AMP have included in their Loanapp application an integration with the CoreLogic Rental AVM service, to verify the rental income declared on any existing or new properties in your applicant's submission.
If the returned Rental AVM falls within acceptable policy tolerance levels, it will mean that your declared rental income is accepted and you will not need to provide further evidence such as rental receipts.
Where is the Rental AVM Widget?
The Rental AVM Widget is in two places in Loanapp:
in the Financial Position where you may enter existing investment properties and existing rental income, and
on the Loan Page, where you may have entered expected future rental income on an investment property purchase
Financial Position Page | Loan Page |
Rental Income checked on existing investment properties with rental income | Rental Income checked on new (purchase) investment properties with rental income |
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How does it work?
The Rental AVM will automatically trigger when you have entered a property in either the Financial Position or Security section, that has Rental Income.
It happens pretty quickly, so you might not even notice it processing. Loanapp will send to the service the details of your investment property, and the service will return an 'expected' rental for that property.
If CoreLogic is able to return a rental AVM on the property, the service status will change to Complete:
When complete, you can click on the details button to see the results- which will give a 'confidence level' to the matched rental amount:
How does this impact supporting documents requirements?
The purpose of this service is to auto-verify your rental income and not require any supporting documents where verified. The rules are:
If verified (AVM) rental income is within 15% of declared rental income, there will be NO supporting doc requirement.
If verified (AVM) rental income is outside the 15% tolerance, you will be asked to upload a Supporting Doc in the checklist to verify the declared.
ALSO:
if the AVM confidence is LOW - this too would trigger the requirement for supporting documents to be provided.