The Closing Docs provides automated income verification - the fastest and most accurate way to verify an applicant's income. Here's how you can send your first income verification request in less than 5 minutes. First, If you don't have an account yet, sign up here: https://theclosingdocs.com/users/new Once you register, you'll be taken to our admin portal. Our portal is where you can manage your properties and send income verification requests from.

Automated income verification from The Closing Docs provides deep insight into any applicant’s ability to pay rent by revealing their net income. Here are some best practices to support getting the best results, quickly. Fair Housing best practices Our recommendation to remain in compliance with FHA is that verification of income (VOI) is requested of each applicant, including co-applicants, cosigners, and guarantors. Here is sample language used by many of our customers which yields ~99% compliance: 

Yes, The Closing Docs supports Section8/subsidized housing applicants. HUD stipulates that: "Generally the owner must use current circumstances to anticipate income. The owner calculates projected annual income by annualizing current income. Income that may not last for a full 12 months (e.g., unemployment compensation) should be calculated assuming current circumstances will last a full 12 months. If changes occur later in the year, an interim recertification can be conducted to change the family’s rent.

If you have a group income verification request and want to complete the request even though some applicants have not completed the request, you can manually produce the income report using the button below: Manually completing the screening request will cancel all incomplete income verification requests and produce your report immediately after. In order for this action to be available, at least one income verification request must have been completed.

If you need to adjust an applicant's name, email or phone number, the monthly rent of the screening, or the property that the screening is for, you can use the edit screening functionality shown in the screenshot below.  Clicking that button will take you to a form that allows you to modify your screening shown in the screenshot below. From there, you can modify the fields you need to have changed.

The Monthly Net Income in an income stream might seem easy to calculate, but there's a little trick into how it's calculated. The immediate thought is to have the recurring deposit total divided by the number of months that the deposits have been active. However, this is incorrect. You can see in this simpler example how this calculation doesn't work: Let's say an applicant is getting paid $500 every 2 weeks for 3 months.

Our income verification process is applicant-driven, which means that it takes as long as it takes for the applicant to complete the process. Usually, the process takes around 5-10 minutes to connect the applicant's bank accounts, review the data, and submit the report. Once the report has been submitted to the decision maker, the decision maker receives the report immediately.

In The Closing Docs net income report, you should expect to see a full year of net income data for your screened applicant. You can see the time period that your income report covers within the Applicant Income Summary header: However, there are certain situations where we are unable to provide you the applicant’s full years’ worth of net income data. When we notice that we might have received an abnormally small amount of income data (less than 90 days), we provide the following warning message:

When you send an income verification request to your applicant, they will receive an email with the subject "Action required: Income verification" that looks like this: And the text message will look like this: Each notification contains a link directing the applicant to complete the income verification process.

If you send an income verification request to an individual applicant, you will receive the applicant's income report as soon the applicant completes the income verification process. To be clear, there is no processing time to generate the report - it happens instantly. If you send an income verification request to multiple applicants, you will receive a report as soon as all applicants complete the income verification process. If an applicant cannot complete the process for whatever reason, you can manually complete the screening and produce your report by following these instructions.

If you have received an income report that does not have the net income to rent multiplier, it will be for one of the following reasons: The monthly rent was not included in the income verification request. If you forgot to add the monthly rent, then you can add it using the Edit Screening functionality. We do not calculate the net income to rent multiplier if one of the applicant's bank accounts has a time period of less than 50 days of income history.

In order to move one screening into another screening group (also known as combining screenings together), first go to our portal here: https://theclosingdocs.com/admin Then, find the income verification request where you would like to move an existing screening and click the icon on the right that says "Move an Existing Screening To This Group". Once you click that icon, the screen below will pop up: From here, search the applicant's name or email that you want to move into the group that you selected.