The VERO1 team provides an additional recommendation to onsite teams to supplement the Lumen recommendation found on a deal in VERO, using human review of the application and additional income verification done manually in the event that automatic verification cannot be completed for an applicant.
This supplemental recommendation is provided in the form of a Checklist. This checklist captures the specific insights into the deal, both automatically done by the VERO platform in addition to their manual review and insights that led to the overall VERO1 recommendation. This article goes over the components and how to use the Checklist
Checklist Layout Overview
Below you'll find an image of a blank checklist used by the VERO 1 team.
It is made up of Three Sections, outlined below:
VERO1 Recommendation (upper left section)
Deal Overview (lower left section)
Recommendation Insights (right half of page)
VERO1 Recommendation Section
The VERO1 Recommendation section captures the overall recommendation combining both Lumen recommendation configured directly into the VERO platform and the additional requirements and checks completed by the VERO1 team according to Gables policy.
VERO1 will recommend either Approve, Approve with Conditions - Additional Deposit Required, or Decline.
The VERO1 teammate who completes the checklist for the deal will also provide relevant notes about how the recommendation result was made, an any insights or context into the team's engagement with the applicant(s).
Approve Recommendation
VERO1 will select an Approve recommendation when the applicant or application group meets all requirements of an ideal candidate set forth by Gables in the VERO platform, which consists of
Completed and Successfully verified IDs for All Applicants
Credit Score in the Ideal range
Clear Background Check(s)
Income to rent ratio above the minimum threshold according to applicant type
Approve with Conditions - Additional Deposit Required Recommendation
VERO1 will select an Approve with Conditions recommendation when the applicant or application group meet all required verifications, but has a credit score below the ideal threshold and above the minimum threshold, or if no credit score can be obtained.
This selection most often applies to the following scenarios:
Young people without a credit score applying without a guarantor
Applicants with a credits core above the minimum but below ideal
International applicants who do not have an SSN to generate a credit report
Given all other requirements and verifications are met, an approval with a condition of an additional deposit will be recommended for the above credit score scenarios.
Decline Recommendation
VERO1 will provide a decline recommendation in the event that anyone on the application group is unable to meet the required elements of the application set forth by Gables policy. This includes:
All applicants must have a successfully verified identity and ID documents
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At least one of the applicants must have a credit score above the minimum score.
Guarantor's credit score cannot be used unless the applicant or application group has not score themselves.
All applicants have a returned and clear Background Check from Experian and if applicable, County Criminal.
The Income to Rent Ratio for the application group is above minimum and can be either automatically or manually verified according to the acceptable income verification documents set forth by Gables.
Recommendation Notes
Each application is unique and may have circumstances or context that the Gables team may find insightful about the VERO1 recommendation to help guide their decision. Because of this the VERO1 team will provide any notes about their engagements with the applicant and their review of information in the notes section.
Below you'll see an example of the VERO1 Recommendation section and notes filled out:
Deal Overview
The Deal Overview section is a place where you can quickly review the required elements for a deal that VERO1 reviewed as part of their recommendation in the above section.
These options are listed in order of requirement or verification check. For example, if an applicant's Identity Verification is failed, VERO1 may not complete any further checks given that a successful ID verification is required to produce an Approve or Approve with Conditions recommendation, regardless of Credit, Background, or Income requirements met.
Below you'll see an example of this section filled out:
Generally speaking, if any of these selections are not Green, the VERO1 team will leave a note in the Recommendation notes as to how this impacted the recommendation generated.
Recommendation Insights
The right half of the Checklist is dedicated to giving a quick view into what all went into providing you with the VERO1 recommendation. This consists of several sections which each provide specific insights.
Current Lumen Recommendation
VERO1 will notate the current Lumen recommendation at the time the checklist was generated in order to provide clarity around the Lumen recommendation as it compares to the VERO1 recommendation, as the Lumen recommendation can change depending on edits made to the application by the applicant(s) prior to your decision on the deal after a checklist is generated.
Credit Score Used Insight Section
Gables policy dictates that the highest credit score of the application group be used to verify the creditworthiness of the deal. For example, if two roommates apply and one has excellent credit and the other poor, the full group's credit will be analyzed based off of the highest score.
However, when a guarantor is added to guarantee rent payment, their credit cannot be used in place of the credit of the applicant(s).
The only time a guarantor's credit score will be used is in the event that the applicant or application group does not have a credit score themselves and wish to offset any additional deposit requirements.
Under this section you'll also be able to quickly see why an additional deposit may be required as part of the VERO1 recommendation in the case of Thin File or No Report applicants.
Income Verification Items Used Insight Section
Under this section, VERO1 will check all items and methods used to verify the applicant or application group's income, both manual and automatic.
Linked Employment(s)/Benefits Accounts: This is selected if any of the applicants linked to their employer or benefits accounts to generate an income stream
Linked Bank Account(s): This is selected if any of the applicants linked to their financial institutions to generate an income stream
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OCR Financial Documents: This is selected if any of the applicants uploaded a 1099, W-2, Bank Statements or Paystubs that were analyzed for fraud and had income information extracted automatically to generate an income stream.
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Manually Reviewed Documents: This is selected if any of the applicants provided supplemental documentation able to be accepted for income verification by Gables Policy that could not have an income stream generated automatically.
Guarantor Income Used: This will be selected if a guarantor's income was used
Net to Gross Manual Calculation: This will be selected if the VERO1 team manually calculated Gross income from a combination of manually reviewed documents.
Guarantor Review Insight Section
If the Guarantor Income Used check is selected as part of the Income Verification, this section will provide specific insights into the Guarantor(s) and if they meet the minimum requirements for Income Verification set by Gables policy.
For Guarantor income to be used, it must be able to be verified either automatically or manually, and must also be generated by a Guarantor that has an SSN and whose financials are US based. For questions about this policy, please review Gables' guarantor policies.
Income Verification notes Insight Section
As with the overall Recommendation Notes, VERO1 will notate any specifics relevant tot he ability or inability to verify income for an applicant or application group. The team will notate things like what specific documents were manually reviewed, what documents may have been provided but were unable to be accepted or verified, and any other information relevant to the unique circumstances of the deal. Here we also denote the income to rent ratio used for the deal overview.
You can view an example of a filled out Recommendation Insights section on a VERO1 checklist below:
FAQs
Below you'll find some Frequently Asked Questions about the VERO1 Checklist.
Q: When will the VERO1 team generate a checklist on my deal?
Answer: The VERO1 team will generate a checklist as soon as sufficient information is provided by the applicant or application groups or the maximum amount of time has passed for the unit to be held by the applicant.
The applicant has 72 hours to submit their application. If they haven't submitted after 72 hours, the VERO1 team will mark the application as unresponsive.
Once they have submitted, they have an additional 72 hours to provide any additional documentation required from the VERO1 team as part of their review. As soon as all required documents are submitted and verified or once the 72 hours has passed, whichever comes first, the VERO1 team will generate a checklist.
Q: The applicant has submitted additional information after the initial VERO1 review generated a Checklist and I would like a new checklist, how do I request a new checklist?
Answer: Email vero1@sayvero.com with your request to have the VERO1 team generate a new checklist. Please provide the deal id, and any information on what has changed on the application to facilitate a timely re-review of the application. It is a good idea to confirm that the changes or additional documents supplied by the applicant(s) are able to be accepted for income verification. Please see this article to view details on acceptable documents.
Q: What do I do if I have a question or need clarification on a checklist provided by the VERO1 team?
Answer: Email vero1@sayvero.com with the deal id and the question or clarification you need on a supplied checklist. The first available teammate will review, and if needed work with the original teammate who supplied the checklist to ensure your questions get answered.
Q: Can I share the VERO1 recommendation and checklist with an applicant?
Answer: No, the checklist is an internal only resource used to facilitate Gables personnel in making a decision on the deal. VERO provides only recommendations on deals according to your companies policies and requirements, and as such the internal tools used to underwrite by VERO1 should be used only to help you ultimately make a decision on the deal. You can speak with your RM or other leadership on any exceptions to approve or overrides on any other questions.
Q: Who makes the decision on a deal?
Answer: The onsite team members at Gables who have the correct permissions in VERO to decision deals will make the decision on the deal. VERO1 does not take any action on the deal itself, either to cancel or make a decision. VERO1 provides the checklist and the recommendation contained therein as a supplemental recommendation to enable you to decision or cancel the deal.
Q: I want to approve this applicant as an exception, can VERO1 change their recommendation?
Answer: No, VERO1 cannot change their recommendation based on an exception or due to an override. VERO1 provides an underwriting service to facilitate the review of applicant provided information against Gables policy to provide a recommended decision, but are just that, recommendations. Ultimately, decisions are made by Gables personnel and internal overrides, approval for exceptions, requests to use unapproved documents, or other deviations from the recommendation provided by VERO1. For record keeping purposes, the recommendation generated by VERO1 according to Gables policy will not change in these circumstances.
Q: How do I know where the deal is at in the VERO1 review process?
Answer: You can find out any information about the VERO1 review process, what may be missing or is in progress on a deal by reviewing the Activity Notes on the deal itself.
Q: Where is the checklist located after VERO1 uploads it?
Answer: The VERO1 Checklist, and any additional redone checklists, will be uploaded to the attachments of the Primary Applicant.