The Closing Docs - Automated income verification

[johncalvin232]

The Closing Docs is an automated income verification tool that allows property managers and lenders to make the best approval decisions. Using The Closing Docs enables property managers and lenders to expedite the review and approval process, while increasing the accuracy of their applicant's reported income.

Problem Solving:

We have created an automated process to verify an applicant's income and eliminate fraud

Main Features:

• Automated income verification
• Calculated yearly and monthly net income
• Total non-recurring deposits like bonuses
• Accurate and detailed net income reports
• Easy for self-employed or tips-earning applicants
• to illustrate their capacity to pay rent
• Employment verification
• Support for over 14,000+ banks in the U.S. and Canada

Why Unique?

We are trusted by over 9,700 banks and financial institutions

Target Market:

Property managers and lenders

Benefits:

Eliminate fraud, increase efficiency, reduce time spent screening

Website: https://theclosingdocs.com

We will greatly appreciate your valuable comments and suggestions.

Stephen Arifin - CEO

Thank you in advance!

 

[lost999]

@johncalvin232 From an applicant standpoint, this is way too invasive. I would walk away from a lender or property if they used this service.

Also giving a third party access to your financial institution is just adding another vector for potential fraud.

 

[txdoll72]

@johncalvin232 Are you hiring Data analysts?

 

[dreamchaser222]

@johncalvin232 Typically, an applicant discovers that The Closing Docs will be used near the end of the application process, after days & weeks of time have been invested. But, to proceed, the applicant must log onto their bank account using the web portal that The Closing Docs generated for that purpose. Although The Closing Docs claim that they do not view or retain the applicant's log on information, they offer no evidence to substantiate that. Further, they are such a new startup that no outside auditor has audited them. A rogue developer at The Closing Docs could be harvesting this information & a fly-by-night startup like this would never know.

Their business model is flawed because it relies on the applicant trusting The Closing Docs yet no lay applicant is likely to ever heard of them. My bank told me that because I willingly logged on to my account, I would be liable for any fraud.

As more consumers become aware of this issue, they will avoid landlords & lenders who use The Closing Docs.

 

[phiwokazi]

@johncalvin232 Because of the fact that it would be logging into my bank account to “Verify” my credentials, I would feel completely violated and scared that my info would be leaked and ALL of my savings would be gone in the blink of an eye. No way will I trust a company with my personal bank info, and anyone who would do such a thing would have to be aware of the fact that they are LIABLE for all damages since it was a voluntary sign in