Hemlane provides a recommendation on approving or declining an applicant based on the information that is provided both within their application, and within their credit and background report.
What factors into the recommendation?
There are two pieces of information that are calculated into the recommendation:
- Income & Asset
- Average Credit Score
The income and asset to rent ratio is calculated by taking the total income & asset amounts (from the application) and dividing that by the lease length.
What does my recommendation status mean?
The recommendation will provide one of the following results:
- Missing information - we are still waiting for one or all of the applicants to complete part of the process
- Decline - both the income & asset and average credit score did not meet required minimums OR there is an eviction on the credit and background report
- Conditional - either income & asset or average credit score did not meet required minimums. You may want to ask for a co-signer or higher security deposit
- Approve - these applicants meet both income & asset and average credit score minimums