This QRG will walk you through how guarantors should be screened. This process is different from the standard Yardi Screening process, so please follow this QRG to ensure the Student/Guarantor screening process is being completed accurately.
Looking for how add a guarantor to the application? Check out this QRG "Adding a Guarantor to an Application" to review this process.
Pre-Qualifying Conversation -
Before screening the applicant, it is important to have the pre-qualification conversation to ensure we are screening the applicant based on their needs/application. This includes determining if the applicant has income that they will be providing for the application to qualify on their own OR if they do not have income and will need to have a guarantor added to the application to supplement the income requirement.
When to use the different types of Screening Options -
Pre Screening Application Check -
Before running the screening, be sure to take a moment to review the Application Form under the "Applicant Workflow" in the left hand column. This is where you will find information the applicant entered on their application form. Review the "Employer" tab to confirm that income entered is enough to qualify if they are trying to qualify on their own.
If the applicants are going to be screened as a student, the income will not be necessary.
Screening the Applicant as Student -
1. Go to the "Applicant Workflow" drop down in the left hand column and select "Screening and Approval".
2. Under the "Screening & Approval" tab, open up the "Screening Report Setup" to access the applicant screening options.
3. Using the check box under the "Include in Report" column, make sure the box has a green check mark in it. This will mean that the applicant will be included in the screening. Be sure to do this for all applicants/leaseholders that will be residing in the apartment.
The guarantor check box must be blank. This will make sure we are only screening the leaseholders and not the guarantor in the screening report.
4. Once the applicants have been included in the screening report, use the green "Run Report" drop down and select "Student" from the drop down list. This will begin the screening process. If completed correctly, the applicant will come back as Pending with the recommendation to add a guarantor. Applicants will complete VOI normally per the standard workflow.
- Reminder: If the applicant fails the criminal or credit portion of the screening, then the applicant will be declined. A guarantor can only be used to help supplement income.
Screening the Guarantor as Guarantor -
1. Once the Student screening has been completed, next will be the guarantor screening. Under the "Screening & Approval" tab, open up the "Screening Report Setup" to access the applicant screening options.
2. Using the check box under the "Include in Report" column, make sure the guarantor box has a green check mark in it. This will mean that the guarantor will be included in the screening.
The applicant(s) check box(es) must be blank. This will make sure we are only screening the guarantor in the screening report.
3. Once VOI has been completed properly by all parties, the application will come back as approved with a standard deposit or conditional deposit.
Using the Standard Yardi Screening -
Screening the Applicant as Standard Yardi Screening -
1. After reviewing the Application Form to confirm the income is accurate, select "Yardi Screening" from the green "Run Report" drop down menu. This will begin running the screening process.
2. Once the screening report comes back, the screening recommendation in the "Application Result" box will alert you of what next steps will look like. If the recommendation is to have a guarantor, it will look like the screenshot below. Any other recommendation will not include a guarantor and will require you to take action based on that specific screening recommendation.