ITIN Lenders

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.

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.

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.

Harris Bank has a program -

http://activerain.com/blogsview/276448/ITIN-Loans-but-with