Nationwide Building Society has launched automatic verification technology to speed up affordability assessments for intermediaries.
The Optical Character Recognition (OCR) tool has been introduced for all mortgage affordability assessments, with its ‘intelligent capture’ feature providing digital read on documents with the ability to identify text and values from an image and then transfer the information into a digital format.
Ian Andrew, intermediary relationships director at Nationwide, said: “Nationwide has implemented this type of intelligent processing to use as part of the affordability assessment, automating a part of the process that was previously manual to include 100% of all mortgage applications and speeding it up by at least 24 hours.
“Through market-leading use of technology, we are able to reduce the time it takes to assess applications so that brokers can work through cases and provide their customers with their offers really quickly.
“We will be offering the benefits of this across all our processing in the near future.”
This launch follows on from Nationwide’s previous investment to provide automated income verification and will be rolled out across all document types over the coming months.
Nationwide worked with fintech partner EDM Group to create a uniquely responsive tool that can automate complex income affordability processing.
This tool automatically verifies information on documents to reduce the need for manual intervention which hopes to allow cases to be underwritten fast and offers to be made quicker.
Spencer Wyer, chief technology officer at EDM Group, added: “We are really pleased to be part of Nationwide’s incredibly innovative transformation of the mortgage origination journey, making it ever easier and faster for brokers to apply.
“It was a brilliant opportunity for us to work closely with their digital team to help automate income verification in a really unique way.”