When the Nomad team receives an application, we begin to review it as quickly as possible. We review the application for completeness and review it against our screening criteria. We reach out to applicants via email for items that we are missing and ask them to respond directly to our email. We ask that you please not reach out to the team asking what is missing. Please use this guide to understand the items we need. Reaching out to the team to ask for an application update slows down our ability to process applications.
From the time that a lead applies, it can often take 2 hours before it will show up in your portal, as the data must pass through different systems.
Application processing time can vary depending on various factors, such as the completeness of the initial application, the volume of applications being processed, and the promptness of the applicant in providing any additional required information or documentation. In many cases, applications can be processed on the same day if all necessary information is provided promptly. Applications typically take 1-3 business days to determine eligibility.
You can follow along on the status of your applications in your portal by navigating to the "Find Resident" page and clicking on the "Applicants" tab.
Once there, you will see the status of your applications. There are several pieces of information provided here for you to be able to follow along -- the guaranteed rent eligibility, submission dates, and application progress bar.
Guaranteed Rent Eligibility
Applications can live in one of several different stages. Here is what they each mean:
- Under Review - Applications in this stage are missing at least one item that we will need to verify/review before we can issue a decision. These applications vary in completeness, but we have reached out for the missing information.
- For details about what is missing specifically, click on the "Applicant details" button.
- 🎉 Eligible - Applications in this stage have passed Nomad's screening criteria and are therefore Guaranteed Rent Eligible! When an application is in this stage, you can select the individual/group and begin the lease generation process.
- Ineligible - Applications in this stage do not meet our screening criteria and are unable or unwilling to rectify deficiencies.
- Closed - These applicants have opted out or stopped responding to our outreach before Nomad could issue an eligibility decision.
Needed Information
To help you understand what may be missing from an application, Nomad also provides you with needed information here are the items you may see attached to your application:
- Identity
- Pass = Identification has been successfully verified.
- Fail = Unable to verify applicant(s) Identity.
- Pending = Nomad has requested additional documents needed to verify Identity.
- Income
- Pass = Verified income meets Nomad's minimum threshold.
- Fail = Applicant(s) income does not meet Nomad's minimum threshold.
- Pending = Nomad has requested additional documents needed to verify income.
- Credit
- Pass = The applicants' weighted average credit score is above 650.
- Fail = The applicants' weighted average credit score is below 550.
- Pending = Our team has yet to calculate the group's weighted average credit score.
- Requires Cosigner = The applicants' weighted average credit score is between 550 and 650, and therefore requires a cosigner or cosigner alternative fee to become eligible.
- Criminal history
- Found = Criminal history has been flagged on the background report. Our team will share these details with you so that you can decide whether or not to proceed.
- Not Found = No criminal history was flagged on the background report.
- Pending = Our team is still waiting for the results of the background report.
- Eviction History
- Pass = No considerable evictions were listed on the background report.
- Fail = Recent evictions that violate Nomad's screening criteria were flagged.
- Pending = Our team is still waiting for the results of the background report.
- Group Risk Rating - Nomad will guarantee the rent for any applicant in the A, B, or C tier. Included in this section will be a recommended security deposit amount, but you are welcome to charge anything that feels adequate (within local regulations).
If you see that any of these items are pending, rest assured that our team has reached out to the applicant to request the needed information. When your applicant responds with the needed information, we will move quickly to continue processing their application and update your portal accordingly.