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MRI Software Integrates Nova Credit's Income Navigator to Strengthen AI-driven Fraud Detection for Multifamily Sector

MRI Software logo (PRNewsfoto/MRI Software)

News provided by

MRI Software

May 13, 2025, 09:00 ET

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PropTech firm provides verifiable income for nearly 100% of applicants

SOLON, Ohio, May 13, 2025 /PRNewswire/ -- MRI Software, a global leader in real estate solutions and services, announces that it has integrated Nova Credit's Income Navigator into its fraud prevention and applicant qualification solution. The AI-powered document fraud detection capability offers further protections for multifamily businesses to efficiently safeguard their properties and communities against rental fraud. 

"Our collaboration with Nova Credit to enhance automated income verification within MRI's multifamily fraud solution empowers leasing offices to approve qualified applicants more quickly and confidently, while strengthening protection against fraud," said Ben Berk, VP of North America Residential Solutions at MRI Software. "By streamlining the verification process and reducing reliance on manual documentation, we're helping property managers deliver a faster, more frictionless leasing experience without compromising on security or compliance."

The growing use of generative AI to create fraudulent documents, such as paystubs and bank statements, is projected to result in fraud losses of $40 billion by 2027, according to Deloitte. An NMHC survey reported that 80% of apartment owners, developers and managers saw applicants misrepresent information on rental applications.

To date, MRI's multifamily fraud prevention solution has saved clients an average of $1 million per year and prevented $1.8 billion in bad debt for multifamily operators since 2017.

Nova Credit's platform uses multiple AI technologies to prevent fraud. Documents are analyzed at the metadata level to detect tampering and manipulation, assessing them against more than 700 fraud indicators. Machine learning models categorize transaction streams into easily digestible income snapshots.

With the integration of Nova Credit Income Navigator, MRI can verify income for nearly 100% of applicants. The fraud prevention solution uses a combination of technology and human oversight to ensure accurate, timely applicant screening during the leasing process. AI-powered income verification typically produces immediate results, but in the event of exceptions where technology is unable to verify the uploaded documents, a human review takes place to conclusively validate or reject the documents -- without involving the property manager or requiring additional information from the applicant.

The AI-driven, human-supported approach offers several benefits, including:

  • Reduces the time it takes to upload and review paystubs by 90%
  • Provides a quick and flexible applicant experience with built-in AI fraud detection for documents
  • Ensures all formats of paystubs or other documents can be validated and accepted

"Our collaboration with MRI Software creates a powerful defense against application fraud, while ensuring property managers can quickly verify income for any qualified applicant," said Akaash Gupta, Head of Tenant Screening Partnerships at Nova Credit.

The integrated solution featuring Nova Credit's Income Navigator is available today for MRI clients using CheckpointID and Resident Screening. MRI's multifamily fraud prevention solution will be showcased at Apartmentalize powered by NAA, taking place June 11-13, 2025, in Las Vegas.

About MRI Software
MRI Software is a leading provider of real estate software and services that transform the way communities live, work and play. MRI's open and connected, AI-first platform empowers agents, owners, operators and occupiers in commercial and residential property organizations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than six million users worldwide, including the public and affordable housing sector. Through innovative solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to realize their vision of building thriving communities and stronger businesses. For more information, please visit mrisoftware.com.

About Nova Credit
Nova Credit is a credit infrastructure and analytics company enabling businesses to grow responsibly through alternative credit data. As a Consumer Reporting Agency (CRA), Nova Credit transforms fragmented consumer financial data into compliant, actionable risk insights via a comprehensive platform that increases conversion through expanded coverage, speed, and reliability. Leading organizations including HSBC, RBC, SoFi, Scotiabank, Appfolio, and Yardi work with Nova Credit to make smarter credit decisions through cash flow underwriting with Cash Atlas™, quickly verify income with Income Navigator, and reach new-to-country consumers with Credit Passport®. Learn more at https://www.novacredit.com or contact [email protected]

Contact  
Rachel Antman 
212-362-5837 
[email protected] 

SOURCE MRI Software

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