MRI Software Launches Automated Income Verification Offering To Reduce Fraud Risk for Multifamily Businesses

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Sep 21, 2023, 09:00 ET

Selects VeriFast to power service within CheckpointID and MRI Resident Screening solutions

SOLON, Ohio , Sept. 21, 2023 /PRNewswire/ -- MRI Software, a global leader in real estate solutions, has launched a new automated income verification offering for multifamily leasing. The capability is now available in MRI's 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, the 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."

Technology has made rental fraud easier than ever, and studies show that 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."

About MRI Software
MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI's open and connected, AI-first platform empowers owners, operators and occupiers in commercial and residential property organizations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than six million users worldwide. Through innovative solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to realize their vision of building thriving communities and stronger businesses. For more information, please visit www.mrisoftware.com.

About VeriFast
VeriFast provides a single-source configurable API platform that allows companies to immediately validate customers' ability to pay while eliminating fraud. Delivering deep analytics in minutes, VeriFast provides powerful consumer – borrower insights far beyond conventional credit checks. The company is based in Toronto and has customers throughout North America. For more information, please visit www.verifast.com.

Press Contacts:
Rachel Antman for MRI Software – North America
[email protected]
212-362-5837

Cameron Thomas for VeriFast
[email protected]
416-660-9801

SOURCE MRI Software LLC