Thinking of responding to the mortgage meltdown?

We have(Related newsletter).

Your On-Site account can flag any applicant with a mortgage foreclosure on record and allow your leasing staff to process the application as a conditional acceptance, as long as the rest of the background check satisfies your criteria. This feature is NOTthe same as ignoring the serious credit problem, but it does allow you to take advantage of a unique market event without increasing your overall risk.

How does it work?

1. Application is evaluated as if the mortgage foreclosure were not on record.
2. If applicant would otherwise pass your requirements, his/her score is capped as a conditional pass (usually a 6.9/10.0).
3. Your account produces a warning that a special condition is in effect.
4. The special conditions are enforced in the lease terms.
   

   

   
   

Step 1 - Contact On-Site with the following information

• Which communities or regions to activate?
• What condition should be placed on these applicants?
  • Additional security deposit (how much?)
  • Qualified guarantor must be added

Step 2 - Screen & lease as usual...

• Your account will now flag any applicants with a foreclosure and apply the special condition, if they otherwise qualify.
• Applicants with a low score (even without considering the foreclosure) will continue to be scored low