Overview
VERO has launched an enhanced document upload experience to streamline financial verification for rental applicants. This new process simplifies the upload interface and provides real-time feedback, making it easier for applicants to complete the necessary steps for their applications.
As a leasing manager, this update benefits you by reducing applicant confusion, increasing completion rates, and improving the overall efficiency of the verification process. Here’s a look at the key features and improvements of this updated functionality.
Key Features
1. Unified Upload Interface
All document types can now be uploaded through a single, user-friendly interface. This allows applicants to submit all financial documents without navigating multiple screens, minimizing confusion.
2. Document Categorization
Each uploaded document must be categorized (e.g., paystub, bank statement, 1099). This ensures that all submissions are correctly labeled, helping to maintain organized records and enabling accurate verification.
3. Real-Time Feedback
Applicants receive immediate updates on the status of their uploaded documents. If there’s an issue (e.g., file size or incorrect format), they’re alerted instantly, allowing them to address it quickly.
4. Flexible Continuation
Applicants can move forward in the application workflow even if they haven’t uploaded all of the financial documents of a given type. Missing documents may delay final verification, but this flexibility allows them to make progress without unnecessary delays.
5. W-2 Form Removal
W-2 forms are no longer an accepted document type for income verification. This change aligns the process with the most relevant financial verification documents, reducing reliance on outdated forms.
User Workflow
1. Initial Upload Screen
Applicants see a list of supported documents and the required quantity, along with a single “Upload” button or drop zone.
1a. If the applicant already has verified income, the initial upload screen will present as Optional.
2. Document Selection
Applicants select files from their devices, with recently used documents displayed for quick selection.
3. Document Categorization
After selecting files, applicants categorize each document appropriately.
4. Review and Finalize
Applicants review their uploads, can delete unwanted files, and are shown any remaining upload requirements based on document type.
5. Completion Notification
A notification appears when uploads are complete, giving applicants the option to “Finish” or “Upload More.”
6. Requirements Complete
When a financial document type quantity has been met, the document table turns green. The remaining documents are marked as “Optional.”
Frequently Asked Questions
Is the W-2 form also removed for manager-facing document uploads?
If configured in the deal settings, managers may still see the W-2 option but can only appear on one of the following steps, listed below. However, it is no longer used in financial document uploads.
Unverified Income Uploads
Required Documents (Other)
Will W-2 documents still be reviewed for potential fraud signals?
Yes, Ocrolus will continue to analyze any W-2 documents uploaded, as long as they are categorized appropriately.
How has income stream detection logic changed?
W-2 and paystub combinations are no longer considered a viable income stream.
Legacy Docs vs. New Doc Upload Screenshots
Old Documents Step (Every Document Requirement in One Single Step)