MRI Software integrates Nova Credit Income Navigator
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The AI-powered document fraud detection capability offers further protections for multifamily businesses to efficiently safeguard their properties and communities against rental fraud.
"Our collaboration with Nova Credit to enhance automated income verification within MRI's multifamily fraud solution empowers leasing offices to approve qualified applicants more quickly and confidently, while strengthening protection against fraud," said Ben Berk, VP of North America Residential Solutions at MRI Software. "By streamlining the verification process and reducing reliance on manual documentation, we're helping property managers deliver a faster, more frictionless leasing experience without compromising on security or compliance."
The growing use of generative AI to create fraudulent documents, such as paystubs and bank statements, is projected to result in fraud losses of $40 billion by 2027, according to Deloitte. An NMHC survey reported that 80% of apartment owners, developers and managers saw applicants misrepresent information on rental applications.
To date, MRI's multifamily fraud prevention solution has saved clients an average of $1 million per year and prevented $1.8 billion in bad debt for multifamily operators since 2017.
Nova Credit's platform uses multiple AI technologies to prevent fraud. Documents are analyzed at the metadata level to detect tampering and manipulation, assessing them against more than 700 fraud indicators. Machine learning models categorize transaction streams into easily digestible income snapshots.
With the integration of Nova Credit Income Navigator, MRI can verify income for nearly 100% of applicants. The fraud prevention solution uses a combination of technology and human oversight to ensure accurate, timely applicant screening during the leasing process. AI-powered income verification typically produces immediate results, but in the event of exceptions where technology is unable to verify the uploaded documents, a human review takes place to conclusively validate or reject the documents -- without involving the property manager or requiring additional information from the applicant.
The AI-driven, human-supported approach offers several benefits, including:
• Reduces the time it takes to upload and review paystubs by 90%
• Provides a quick and flexible applicant experience with built-in AI fraud detection for documents
• Ensures all formats of paystubs or other documents can be validated and accepted
"Our collaboration with MRI Software creates a powerful defense against application fraud, while ensuring property managers can quickly verify income for any qualified applicant," said Akaash Gupta, Head of Tenant Screening Partnerships at Nova Credit.
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