Fraudulent rental applications are becoming a growing problem. Stay up-to-date.
Joanna Lang is the Managing Partner and Mortgage Agent Level 2 at Outline Financial. With over 20 years in the financial services industry, she has earned recognition as one of Canada’s top mortgage brokers. After starting her career at TD Canada Trust and Scotiabank, Joanna co-founded Outline Financial in 2012 with her husband, Jason.
Brought to you by Rentals.ca – Thousands of apartments, houses, and condos for rent across Canada.
What you’ll learn
• How to understand and apply the principles of the Ontario Human Rights Code when screening tenants
• Comprehensive techniques for verifying income and employment, including identifying potential red flags and fake documents like pay stubs and employment letters
• Strategies for analyzing credit reports effectively, going beyond just the credit score to assess an applicant’s debt-to-income ratio and cash flow
• The importance and methods of conducting public record searches and evaluating a tenant’s digital footprint
To see full learning points, view the full post at https://newsletter.openroom.ca/p/how-to-spot-fake-tenant-documents
Key Takeaways
• Cross-reference and verify information from multiple sources. Don’t rely on a single document. Compare pay stubs with bank statements, employment letters with online company information, and addresses across different documents. This multi-layered approach makes it significantly harder for fraudulent applications to slip through
• Go beyond the credit score and analyze the entire credit report. You can check an applicant’s debt obligations, payment history, and overall financial capacity to pay rent. A high score doesn’t always equate to a reliable tenant if they have excessive debt
• Leverage publicly available information ethically. Utilize search engines, social media (LinkedIn, Facebook, Instagram), and court record databases to gain a more holistic view of potential tenants. Be mindful of common names and take extra steps to ensure you’re reviewing the correct individual.
In this course, we cover
(00:00:00) Introductions: Weiting Bollu (Openroom.ca)
(00:01:56) Joanna Lang’s Introduction and Presentation Overview
(00:03:56)Rental Application and Collecting Information – Salaried Employees
(00:04:25) Ontario Human Rights Code Considerations
(00:05:59) Income and Employment Verification
(00:06:08) Identifying Fake Pay Stubs
(00:08:07) Verifying Employment Letters
(00:09:28) Cross-referencing with Bank Account History
(00:14:24) Income and Employment Verification
• Hourly/Part-Time/Variable Pay, Small Businesses, Self-Employed (Sole Proprietorship), Incorporated Individuals
(00:16:47) Other Types of Income (Spousal Support, Child Support, Pension, Investments, Rental Income)• Credit Reports – General Overview
(00:23:43) Understanding Credit Scores
(00:25:50)Analyzing Debt and Cash Flow
(00:26:17) Account Ratings on Credit Reports
(00:26:44) Public Records on Credit Reports
(00:28:30) Credit Score Ranges
(00:33:49) Capacity to Pay and Affordability Analysis
(00:35:02) Searching Public Records (Online and Court)
(00:39:16) ID Verification Techniques
• Tales From The Trenches – Fraud for Shelter, Fraud for Profit, Criminal Enterprise
(00:49:32) Tenant References – Checking Landlord Authenticity
(00:52:28) Audience Q&A – Public Record Details
(00:53:38) Tenant Interview – Importance and Key Questions
(00:55:56) Sample Resources and Tools – Third-Party Services (SingleKey)
Resources Referenced
• Openroom: Credit Bureau Reporting & Interest Calculation for Rental Debt https://openroom.ca/rental-debt-ledger/
• Fake Pay Stub Detection (SNAPPT) https://snappt.com/blog/spot-fake-paystub/
• LinkedIn https://www.linkedin.com/
• Rental Housing and the Ontario Human Rights Code https://www3.ohrc.on.ca/en/human-rights-and-rental-housing-ontario-background-paper/rental-housing-and-ontario-human-rights
To see full resources, view the full post at https://newsletter.openroom.ca/p/how-to-spot-fake-tenant-documents
About Openroom University
Free learning mini-courses are part of the vision behind Openroom of creating a transparent and connected rental ecosystem. We believe that knowledge is power and we should have more information to make informed decisions. If you like what we do, let us know at hello@openroom.ca.
Production and distribution by https://openroom.ca/. This video is made possible in collaboration with the Durham Landlords Association and President Joanne Kuipers.
For sponsorship inquiries, email hello@openroom.ca.
This information in this course is provided for general guidance only and does not constitute legal, financial, or professional advice. Always consult a qualified professional regarding your specific situation.
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