Carrington Mortgage Services Introduces Individual Taxpayer Identification Loans
April 25 2024 - 6:00AM
Business Wire
Carrington Mortgage Services’ new ITIN loans
are a great opportunity for hardworking people who are dependable
borrowers.
Carrington Mortgage Services, LLC (CMS), one of the nation’s
largest privately held non-bank lenders, boasts an impressive slate
of loan offerings and services direct to consumers, investors,
mortgage brokers and mortgage bankers nationwide. To add to its
diverse lending offerings and to better ensure homeowners, brokers
and sellers have all the options they need, CMS is introducing
Individual Taxpayer Identification Loans (ITIN) for its retail,
wholesale and correspondent lending customers.
Although conventional loans require a Social Security Number
(SSN) for loan approval, CMS’ ITIN loans offer mortgage financing
options for non-U.S. citizens who live and pay taxes in the United
States. Instead of a SSN, homebuyers provide their ITIN in addition
to their income verification documents. Although the Internal
Revenue Service cannot provide an exact figure of the number of
ITINs currently in circulation, the market spans more than 21
million underbanked customers, according to research by the Filene
Research Institute. The Filene report also states there were over 3
million ITIN applications between 2019 and 2021. The Mortgage
Bankers Association doesn't track data for ITIN loans; but the
Urban Institute estimates that 5,000 to 6,000 ITIN mortgages were
made in 2023.
Although historically, borrowers seeking ITIN loans have
sometimes been vulnerable to excessive interest rate loans, the
ITIN loans offered by Carrington provide access to homeownership at
fair interest rates for mortgages and normal terms. The product
demonstrates the unique benefits of The Carrington Companies’
position as an asset manager – giving homeowners, brokers and
sellers access to the company’s respectable liquidity – as well as
Carrington’s dedication to continually innovate as market
conditions evolve.
“The inclusion of ITIN loans in our diverse mix of products for
homebuyers gives creditworthy, tax-paying customers a unique
opportunity to realize their dream of homeownership,” said Greg
Austin, EVP, Lending for CMS. “Our ITIN program demonstrates
Carrington’s commitment to the unique financial needs of non-U.S.
citizens and residents who contribute to our communities and our
country’s economy.”
Diverse Solutions for Today’s Homebuyers
Without question, homeowners and mortgage professionals are
demanding, now more than ever, what Carrington has brought to the
mortgage marketplace from the very beginning: innovative loan
products, leading-edge technology, operations transparency and
dedicated training and support systems for loan originators. In
addition to Carrington’s comprehensive suite of non-QM offerings,
FHA, VA, USDA and conforming Conventional products, the company
also offers ProcessIQSM, where approved CMS Wholesale brokers have
the option of having Carrington process the loan as part of its
underwriting. When enrolled brokers submit loans, they can request
that the Carrington ProcessIQ team handle all non-licensable
aspects of the processing, working directly with the borrower. In
December 2022, CMS’ Second Lien program began providing a welcome
source of liquidity to existing CMS servicing customers. In July
2023, CMS expanded its offerings to include 40-year loans and
temporary buydowns. In March 2024, CMS introduced a Closed-End
Fixed-Rate Second Lien product for its wholesale and correspondent
lending customers.
“Homeownership is a cornerstone of the American dream,
regardless of your economic bracket, citizenship status or where
you live,” said Samuel Bjelac, SVP, National Sales, Third-Party
Origination for CMS. “Although qualifying for a home without a
Social Security number can be challenging, it doesn’t have to be.
At Carrington, we can help people all over America open the door to
homeownership with our ITIN loan.”
The Carrington Companies
Carrington is a holding company whose primary businesses include
asset management, mortgages and real estate transactions.
Collectively, the businesses are fully integrated, and provide a
broad range of real estate services encompassing nearly all aspects
of single-family residential real estate transactions in the United
States. To read more visit: www.carringtonhc.com.
Through its collective associates made up of Carrington leaders
and employees, the company’s nonprofit organization, Carrington
Charitable Foundation, contributes to the community through causes
that reflect the interests of Carrington Associates. For more
information about Carrington Charitable Foundation, and the
organizations and programs it supports through specific fundraising
efforts, please visit: carringtoncf.org.
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Edward Pittman 214.533.6741 pr@carringtonmh.com