RealPage Enhances Resident Screening With New Foreclosure Settings
Property managers and owners benefit from advanced risk evaluation
(January 14, 2008)—RealPage, Inc., a leading provider of point of lease systems for the multifamily industry, today announced the availability of broader settings within its LeasingDesk™ Screening system effectively improving the screening of applicants with past foreclosures. The new controls give owner/operators the ability to better evaluate risks associated from applicants with a recent home loan default.
The new controls deliver enhanced flexibility for multifamily resident screening if a prospect has a prior mortgage default. The software enables owner/operators to filter this specific credit information, acknowledging a foreclosure, but giving the option to remove it from the prospect’s overall credit score. Owner/operators gain a greater capacity to recognize quality residents by adjusting the settings to require additional conditions for residency with a foreclosure or automatically deny an application if the risk is too great.
“The escalating collapse of subprime mortgage lending precipitated the need to give our customers more flexibility in assessing risk,” said David Carner, senior vice president of business development for LeasingDesk Screening. “These new settings allow owner/operators to further distinguish between a high financial risk and an applicant who may have fallen victim to the mortgage boom a few years ago.”
As the impact from the subprime fallout on the multifamily industry is still unknown, being able to dig deeper into the payment history of an applicant is of high priority.
To further protect owner/operators during the screening process, RealPage’s rental payment database, Renter’s Performance™, can review and track the rent payment behaviors of resident’s with and without foreclosures but comparable credit ratings. RealPage will analyze the payment behaviors through the first quarter of 2008 and incorporate the findings into LeasingDesk Screening to further enhance the scoring process.
“With our access to extensive rental payment histories, we can determine and statistically validate whether applicants with previous foreclosures represent a less, equal or greater risk compared to others with similar credit scores,” said Carner.
The system boasts the most comprehensive index in the multifamily industry and alerts owners to past monthly rental payment behavior and any outstanding apartment debts. This detailed information provides owners with a comprehensive rental recommendation to ensure they are renting only to quality applicants.
LeasingDesk Screening, formerly OneSite Screening, is part of the point of lease systems introduced by RealPage earlier this year. RealPage’s LeasingDesk system is specifically designed for the multifamily industry, automating everything from lease application through execution of a signed lease. The product line also includes online leasing, electronic leasing forms, eSignatures, security deposit alternatives and renter’s insurance. For more information on LeasingDesk Screening, please call 1-87-REALPAGE extension 3700 or visit www.realpage.com.
To schedule an interview with a LeasingDesk executive, please contact Don Canfield at firstname.lastname@example.org or at 303-684-0300 ext. 123.
Located in Carrollton, Texas, RealPage provides products and services to more than 20,000 apartment communities across the United States. Its five on-demand product lines include OneSite® property management systems that automate the leasing, renting, management and accounting of conventional, affordable, and student living properties; CrossFire® sales and marketing systems that automate and enhance the process of capturing and closing leads; YieldStar® asset optimization systems that maximize asset valuation and investment return through revenue management and market intelligence; VelocityTM utility and billing services that help accelerate payments for resident charges; and LeasingDeskTM point of lease systems that streamline the lease process. For more information, please call 1-87-REALPAGE or visit www.realpage.com.
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