One in five federal student loan borrowers now default

NatWest Adopts Equifax Verification Exchange for Mortgage Income

NatWest has become the first UK high street bank to integrate Equifax UK's Verification Exchange into its mortgage application process. The partnership, announced on August 4, 2026, replaces paper payslip submission with verified direct monthly real-time payroll income and employment data.

Equifax says the tool pulls income and employment data directly from employer payroll systems, bypassing manual physical applicant document uploads. This materially reduces the risk of fabricated payslip fraud while significantly compressing the overall time between mortgage application and lending decision.

Brad Fordham, head of mortgage distribution and underwriting at NatWest, said the bank wants to deliver near-instant certainty to applicants and reduce the stress associated with home purchase.

Kristina Burwood-Ansell, director of consumer products at Equifax UK, said the partnership clearly shows the power of Equifax UK data. She said the integration supports a fairer and more efficient mortgage ecosystem for lenders and borrowers across the United Kingdom today.

Complex Income and Private Mortgage Demand Reshape Lending

Expert Mortgage, an Ontario brokerage specializing in private mortgages, difficult-to-place financing and power-of-sale solutions, plans to recruit 50 additional mortgage agents. The expansion responds to growing demand from homeowners dealing with mortgage renewals, arrears, high consumer debt and urgent credit challenges.

George Moutsouroufis, Principal Mortgage Broker and President of Expert Mortgage, said the company needs more agents to keep up with volume. He said a growing portion of inquiries often involve homeowners who require solutions beyond what a traditional bank can provide.

A complex-income preapproval usually fails because one assumption was actually treated as settled before the loan officer fully proved it today. Loan officers should identify the critical income source carrying the decision, what could invalidate it and what still remains unresolved.

Utah small business owners with low taxable income may still qualify for a mortgage through a bank statement loan commonly referred to as a non-QM bank statement loan.

Student Loan Defaults Rise as Borrowers Face New Repayment Rules

Millions of Americans with student loans are adjusting to repayment changes after the Biden administration's SAVE program ended on July 1. Borrowers previously enrolled in SAVE now have 90 days to select a new repayment option or face federal financial penalties.

According to the Office of Federal Student Aid, roughly one in five federal student loan borrowers are now in default, representing more than $233 billion in delinquent debt.

Jackie Duran, president of the U.S. Student Loan Center, said payments resumed after a five-year pause and borrowers were unprepared. She advised borrowers to find out who holds their loan, get professional help if needed and act quickly to preserve options.

Falling behind can lead to wage garnishment, federal tax refund offsets and severe credit score damage that complicates future borrowing. Rep. Anna Paulina Luna is co-leading legislation that would reduce federal student loan interest rates to 2%, lowering total repayment amounts.