Frequently Asked Questions

For Applicants

  • What is The Closing Docs?

    The Closing Docs is an online income verification service that allows a landlord or property manager to validate their applicant's income. We have partnered with thousands of financial institutions to securely collect and calculate income straight from your bank. Once we have your permission, we gather and aggregate your bank statements in order to verify your income for your landlord or property manager.

    Our income verification replaces outdated methods such as faxing your bank statement or making time consuming calls to your bank or employer. The Closing Docs provides you speed, privacy, security, and convenience.

  • Why do you need my bank login?

    In order for us to begin verifying your annual income, we need explicit permission from you to authorize with your bank. 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.

  • I don’t like giving my personal information online, how do I know if my financial data is safe and secure?

    We understand that storing sensitive financial information could be risky. That's why we don't store any of your sensitive data at all! As soon as your report is created, our machines wipe all traces of your data to prevent any sort of breach.

    Our system was designed specifically to enhance 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 tenant approval.

  • Okay, I logged into my bank account. What can you do with my account?

    We only have the ability to read bank statements and transaction info without any personal or sensitive information. We cannot login, make any charges, withdraw any money, make unauthorized transfers, or anything that would require your explicit permission. Once we are done verifying your income, we disconnect your bank account and remove all related data.

  • What information will be shared on my report?

    After we calculate your income, you will have the opportunity to review over your information before you produce your report. This information includes:

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

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

  • I’d rather scan/fax in my information.

    The Closing Docs online income verification 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 a property you may not normally qualify for.

  • How do I know this is not a scam for my personal information?

    The Closing Docs is strictly audited to remain PCI and FCRA compliant. Our system was designed specially to enhance your privacy and security, and operates at a 256‐bit encryption level.

  • Will you see my password information?

    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 bank statement allowing us to make a fast and accurate decision on your rental application.

For Property Managers

  • What does your income report look like?

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

  • How much income data is available in our income report?

    Our income report provides up to 1 year of income data for your applicant. Most banks allow a full year of income history, but some smaller banks may withhold their financial data to shorter time period.

    For more details about our income data availability, click here.

  • Does The Closing Docs verify the applicant's gross or net income?

    The Closing Docs verify's the applicant's net income. The Closing Docs analyzes the financial data from your applicant's bank statements, which consists of the applicant's income deposited into their direct deposit bank account after taxes, contributions, insurance, and other deductions. We utilize this deposit data to produce your net income report. Read our blog post on why net income is better than gross income for tenant screening.

  • Does The Closing Docs integrate with other property management software?

    Yes! The Closing Docs integrates with many leading property management software applications such as Appfolio, On-Site, Yardi, Rentec Direct, and Buildium. Our integrations allows you to send and view income screenings directly from your favorite property management software.

    You can explore our integrations here.

  • How do I make your income verification integrated in my rental application process?

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

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

  • Do you collect rental application fees?

    Yes! Our rental application solution can collect a rental application fee that you can set. All rental application fees will be transferred to your bank account in a week on a rolling basis. For convenience, the $10 income screening fee is charged directly from your rental application income.

  • Do you perform credit checks?

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

For Property Management Software and Tenant Screening Companies

  • Can I integrate your income verification into my product?

    Yes! We provide an embeddable income verification module that allows you to place our income verification workflow on anywhere your website. Once the applicant completes the income verification, we will deliver their income summary to you through our API.

    To learn more on how you can add income verification to your product offerings, contact us.

  • How long does it take to setup your income verification module?

    We have purposefully built our income verification module to be setup in less than 5 minutes! Just copy-paste a code snippet to deliver our income verification service onto your development environment. Once setup, there will be additional work needed on your end to receive the income data or report.

    To view our integration documentation, contact us.

  • How do I receive the income data?

    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 here, your server can communicate with our API to fetch the income data for the corresponding applicant.

  • Can we utilize your income report?

    Absolutely! To utilize our income verification service as fast as possible, you can produce an income report white-labeled with your brand and logo to deliver to your customers. Later on, if you desire a more integrated report, we can hand-off the raw income data and allow you to produce your own report.

  • How does the revenue share work?

    We use Stripe as our payment processor but can accommodate other payment processors as needed. Your platform will charge for the income screening every time one is completed and will need to route payment to The Closing Docs. The price per screening goes down as volume increases.

If you have more questions, email or call 206-414-8273 and we'll do our best to answer.