Nationwide Building Society has introduced a character recognition tool for mortgage affordability assessments.
‘Intelligent Capture’ provides a digital read on documents, with the ability for the tool to identify text and values from an image and then extrapolate the information into a digital format.
Nationwide says the tool will speed up affordability assessments for intermediaries, resulting in improved mortgage processing that is at least 24 hours quicker.
The move follows Nationwide’s previous investment to provide automated income verification, which in some cases means no documents are required.
Nationwide has worked with fintech partner EDM Group to develop a bespoke assessment portal, wrapped around EDM’s Automated Document Verification platform, to create a uniquely responsive tool that can automate very complicated income affordability processing.
It automatically verifies information on documents, such as payslips, reducing the need for manual intervention. With the ability to assess thousands of payslips every week, this allows cases to be underwritten and offers to be made far more quickly.
Nationwide intermediary relationships director Ian Andrew says: “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 per cent 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.”
EDM Group chief technology officer Spencer Wyer says: “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, still using payslips and other documents, but with minimal human intervention, speeding up the process significantly.”