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The Closing Docs: A super income verification process with 100% accuracy

The Closing Docs simplifies the income verification process and speeds it up. Learn the benefits of using such a tool.

the closing docs income verification app on purple background
Image: KnowTechie

In today’s time, faith is of utmost importance in any field and business. This faith tends to be imbalanced in contemporary scenarios where fake or fraudulent information rises in frequency and depth. 

It is surprising and important to note that a few simple clicks on a Google search deliver 60,000 links to the term “fake pay stub”.

A study dated August 2018 stated that more than 80% of property managers experience fraud. About 68% of online fraud is a real threat and downfall to their business.

Simplify and speed up the income verification process

This is where The Closing Docs steps in to eradicate the broken part: income verification for potential residents or borrowers. It is significant to note that 36% of households are renters who change residence every 3 years.

The remaining 64% are homeowners who choose to move after every 5 years and might refinance one or two times. This segment alone includes a constant demand for the platform to verify applicant income.

the closing docs
Image: KnowTechie

The Closing Docs directly confirms the applicants’ bank account data and delivers 98% accurate data. This percentage is far superior to AI-based attempts for accuracy and process effectiveness.

The data derived by The Closing Docs is from the source wherein zero data interpretation is required.

Stephen Arifin, the founder of The Closing Docs, is a software engineer with years of experience resolving large-scale challenges in Microsoft.

Mark Fiebig, a serial technology solutions entrepreneur, has delivered success in wireless, healthcare, and automotive sectors and incorporated numerous outstanding roles under his belt.

How The Closing Docs work?

The Closing Docs accelerates the income verification process by receiving accurate data quickly while securing the applicant’s sensitive data.

The platform eliminates opportunities for a pay stub or bank statement fraud. The applicant’s income data are preserved with extreme care while significantly reducing liability risk to the organizations. 

Eliminating complex variables of automated income variables. The Closing Docs provides clarity into the applicant’s ability to pay by highlighting the net income in 3 simple steps – Collect, Confirm, and Share. These steps are easy, effortless, and trustworthy.

The Closing Docs’ exclusive approach has benefited the property management industry on a large scale. 

Arifin said, “Our customer success stories invariably speak to significant efficiency gains from relying on The Closing Docs for automated income verification. They can fill vacancies faster by using the platform’s services to vastly expedite the approval process and have great news to share with owners regarding enhanced property economic performance: shorter vacancies and fewer evictions. How? The Closing Docs delivers better tenants.”

A survey by the National Apartment Association (October 2021) revealed that 63% of respondents believe finding operational efficiencies is a top challenge in the coming year.

When using The Closing Docs to verify applicant income, operators receive the accurate income data in a few minutes. In the old model, obtaining income information from an applicant in pay stubs might take 2-5 days for an operator.

Now, the applicant can be invited to The Closing Docs for automated income verification and receive 100% verified data within 10-minutes.

the closing docs sample report
Image: KnowTechie

Evade fraud with The Closing Docs

FinTech/PropTech industry homes satisfied customers who appreciate the simplified income screening process.

The automated income verification report delivers prowess to finalize confident decisions from a property manager screening to a potential tenant or a lender apprehensive of potential borrower risk.

The Closing Docs are delivering a solution that benefits both the applicant and the screener by providing 100%-bank-verified income data in minutes.

With every trivial and minuscule detail available on the Internet, it is easy to provide deceitful income and employment documents. The customers can curate and forge the documents to dupe.

The Closing Docs organize and evaluate the screening process to evade fraud to achieve precision, success, and efficiency.

Hence, the key to the platform’s success is avoiding risks, maintaining up-to-date technology, and positive competitive attributes.

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