banco popular: **UPDATE** Banco Popular Closing Wholesale Lending Unit
- 01/11/07 02:31 AM
Banco Popular, the largest lender of ITIN loans has announced Tuesday they will no longer be making mortgage loans in the United States. As part of a restructuring effort, the Puerto Rican based bank is closing wholesale lending operations in January 2007. I called my friend who owns a mortgage company that caters primarily to hispanic customers and asked his impression and it was news to him. He hasn't heard anything directly from Banco even though the announcement was made on Tuesday. Brokers catering to the hispanic client will find this a blow to their mortgage lending program selection. Currently, Citibank through its retail (9 comments)
banco popular: What is an ITIN loan?
- 01/11/07 02:25 AM
In the aftermath of 9/11, Congress passed the Patriot Act which changed a lot of little things in a multitude of areas. One significant impact was the merging of databases between the IRS and the Social Security Administration. The result of that merge was an identification of the vast number of illegal immigrants in this country and a better insight into their financial situation. Prior to the merger, an illegal immigrant would pay for a fake social security card or borrow someone else they knew in order to get employment. If the employer deemed the information to be valid, they put (32 comments)