In our most current serious estate tech entrepreneur interview, we’re speaking with Stephen Arifin from The Closing Docs.

Who are you and what do you do?

My identify is Stephen Arifin and I am a single of the founders of The Closing Docs. Prior to serving as a computer software engineer at Microsoft, I experienced introduced and supported several other revenue making computer software tools. I am the technical founder and lead for our enterprise. I graduated with an Electrical Engineering diploma from the College of Texas at Austin.

I enjoy bringing new technological innovation and innovative tips into out-of-date industries, and that’s precisely what we have completed with The Closing Docs. Our automation has streamlined the income verification system for organizations running much more than 635,000 units.

What difficulty does your product/services fix?

The Closing Docs provides automated income verification to assets professionals and lenders. Traditionally, screeners and underwriters are collecting paper spend stubs and lender statements from candidates. This guide system is ripe for fraud, is genuinely cumbersome and is burdened by many get started/end cycles in the established of linked activities. By expediting offer closings and eliminating fraud, we have noticeably compressed vacancy durations and underwriting cycles, having candidates authorised in minutes, not days or months.

We supply a serious alternative to a incredibly serious and cascading difficulty. Even before COVID-19, spend stub fraud was on the march. And now, with rampant work reduction, fraudulent spend stub and lender assertion submittals are apt to increase in prevalence noticeably. With the present fee of unemployment bulletins, it is much more essential than at any time to have a very clear look at of applicant income.

The out-of-date system to verify an applicant’s income entails scanning or taking shots of lender statements, W-2’s, and spend stubs. This kind of income verification was a incredibly guide system, which associated screeners deciphering lender statements and actively playing detective investigating no matter whether the files have been falsified. Each applicant’s income files arrived in a diverse structure, which led to enormous inefficiencies in approving a rental applicant. Many assets professionals also phone the applicant’s employer, which can acquire days to get a hold of the ideal human being in HR to verify employment. Each day it can take to approve a tenant implies your assets is remaining vacant and not making income.

Working with The Closing Docs, we pull the applicant’s lender assertion data specifically from the applicant’s lender account, with their authorization. Considering that our data comes specifically from the lender, our income verification fully eliminates fraud. The moment the applicant decides to share the data, a standardized report is created for the assets supervisor instantaneously, verifying the applicant’s income in minutes relatively than days. That implies shorter vacancy durations, much more income, and more quickly, much more exact data.

What are you most fired up about ideal now?

Well, applying new prospects on initially cellphone phone calls and within of thirty minutes is quite remarkable – I’ve never experienced that before now! Home professionals know how unpleasant the income verification system is, and when they finally find a product that tends to make it much easier by light many years, their eyes spark up. It is genuinely fun to know you have accurate product market healthy.

What’s up coming for you?

Advancement, progress, progress. With the shopper adoption and retention we’re going through, it is time to develop the enterprise hockey-adhere design. We’re leveraging revenue channels via integrations with a bunch of assets administration computer software courses, like Appfolio, Buildium, Yardi, and Propertyware, and we also aid Chrome, Safari, Firefox, and Edge browsers for our integrations. We’re focused on increasing our revenue and have expanded our promoting spending budget to expedite uptake.

What’s a cause you are passionate about and why?

Remaining an entrepreneur myself, I’m extremely passionate about aiding other business people be successful. The greatest position I’ve found to give back in this way is via Seattle’s Local community Carrot application.It can take yet another founder that’s been in the trenches to definitely recognize what starting a enterprise is like. While constructing The Closing Docs, I’ve obtained a great sum of aid from my good friends and family, alongside with other like-minded founders and mentors. Now, I am pleased to step out of my way to assistance other aspiring business people achieve their desires.

Meet The RE Tech EntrepreneurMany thanks to Stephen for sharing his tale. If you’d like to connect, find him on LinkedIn in this article.

We’re continuously hunting for fantastic serious estate tech entrepreneurs to function. If that’s you, please examine this post — then fall me a line (drew @ geekestatelabs dot com).

By Lela