Income verification is one of the most important steps in applicant underwriting—and one of the easiest places for complexity to slow everything down. Between multiple income streams, non-traditional employment, and inconsistent documentation, many renters don't fit the assumptions traditional income verification tools are built on.
In early testing, property managers accepted 93% of Income Verification 2.0's verified income amounts without editing—up from 79% with our previous version. That 14 percentage point increase represents a fundamental shift: leasing teams increasingly trust Boom's verification as decision-ready data, not just a starting point for manual review.
Today, we're excited to announce Income Verification 2.0, the next evolution of BoomScreen income verification. Designed to handle real-world income scenarios, Income Verification 2.0 gives property managers clearer insight into applicant income while helping more applicants complete verification with less friction.
Income Verification 2.0 is now available to all BoomScreen partners at no additional cost.
Built on a strong foundation, expanded for modern income
BoomScreen income verification has always gone beyond basic document uploads. Property managers have long been able to evaluate both gross and net income, choose how applicants verify income, and rely on consistent calculations within screening reports.
Income Verification 2.0 builds on that foundation by expanding how income sources are verified and reviewed, without adding complexity for applicants or extra work for your team.
For teams managing high application volume, income verification has historically been a bottleneck—requiring manual follow-up when documents are missing, unclear, or don't match what applicants reported.
"Income verification has always been one of the biggest friction points in our screening process. With the new version of income verification, we're seeing applicants complete verification more consistently, and our team has much clearer insight into where income is coming from. It's reduced follow-up and made reviews faster."
– Alissa Morlan, Director of Leasing, RENU
Income verification that matches real life
A renter might work full-time, pick up gig income on the side, and receive supplemental benefits. Another might rely on Social Security or self-employment income that doesn't arrive on a fixed schedule.
Income Verification 2.0 is designed for these scenarios. Applicants can verify multiple income sources individually, giving property managers a clearer picture of where income comes from and how reliable it is, instead of forcing everything into a single number.
This flexibility translates to real results: Income Verification 2.0 achieved a 93% completion rate in early testing, up from 82% with our previous version. When verification matches how renters actually earn income, they're more likely to complete it—and property managers get the data they need to make decisions.
Bank connectivity and document verification, working together
Bank connectivity has transformed income verification—enabling faster, more accurate verification when applicants can connect their accounts. When given the option, 38% of applicants choose bank integration.
But 62% still verify through documents: bank statements, paystubs, and other documentation. The breakthrough in Income Verification 2.0 isn't choosing one method over the other. It's making both work the same way.
Whether an applicant connects their bank or uploads a statement, Income Verification 2.0 lets them map specific transactions to individual income sources. A single bank connection or uploaded statement can verify multiple income streams—W-2 employment, gig work, Social Security—without requiring separate verifications for each.
For bank statements specifically, Income Verification 2.0 adds real-time authentication. BoomScreen detects and parses transaction data immediately, catching issues like locked, blurry, or incomplete documents during the application process. This reduces back-and-forth and keeps applications moving.
More accurate verification, across all methods
Income Verification 2.0 delivers measurable improvements in accuracy. For income verified through bank integration, verified amounts now match what applicants report 16% more closely than before—giving property managers more confidence in underwriting decisions.
Beyond accuracy, Income Verification 2.0 provides deeper, source-level insights directly within screening reports. Property managers can evaluate income using criteria tailored to their portfolio: conventional multifamily operators can assess applicants using gross income-to-rent ratios, while manufactured housing communities can incorporate debt-to-income analysis to account for lot rent alongside homeownership costs.
By pairing transaction-level data with enhanced anti-fraud tooling, Income Verification 2.0 helps identify inconsistencies, potential document edits, and mismatches between reported and verified income—reducing manual review and increasing confidence at decision time.
Powered by a growing library of best-in-class tools
Income verification isn't one-dimensional, and no single tool does everything well. As new data vendors have emerged, BoomScreen has brought them into our growing suite of tools—integrating best-in-class solutions for bank connectivity, payroll data, document parsing, and anti-fraud detection into a single, unified screening workflow.
This approach ensures property managers benefit from specialized tools without managing multiple vendor relationships or stitching together fragmented data.
A new standard for income verification
Income Verification 2.0 represents a major step forward in how income is verified during screening: faster for applicants, clearer for property managers, and built to handle real-world complexity.
Income Verification 2.0 is now live and automatically enabled across BoomScreen. As income sources continue to evolve, we're committed to building verification tools that work for the rental industry as it actually operates.
See how modern income verification can elevate your screening process → www.boompay.app/boomscreen
