MRI Software has launched a new automated income verification offering for multifamily leasing in its CheckpointID and MRI Resident Screening products as part of the MRI Living suite of property management solutions. Automated income verification will help owners and operators reduce collections and evictions by leveraging multiple sources to generate a reliable picture of an applicant’s income.
MRI chose to work with VeriFast, a single-source verification platform that automates consumer-permissioned identity and financial data, on the rollout. The platform tackles the billions of dollars lost to inefficient underwriting and fraud annually.
“Offering automated income verification through CheckpointID and MRI Resident Screening will reduce detective work for our clients so they can confidently approve qualified applicants,” said Brian Zrimsek, industry principal, MRI Software. “Leveraging VeriFast will make automated income verification available to a larger population of applicants, enabling our clients to verify applicant income directly from the source, whether a bank or payroll provider, streamlining the process for both property managers and applicants.”
According to TransUnion, 97% of property managers have experienced fraud. There were 3.5 million evictions in 2022, costing U.S. real estate owners up to $3.5 billion in lost rent, damage repairs and enforcement costs. Some experts estimate that half of evictions stem from fraud, so property management companies can avoid significant losses by implementing stronger fraud prevention measures during the leasing process.
“We’re excited to work with MRI to help prevent fraud and improve efficiency in the rental process for owners and renters alike,” said Tim Ray, CEO, VeriFast. “As instances of rental fraud continue to rise, property owners struggle to accurately verify income sources, especially for those without a pay stub, such as small business owners, contractors or gig workers. MRI can now offer its clients an even more reliable and secure solution to verify an applicant’s total income using consumer-permissioned bank data, ensuring an honest, rapid and fair application process that benefits everyone.”
