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 |
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Bank Statements |
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Supporting Documents (one of the following) |
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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 |
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Unemployment Insurance Award Letter |
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SSA Award Letter or Statements |
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Interest Received |
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Dividends (Stocks and Bonds) |
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Scholarships, Grants, and Awards Letters |
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Capital or Other Gains |
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IRA, 401k, Pension and other Investment or Retirement Account Distributions |
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Annuities |
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Rental or Real Estate Income |
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Alimony or Child Support or Other Income |
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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.