking a stand and making a difference is what sets Nationwide apart. None of which would be possible without the dedicated service of its 18,000 employees.

Media Contacts:

Robert Goodman
PR Manager, Corporate & Business, UK&I, Experian
Tel: +44 7989 398 498
Email: Robert.Goodman@Experian.com

Mike Pitcher
Media Relations Manager, Nationwide
07587 888295
mike.pitcher@nationwide.co.uk

SOURCE: Experian