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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 28 June 2024 J O U R N A L CARRINGTON MORTGAGE SERVICES INTRODUCES INDIVIDUAL TAXPAYER IDENTIFICATION LOANS C arrington Mortgage Services, LLC (CMS), a privately held nonbank lender, offers a slate of loan offerings and services directly 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 an SSN, home- buyers 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 homeown- ership at fair interest rates for mort- gages and normal terms. The product demonstrates the unique benefits of The Carrington Companies' position as Industry Update an asset manager—giving homeown- ers, 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: a variety of loan products based on current technology, operations transparency, and dedicated training and support systems for loan originators. In addition to Carrington's comprehensive suite of non-QM offer- ings, FHA, VA, USDA, and conforming Conventional products, the company also offers ProcessIQ, 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 nonlicensable 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 correspon- dent 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