HomeCorporate BlogPartnering with AppFolio to Au...
February 15th 2024

Partnering with AppFolio to Automate Income Verification and Reduce Fraud Risk for Property Managers

The partnership expands Income Navigator, Nova Credit’s verification of income solution, in the tenant screening industry, improving conversion rates for consumers and property managers.

Following the launch of our Income Navigator product vertical, we are thrilled to announce a partnership with AppFolio, a technology leader powering the future of the real estate industry. AppFolio has integrated Nova Credit’s Income Navigator into AppFolio Property Manager’s Tenant Screening software, allowing consumers to verify their income directly within the rental application, simplifying the experience and improving conversion rates significantly. This partnership strengthens AppFolio’s income verification offering and establishes Nova Credit’s Income Navigator as a leader in the tenant screening sector. 

More than 70% of major apartment landlords say they have seen an increase in fraudulent rental applications over the past 12 months, according to a new survey from the National Multifamily Housing Council and the National Apartment Association. Income verification is a crucial step in the residential property rental process, as property managers aim to ensure that prospective tenants have a stable and sufficient income to meet their rental obligations. Creating a true picture of an applicant’s income with bank data and additional data sources reduces the chance of fraudulent renters. In addition, leveraging an efficient and accurate process to confirm an applicant’s income can greatly reduce unit turnover time.

With Nova Credit’s Income Navigator, property managers can use multiple data sources to get the most accurate view of an applicant’s income, whether that income is from a single employer or multiple. By leveraging bank data and automated document analysis, managers can verify income for more applicants and streamline their leasing process, all while reducing the risk of fraud. AppFolio chose to work with Nova Credit on this solution because of its extensive experience supporting multifamily software platforms and its ability to deploy and deliver results quickly.

Nova Credit and AppFolio successfully deployed the solution within three months. Since implementing Verification of Income, AppFolio has seen a 20% increase in consumer conversion rates. In addition to improved conversion, Nova Credit’s platform has also benefited AppFolio consumers by enabling them to verify income using more methods.

“We are very proud of our partnership with AppFolio; not only because of their belief in providing fair, inclusive, convenient, and seamless applications to consumers, but because - like Nova - they see technology and innovation as the main conduit to do so,” said Misha Esipov, CEO of Nova Credit. “This is truly a testament to the robust multi-source infrastructure and solution that has been purposefully designed for the tenant screening market. This partnership adds to the millions of units already leveraging Nova Credit for income verification, and marks a huge step toward ensuring more people can quickly get the housing that they deserve."

To learn more about Nova Credit’s Income Navigator solution please visit here.

Announcing the Cash Flow Underwriting Summit: a first-of-its-kind executive summit dedicated to exploring and advancing the practice of cash flow underwriting in consumer lending.