Frequently Asked Questions

The Closing Docs provides automated income verification to support property managers and lenders looking to accurately and easily validate an applicant's current income. We have partnered with 99% of the financial institutions serving 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 format that is consistent for each and every applicant.

Our income verification service replaces outdated methods such as faxing bank statements or pay stubs, searching for and uploading the same, or making time consuming calls or visits to your bank or employer.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

To verify your income, we collect deposits history data from your bank. To do so, we need your permission and participation. You give us this permission by logging in to your bank through a secure channel provided by your bank. Rest assured, your credentials never touch our servers and are securely transmitted directly to the financial institution.

It's very important that you login to your primary deposit account in order for us to 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 we understand 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 verification operates using 256‐bit encryption. Your user name and passwords are never displayed, view or stored. This is the safest, fastest, and most convenient way for you to submit your information for property manager or lender approval.

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 require your 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 a report is produced. This information includes:

• Account balances
• Net yearly income
• 3-Month average monthly net income
• 12-Month average monthly net income
• Non-recurring income (useful for self-employed applicants)
• Employment information
• Length of recurring income

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 of supplying this information. Not only does it deliver enhanced privacy, security, convenience, and speed, but because of its accuracy and completeness, you may qualify for more favorable terms. Additionally, this online tool ultimately results in you sharing less info than you would by uploading and sharing pay stubs or bank statements.

The Closing Docs partners with 99% of all financial institutions in the U.S. and Canada. Accordingly, we are held to significant security standards in order to meet policy requirements for those institutions. Our system was 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 financial institution at high security. If your credentials are correct, we will then receive a “read‐only” copy of your transaction data, allowing us to deliver income reports to property managers and lenders in minutes, getting you faster answers 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 banks allow a full year of income history, but some banks may restrict their shared financial data 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 deductions for 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 favorite property management software.

You can explore our integrations here.

We provide an online rental application with automated income verification integrated into the workflow. That way, your applicant’s basic information, rental history, and employment information is delivered alongside your automated income verification report.

For more information on our embeddable rental application, send us a message.

Yes! Our rental application solution collects rental application fees on your behalf. All rental application fees collected will be transferred to your bank account weekly and on a rolling basis. For convenience, the $10 income screening fee is deducted directly from your rental application income.

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

Yes! We provide an API to embed into any workflow or anywhere on your website. Once the applicant completes the income verification, we will deliver their income summary to you through our API or email.

To learn more regarding adding automated income verification to your services, contact us.

We have purposefully built our automated income verification API to be set up in less than 5 minutes! Just copy-paste a code snippet to incorporate our income verification service into your development environment. Once set up, there will be additional work needed on your end to receive the income data or report. In most cases, we have partners integrated in a day or two.

To view our integration documentation, click here.

When an applicant completes an income screening from your site, we will send your server a request signaling that a new income summary is ready to be handed-off. From there, your server can communicate with our API to fetch the income data for the corresponding applicant.