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RealPage Introduces Software Enabling Tougher Screening for Applicants with Foreclosures
Published: January 14, 2008
By Anuradha Kher, Online News Editor
Carrollton, Texas--RealPage Inc., a provider of multifamily property management software, today announced the availability of broader settings within its LeasingDesk Screening system. The move is expected to improve the screening of applicants with past foreclosures.
With the new software, owners/operators can better evaluate risks associated with applicants who have a recent home loan default, according to RealPage.
The new controls deliver enhanced flexibility for multifamily resident screening if a prospect has a prior mortgage default. The software enables owners/operators to filter this specific credit information, acknowledging a foreclosure, but giving the option to remove it from the prospect’s overall credit score.
Owners/operators can adjust the software 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,” says David Carner, senior vice president of business development for LeasingDesk Screening. “These new settings allow owners/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.”
RealPage’s rental payment database, Renter’s Performance, can also review and track the rent payment behavior of residents with and without foreclosures but comparable credit ratings. RealPage will analyze the payment behavior through the first quarter of 2008 and incorporate the findings into LeasingDesk Screening to further enhance the scoring process.
