1ST ROUND
No lump sum payments, money management, flexible payment schedules.
Why FR might be appealing?
Rent payment portal
Where can the resident apply for FR?
The account is moved into a paused-past due status
We do not pay rent until the balance is cleared and an upfront payment is made
What happens if the balance isn’t paid by the end of the month?
The last day of the month after 120 days
When do delinquent balances charge off?
ACH
Currently, what is the only payment method available to residents?
Payment partners we currently work with
MRI, Zego and Appfolio
Before the 3rd at 3:30 PM EST for the current month
Anytime between the 4th and the last day of the month for next month
When can a resident apply for flexible rent?
We pay the full rent directly to the property
The resident repays the line of credit by EOM
How does flexible rent work if the upfront payment is successful?
Payment information, Make a payment, Payment history, Payment methods, Auto pay settings, Payment schedule, Statements
What information is available in the flexible rent resident portal?
At this time, we are unable to add a new payment method to your account, however, you can do this online with your Flexible Rent account. Would you like me to walk you through this?
How would you respond to a caller who wants to add a new payment method over the phone?
One -time enrollment fee
Monthly subscription fee
Fees added to resident 1st upfront payment
Full rent balance
What is the minimum balance due each month?
We will not pay rent for that month
The resident must pay rent directly to the property
The resident can choose to re-enroll next month by making the upfront payment
How does flexible rent work if the upfront payment is not made by 3:30 PM on the 3rd?
M&R
What disclosure must be included with every outbound call?
Resident is enrolled in Flexible Rent, but we are not paying rent for the current rent cycle.
Subscription status of UNFUNDED
⅓ of rent + fees
If a resident is approved for three payments, what is included in the upfront payment?
By last day of the month
When is the full rent balance due?
the 3rd of the following month
When does interest begin accruing on an unpaid balance?
the 6th of the following month
When does an account with an unpaid balance become delinquent?
The user has completed their application and is enrolled in Flexible Rent but has not yet made their first upfront payment or been funded for the first time.
Subscription status of APPROVED
¼ of rent + fees
If a resident is approved for four payments, what is included in the upfront payment?
25-50% of the total rent + fees
What is the payment range for the upfront payment?
If they fail to pay the balance of rent by EOM
If they choose not to make the upfront payment
If the upfront payment is not successful
How can a resident’s flex rent account be paused?
Email address
Address
What contact information can a resident not change?
Those who miss a scheduled payment (other than the upfront payment)
Those who cancel autopay
Those with a failed/returned payment (other than the upfront payment)
Which residents will see their accounts enter HRAM?