Introducing The Approval Center

Streamlining your leasing approval decisions is a task easier said than done.
Kayla Gilmour
3 minute read

Streamlining your leasing approval decisions is a task easier said than done. VeriFast’s mission is to help Landlords navigate the data and key metrics to easily make informed decision about each applicant and quickly approve good tenants before anyone else. That’s why we’ve built our feature: The Approval Center, which takes all the data from the VeriFast Bank Check and weighs and scores the key metrics of the applicant’s finances to quickly generate a recommendation to offer a Lease to good applicants!

The Approval Center is deigned to automatically evaluate each applicant based on key metrics like: net income to rental budget ratio, past rent payments, monthly income to monthly debt ratio, days in overdraft, account balance trend, free cash flow, stop payments and NSF alerts. All these metrics combine to provide a score which determines the tenant’s financial ability to afford the rent. The score is a number between 1 and 100, with higher scores being good and a full 100 signifies complete financial capability.

Why is this important

Having these indicators at your disposal at the beginning of your tenant screening process makes it easier and faster to make decisions about each applicant you receive. The Approval Center enables you to auto-approve the top applicants so that you can save time reviewing every report in detail. For example: tracking how many and how often NSFs happen on the day the applicant’s paycheck is received could indicate how closely an applicant is living paycheck to paycheck. Furthermore, calculations such as Net Income to Rent and Monthly Debt to Income are defined by comparing the applicant’s total monthly income to the rent payment and the amount, they are spending per month paying debt. Both show you what percentage of their income would be divided to those payments. This gives you a clear understanding on if an applicant can afford to take on the cost of the rent of your unit.

In Conclusion:

Understanding your applicants’ total monthly income and how much of their income is being split between your rent and their additional expenses can influence your decision to lease them. The applicant may have the cash flow to handle the financial stress of the rent payments or there may be too many fiscal commitments for them, so renting from you may not be in their best interest. With the Approval Center, you’ll know. This way, when it comes time to decide between two equally qualified applicants, you have all the information you need at your disposal.

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