Nationwide introduces soft credit footprints for prime borrowers

Michael Lloyd

September 18, 2019

Nationwide Building Society has introduced a soft credit footprint for all its prime mortgage applications.

Previously, when applying for a mortgage, applicants who submitted a Decision In Principle (DIP) would have a footprint left on their credit file.

Now brokers and borrowers can submit cases without having an impact on the customer credit score. The hard footprint is only applied to a customer credit record at the submission of the application.

Ian Andrew, intermediary relationship director at Nationwide, said: “We have an ongoing drive to improve support for brokers and their clients, with continuous feedback from intermediaries about their requirements and which key areas of the application journey could be improved in line with their needs.

“Having a DIP that does not leave an imprint on a credit file at an early stage improves the process both for intermediaries and customers and is something brokers have asked us for.

“We have also improved the case tracking system and accompanying help text for intermediaries completing an application, with the aim of smoothing the journey for brokers, making case tracking more efficient and reducing unnecessary calls for application updates, further enhancing an already responsive and well-received system.

“These changes follow on from the system improvements we made earlier this year, which included increasing the remortgage offer validity to 180 days.”

In addition, the case tracking system for brokers has been further improved, with case update and overview pages to give intermediaries more information and greater detail.

The ‘At a glance’ information available includes application details, DIP and offer details, such as expiry dates, valuation status and dates, conveyancer details and full product details including reservation date.

If the broker needs to act, this will also be indicated. Next steps will also be shown, while the help text to signpost brokers on case requirements has also been improved.

David Hollingworth, associate director, communications L&C Mortgages, added: “Borrowers are increasingly aware of the potential impact that a hard footprint could have on their credit score, so the news that Nationwide is shifting to a soft DIP will be well received.

“The changes to the case management tracking tools underline the fact that Nationwide is listening to broker feedback in an effort to evolve and enhance its platform.

“Providing more information online should help limit the need for unnecessary calls, increasing the efficiency for everyone and ultimately giving customers a better overall experience.”

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