Latest news with #NovaCredit
Yahoo
6 days ago
- Business
- Yahoo
Yardi and Nova Credit Bring Financial Inclusion to Resident Screening with Cash Atlas Integration
Yardi's incorporation of cash flow scoring into its screening solution enables insight into creditworthy renters excluded by traditional credit checks SANTA BARBARA, Calif., June 4, 2025 /PRNewswire/ -- Yardi® announced the integration of Nova Credit's cash flow underwriting solution, Cash Atlas™, into its ScreeningWorks® Pro platform. This enables property managers to approve previously credit-invisible applicants by evaluating their ability to pay through bank data rather than traditional credit data alone. The collaboration addresses a critical gap, as 49 million Americans, or 19% of the adult population, are either credit invisible or have an insufficient credit history for traditional scoring, according to research conducted by Oliver Wyman. This lack of traditional credit data has historically excluded millions of qualified applicants from rental housing, including gig workers, recent graduates, immigrants and young professionals, who demonstrate financial responsibility through their banking behavior rather than traditional credit products. In contrast, according to the FDIC, 95.5% of U.S. households have bank accounts, providing transaction data that can be used to assess their financial risk more accurately. This integration marks the first at-scale application of cash flow data in tenant screening, representing a significant shift in how the rental industry evaluates applicants. Over 6 million units using ScreeningWorks Pro can now transition to more objective and inclusive assessment methods. "Traditional credit data misses a population of financially responsible renters who simply haven't used credit products or haven't used them long enough," says Patrick Hennessey, vice president at Yardi. "Cash flow data provides a full financial picture, which is more predictive of their ability to pay rent on time. This gives our clients the ability to approve more applicants while maintaining rigorous risk assessment standards." For property management companies, the integration offers: Enhanced risk assessment: Access to real-time financial data that provides more accurate payment prediction than traditional credit data alone Access to new markets: Ability to serve growing renter segments, including gig workers, young professionals and new-to-country residents Expanded applicant pool: Connection to 49 million credit-invisible Americans, reducing vacancy rates and accelerating unit fills For rental applicants, the benefits include: Fair financial evaluation: Assessment based on actual ability to pay rent through verified and up-to-date bank data, not historic credit history Expanded housing access: Opportunities for responsible renters who are building credit "We're helping property managers discover qualified renters within their existing applicant pool — renters they previously would have missed based on traditional credit data," said Akaash Gupta, head of tenant screening partnerships at Nova Credit. "This is a competitive advantage in any rental market and offers a fairer view of what it means to be a 'qualified' applicant." To learn more about this enhanced resident screening solution, contact a Yardi representative. About Nova Credit Nova Credit is a credit infrastructure and analytics company that enables businesses to grow responsibly by harnessing alternative credit data. As a Consumer Reporting Agency (CRA), Nova Credit leverages its unique data infrastructure, compliance framework, and credit expertise to help lenders fill critical gaps in traditional credit analytics. The company transforms the fragmented universe of consumer financial data into compliant, actionable risk insights through a comprehensive platform designed to increase conversion through expanded coverage, speed, and reliability. Leading organizations, including HSBC, SoFi, Scotiabank, AppFolio, and Yardi, work with Nova Credit to make smarter credit decisions through cash flow underwriting with Cash Atlas™, quickly verify income with Income Navigator, and reach new-to-country consumers with Credit Passport®. Learn more at or reach out to connect@ About Yardi Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. Yardi's single connected solution includes RentGrow® tenant screening solutions as part of an integrated multifamily property management platform. With more than 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit Photo: View original content to download multimedia: SOURCE Yardi Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
21-05-2025
- Business
- Finextra
MRI Software integrates Nova Credit Income Navigator
MRI Software, a global leader in real estate solutions and services, announces that it has integrated Nova Credit's Income Navigator into its fraud prevention and applicant qualification solution. 0 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.
