REVIEWING INCOME VERIFICATION RESULTS

Before the VOI service is initiated, Yardi will first determine if there are any records for The Work Number search.

If there are no records found for The Work Number search, then the VOI service for a verification of income will be processed either by verifying banking information or paystub information. The application will enter a "pending" status and will require review by a leasing team member. (e.g. Community Manager).

In addition, Yardi has a feature that is ran alongside the VOI service called Dollar Validation.  Dollar Validation assesses the Total Income and Rent/Income ratio based on the information entered at the time of screening. 

Applications that return a verified income result causing a rejection or requiring a guarantor will enter a "pending" status and will require review by a leasing team member. (e.g. Community Manager).

The following information includes how to view income verification results for an applicant that verified their income by connecting their bank account information.

Income Verification results will appear under the Overview tab and Income Verification will be listed under the Service section.

The status under the Overview tab will read either “In Progress” or “Complete.” If the status is “Complete,” the VOI results are ready to review.

The Income Verification tab displays that no records were found for The Work Number search and a summary of the banking information completed through VOI.

Applicant Identity

The Applicant Identity section lists the name(s) associated with the bank account(s) that were inputted by the applicant through the VOI workflow. It also lists the name as it was inputted for the screening request.

During the VOI service, it will search to see if the applicant's name matches the bank account name.

Bank Accounts

The Bank Accounts section lists the owner name for each bank account, the institution with which the account is associated, the account name, the account type, the date the account was opened (if applicable), and the responsibility type (“Joint” or “Individual”).

For applicants with joint bank accounts, it is recommended to have only one of the applicants connect their bank account, otherwise the income will be double counted.  For information on how to handle applicants that have entered joint bank accounts, please see the information here.

Income Details

The Income Details section lists additional income information including sources, net amounts, and gross amounts:

• Description lists the sources of income that were able to be extracted based on the banking information provided.

• Net Recent lists the Net (take home) income over the past three complete calendar months annualized.

• Gross Recent lists the Gross income over the past three complete calendar months annualized.

NOTE: This is the amount used to derive the verified income.

• Net Annual lists the Net (take home) income over the past twelve complete calendar months.

• Gross Annual lists the Gross income over the past twelve complete calendar months.

NOTE: “Recent” refers to using the past three months of data to provide an annualized amount, whereas “Annual” refers to providing the actual number for the past twelve calendar months.

Transaction History

The Transaction History table displays a summary of up to 24 months including net deposits and estimated gross deposits. The deposits displayed are what was captured by the VOI model as reliable income streams, meaning they occurred with regular consistency, frequency, and cadence.

The following information includes how to view income verification results for an applicant that verified their income by uploading their paystub information.

Income Verification results will appear under the Overview tab and Income Verification will be listed under the Service section.

The status under the Overview tab will read either “In Progress” or “Complete.” If the status is “Complete,” the VOI results are ready to review.

The Income Verification tab displays that no records were found for The Work Number search and a summary of the paystub information completed through VOI.

VOI 

In the VOI section, select the View Report icon to view the paystub uploaded by the applicant.

Any modifications made on the paystub will be highlighted, and the file will be placed into a "pending status" for the community team to review.

Applicant Identity & Employment

The Applicant Identity and Employment sections display the applicant name and employer name identified on the paystub by the Ocrolus document processing technology.

During the VOI service, it will search to see if the applicant name matches the name on the paystub.

Paystub 

The Paystub section provides a breakdown of earnings, bonuses, rates, payment frequencies, and more, along with the applicant’s name and address. The Annual Salary Rate and Annual Earning are the calculation of the applicant's annual earnings based on the data provided.

During the VOI service, the system will extract all the information from the paystub and enter it in this section.  The format will always remain the same.

For the paystub, VOI will go off of the Annual Gross income for the income calculation.

Pay Distribution

The Pay Distribution section contains the account information for any bank account(s) the payment was dispersed to through direct deposit, if applicable.

VOI Request Details

At the very bottom of the Income Verification tab, the VOI Request Details section includes an audit trail in situations where an applicant needed to re-upload a paystub document. The uploaded attachment will be available for all line items.

The VOI results will be accessible using the same method within the ScreeningWorks PRO Exec dashboard.

Dollar Validation is a feature that is used with Yardi’s VOI service that reassesses an application’s total income and rent-to-income ratio (Rent/Income) once income verification services have completed and verified income information is received.

When the screening application is processed initially, the Total Income and Rent/Income ratio are assessed based on the information entered at the time of the screening submission and are listed on the application landing page.

Each applicant file reflects only the income and Rent/Income ratio derived from the information entered on the screening page until the income verification service is complete for all members of the group.

Once income verification is complete for all applicants, income gets broken into two sections:

• Verified Income – the income derived from the income verification service

• Stated Income – the income derived from the user input at the time of screening

The application landing page will also update to display the Total Verified Income and Verified Rent/Income ratio instead of the stated Total Income and Rent/Income ratio.

*NOTE: If the income was not able to be verified through an Income Verification service, the landing page will display Total Stated Income and Stated Rent/Income ratio.

If the verified Rent/Income ratio is associated with a different application result than the stated Rent/Income ratio, the result may change. The ultimate result depends on what other Reasons for Result are present on the applicant file(s).

Dollar Validation Results: Rejection or Requirement of a Guarantor

When applications for Dollar Validation results in a rejection or the requirement of a guarantor, the application will result in a "pending" status, and will require review by an office team member. (e.g. Community Manager).

The Income Verification tab will show a status of “Rent/Income Ratio Does Not Meet Requirements” for each applicant within the application.

The application will remain in "Pending" status until the pending workflow is completed for all applicants within the application.