VERO1 Manual Income Verification – VERO

This articles outlines what combination of documents VERO1 can accept from an applicant for Manual Income Verification according to Gables Residential Policy

VERO1 will accept Automatically Verified Income extracted from OCR'd Financial Documents, Connected Bank Accounts, and Linked Employment accounts.

To review how income streams are created automatically using the OCR Document Uploads click here.

In the event that provided documents have no fraud signals but are not able to have income automatically verified through OCR, VERO1 will verify income manually using the following combinations of acceptable documents.

Accepted Documents for Manual Income Verification

For folks with Earned Income, Gables requires the following for all manually verified income:

Paystubs

2 months of consecutive pay, regardless of pay frequency
Most recent must be within pay frequency (i.e. if weekly, within the last week)
Must have no fraud signals if OCR'd

Bank Statements

2 months of statements or combinations of statements showing deposits
Linked bank account can be used instead of paper statements
Must have no fraud signals
Account holder name must match name of applicant
Business accounts a not able to be accepted
Financial accounts must be US based. Foreign accounts not accepted.

Supporting Documents (one of the following)

Current year W-2 with no fraud signals
Current year 1099 with no fraud signals
Current year CPA confirmed Tax Return
Current year IRS Tax Transcript
Completed VOE form for paid in cash employment stating consecutive amounts and dates of payment for 2 months, signed dated and supplied directly by employer.

Any Other Income that is not earned income through employment must provide one of the following documents AND 2 months of bank statements that match the amounts:

Document

Requirements

Offer Letter

Signed and Dated
Start Date before Lease start date
Completed VOE form generated by VERO1 or Gables team
If start date is in the past, VERO1 will request paystubs and bank statements

Unemployment Insurance Award Letter

Insurance Benefit Determination Letter

SSA Award Letter or Statements

Pay statements or Award Letter

Interest Received

1099-INT or other interest received statements

Dividends (Stocks and Bonds)

Account statement supporting documentation

Scholarships, Grants, and Awards Letters

Current year award letter with amounts and payment schedule
Amount eligible to allocate to housing

Capital or Other Gains

Account statement or other supporting documentation

IRA, 401k, Pension and other Investment or Retirement Account Distributions

Account statements or award letters

Annuities

Most recent Award Letter

Rental or Real Estate Income

Account statements or supporting documentation

Alimony or Child Support or Other Income

Letter must include issuing authority name, dates of support, contact address and phone number
Or 4 weeks of paystubs if applicable

Manual Income Verification Calculations

To calculate income manually, VERO1 will complete the following:

Cross-reference amounts between document types. For example, does the payment amount from a paystub match that on the bank statements or from the linked bank account.
Combine all forms of accepted income, both automatic and manually reviewed.
Add the payment amounts to generate a monthly amount of income, then divide by the monthly rent amount to generate the income to rent.

Net to Gross Income Calculation

If an applicant is able to verify their income automatically via a bank account link, but is a little shy of the income to rent ratio requirements, VERO1 can calculate Gross income using just the most recent paystub to get the pre-tax and deductions amount of pay.

VERO1 then uses that to create an adjusted income to rent based on Gross income verified through the bank account link.

Accepted Documents for Manual Income Verification

Manual Income Verification Calculations

Net to Gross Income Calculation

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