ITIN Lenders

By
Mortgage and Lending with International Financing Solutions

Hello folks,

I personally would like to find out who in regards to lenders are doing ITIN loans. I use to do alot of business with Banco Popular, but they just recently stopped lending in our county in Florida. They are now no longer writing loand in Lee, Collier, Broward, Dade, or Monroe counties in Florida. We also have access to Prysma Mortgage, ACCU Funding, but these two sell their ITIns to banco, so I can't use them. Is there any other National lenders doing ITIN?

Thanks,
Sean Allen
The Mortgage Professionals
www.TheMortgageProfessionals.biz

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Rainer
27,837
Eliud Gautier
Eliud Gautier
Every Home Realty, Inc.

The WHO QUESTION -

Well, let us set the stage so that we all know what was happening, what happen and what is expected to happen.

There were a several big players at the national level in the ITIN market:

  • Mortgage Guaranty Insurance Corporation - Building a Life In America (BLIA)
  • American Home Mortgage (AHM) - that didn't broker ITIN Loans - and has declared bankruptcy
  • Banco Popular - that changes guidelines every time a new call comes in to their offices
  • Hispanic National Mortgage Association (HNMA) - secondary market players
  • National Association of Hispanic Real Estate Professionals (NAHREP) - legislative & educational initiatives

Most lenders were/are using the MGIC guidelines or a hybrid of their Building a Life In America program. But with all the mess in the real estate market - particularly since the sub prime melt down the ITIN investors dried up for a season.

On a smaller scale there are - allegedly- some small banks (saving and loan types) and credit unions that have some portfolio of ITIN loans but only did these (or still do them) in their local community. I have spoken to one such lender but the board of trustees has not move on continuing the expansion of this product right now.

There have been some rumors of the sorts from some various circles about the resurrection of the ITIN loan but for right now - nothing of substance. This is why we have to be careful not to buy into any start up ITIN loan promises without check out the source and validity of the information.

For instance I just got an email from a former AHM LO that was told by a Dallas, TX Hispanic Group that they have ITIN loans at 8.5% until October 20th but no one returns her calls.

This is one of the reasons I initiated this group.

October 11, 2007 06:04 AM
Anonymous #2
Anonymous
Jacob Gonzales
New South Federal savings bank but they do no offer a wholesale program.. Ive attempted to determine if they will accept referrals with a YSP offered to the broker.  I have not received a respose from reps by either phone message or email   ...?
October 11, 2007 03:35 AM
Rainer
27,837
Eliud Gautier
Eliud Gautier
Every Home Realty, Inc.

Hello Jacob

Most like they will not respond any time soon especially with what happen in the last 60 days (August 2007). Even if they could they probably are going to sit back and watch how the market plays out in the next few months.

They want to keep these loans close to their vest so that it doesn't get out of hand because of scrupulous LO and Realtors that would jeopardize the opportunity of thousands for the personal gain of one. Remember with some of these local banks they are leveraging the savings of their local customers. So they are more careful about these deals then national lenders like Banco and AHM.

The other aspect is Public Relations. But that is entirely a new POST.

October 13, 2007 10:41 PM
Anonymous #4
Anonymous
Frank
Try First Bank... They have the best ITIN program in the market right now.  Even with MI included, monthly payment will be lower than current ITIN Banco Popular Program with no MI.
October 12, 2007 08:12 AM
Rainer
27,837
Eliud Gautier
Eliud Gautier
Every Home Realty, Inc.

Frank,

Could you please post the contact information about First Bank?

But also tell us about your personal experiences with First Bank and the ITIN program.

October 13, 2007 10:42 PM
Anonymous #6
Anonymous
Jmlc
and  form wa with could  be  the sourse for itim loan
November 25, 2007 04:44 PM
Anonymous #7
Anonymous
jmlc
And for W.A wich could  be a good sourse  for Itin loans or Itin mortage.Thanks.
November 25, 2007 04:47 PM
Rainer
27,837
Eliud Gautier
Eliud Gautier
Every Home Realty, Inc.
November 25, 2007 05:27 PM
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Rainer
406,157

Sean Allen

International Financing Solutions
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