The Closing Docs provides automated income verification to support property managers and lenders looking to accuratelyand easily validate an applicant's current income. We have partnered with 99% of the financial institutionsserving the U.S. & Canada to securely collect and calculate income directly from the bank account of any applicant.With applicant permission and participation, we gather and aggregate bank statement data in a concise formatthat is consistent for each and every applicant.

Our income verification service replaces outdated methods such as faxing bank statements or pay stubs, searchingfor and uploading the same, or making time consuming calls or visits to your bank or employer. The Closing Docsprovides speed, privacy, security, accuracy and convenience.

To verify your income, we collect deposits history data from your bank. To do so, we need your permissionand participation. You give us this permission by logging in to your bank through a secure channel provided byyour bank. Rest assured, The Closing Docs only routes, and never retains, your sensitive credentials.

It's very important that you login to your primary deposit account in order for usto flag your income. For example, logging into your credit account will show no income when using our tool.

First, you’ll share less info outright by using our system than you would under the old-fashioned method of sharing pay stubs and bank statements. And weunderstand that sharing sensitive financial information may sound intimidating.That's why we don't store any of your sensitive data.

Specifically, our system was designed to maintain your privacy and security. Our online income verificationoperates using 256‐bit encryption. Your user name and passwords are never displayed, viewed, or stored. Thisis the safest, fastest, and most convenient way for you to submit your information for property manager or lenderapproval.

We only have the ability to read bank statements and transaction info. We cannot login, make any charges, withdraw any money, make unauthorized transfers, or anything that would requireyour explicit permission. Once we are done collecting transaction history, we disconnect your bank account.

After we calculate your income, you will have the opportunity to review and confirm your information before areport is produced. This information includes:

• Account balances

• Account holder

• Total recurring net income

• Average recurring monthly net income

• Total non-recurring net income

• Average non-recurring monthly net income

• Individual income streams, recurring and non-recurring

• Line item details for each deposit

If you would like to see a sample report, please click here

Automated income verification from The Closing Docs provides tremendous advantages over traditional methods ofsupplying this information. Not only does it deliver enhanced privacy, security, convenience, and speed, butbecause of its accuracy and completeness, you may qualify for more favorable terms. Additionally, this onlinetool ultimately results in you sharing less info than you would by uploading and sharing pay stubs or bankstatements.

The Closing Docs partners with 99% of all financial institutions in the U.S. and Canada. Accordingly, we areheld to significant security standards in order to meet policy requirements for those institutions. Our systemwas designed specifically to maintain and enhance your privacy and security, and operates at a 256‐bit encryption level.

Never. Your ID and password are never displayed or viewed. Your credentials are transferred to your financialinstitution at high security. If your credentials are correct, we will then receive a “read‐only” copy of yourtransaction data, allowing us to deliver income reports to property managers and lenders in minutes, getting you fasteranswers about decisions that are important to you.

Our income report provides a net income summary of an applicant,summarizing key metrics such as Annual Net Income and Monthly Net Income.To see a sample of our income report, click here

Our income report provides up to one year of income data per applicant. Most banksallow a full year of income history, but some banks may restrict their shared financialdata to shorter time periods. For more details about our income data availability, click here

The Closing Docs verify's the applicant's net income. The Closing Docs analyzes the transaction data from an applicant's bank account, providing up-to-the-minute income data.The greatest value in relying on net income data is it reflects the applicant’s probable cash on hand in any given month,the funds from which they can meet potential future financial obligations. This approach reflects amounts following deductionsfor taxes, retirement contributions, health insurance, or other items. Read our blog post on "why net income is better than gross income for tenant screening"

Yes! The Closing Docs provides a seamless user experience with many leading property management software applications, such as Appfolio, On-Site, Yardi, Rentec Direct, and Buildium. Our integrations allow you to originate and view automated income verification reports directly from within your favoriteproperty management software.

You can explore our integrations here

No, we do not perform credit checks at this time.