Applying to rent can be a stressful experience for everyone involved. As a renter you must quickly dig up information and documents to secure a new home while lessors spend their days sifting through mountains of applications, tracking down contacts and missing information. Intellirent is a software provider with a passion for improving that experience.
To assist renters in providing both accurate and timely data, an online form may contain the option to connect a financial institution and account associated with income transactions that prove affordability. By doing so, potential renters will help their lessor quickly determine financial eligibility, reducing the time to process a file.
This article covers the following,
NOTE: Financial eligibility is determined by an applicant's leasing agent. Intellirent does not make decisions on approvals or denials. Please review any provided rental criteria or contact your leasing agent/rental property owner for questions regarding the approval process.
For more information on an applicant's transactions obtained through a connected account view Deposits.
Before submitting
From within the Employment Information tab, select I have a Financial Institution.
Find your bank
A modal will appear where you will begin by first selecting a financial institution. After authentication select an account within that financial institution. More than one financial institution and account can be selected.
Account Authentication
To authenticate accounts, Intellirent is integrated with Finicity, a financial technology (“fintech”) company. Finicity is a registered Consumer Reporting Agency (CRA), FCRA compliant, an FDX founding member and a trusted partner to over 10,000 financial institutions and providers in the mortgage ecosystem.
NOTE: Only income transactions are used to verify income, and only after the completed application file has been paid and submitted.
Connected Account
Once an account has been authenticated and connected, an applicant has the option to make changes.
IMPORTANT: Connections are subject to expire before an application is submitted. If the application has not been submitted within 24 hours of connecting the account, an applicant will be asked to complete the authentication once more. After submitting your application the authentication is immediately disconnected.
After submitting
If an account was connected an Income Report will begin to generate and connected accounts will be disconnected and an applicant will no longer be able to add new accounts.
NOTE: After app submission, a potential renter does not have an option to connect a financial institution. The option will only appear prior to submitting the application.
The Income Report will be available on the applicant's dashboard in Employment Information.
Income Report
Click on Income Report to open. The report is generated using the below calculations.
Summary
The summary will include calculations for ALL:
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Past 3 Months– the sum of income transactions in the recent 3 month history
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Past 6 Months– the sum of income transactions in the total 6 month history
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Average Monthly– the Past 6 Months history divided by 6 (months)
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Projected 12 Months– the Average Monthly multiplied by 12 (months)
- Est Monthly Avg– the calculated Rent to Income or Rental Budget, dependent on the applicant's association to a published property.
Rent to Income
If the applicant's desired rental property was selected the Rent to Income ratio will be calculated and weighed by 2.5 times – Average Monthly divided by the Rent Amount of the desired rental property.
Rental Budget
If the applicant's desired rental property is custom and manually saved, the Rent Amount cannot be used to calculate a Rent to Income ratio. Rent to Income is replaced with Rental Budget– Average Monthly divided by 3 (months).
Deposits
The list of income deposit transactions for a single account. A transaction is categorized by "Deposit", "Income" or "Income Interest".
For concerns regarding an applicant's transactions obtained through a connected account, please contact Finicity.
Intellirent is a software for real estate agents and owners. Intellirent does not make decisions on application approvals of denials. Please contact your agent directly if you wish to inquire about the final status of a submitted application.
Need technical support? Contact Intellirent