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31 August 2024 I N D U S T R Y U P D A T E HOMES FOR HEROES FOUNDATION COMMITS $150,000 PLEDGE TOWARDS NATIONAL CENTER FOR HEALTHY VETERANS T he Homes for Heroes Founda- tion, dedicated to supporting veterans and their families, has pledged $150,000 over three years to aid the expansion of the National Center for Healthy Veterans. The Homes for Heroes Foundation's contribution will support the construc- tion of 25 tiny homes and a community center as part of the "Village II" project, fostering rehabilitation and renewal for at-risk veterans. The National Center for Healthy Veterans offers transformative programs at Valor Farm in Altavista, Virginia. This pledge reflects the Foundation's commit- ment to empowering veterans through immersive, rural rehabilitation. The Foundation's grant will be presented to the National Center for Healthy Veterans at Valor Farms located in Altavista, Virginia. The presentation will be made by Homes for Heroes Foun- dation Director Jay Flynn, local Homes for Heroes Real Estate Specialist Angie Holt, and Homes for Heroes Mortgage Specialist Melanie Thompson. "We are honored to support the National Center for Healthy Veterans in their mission of returning Healthy Veter- ans to America," said Jay Flynn, Director of the Homes for Heroes Foundation. "Through this pledge, we aim to provide essential resources allowing our Veterans to have the opportunity to thrive." The $150,000 pledge will be dis- bursed in three annual installments from 2024 through 2026, ensuring sustained support for critical programs. CARRINGTON MORTGAGE SERVICES INTRODUCES INDIVIDUAL TAXPAYER IDENTIFICATION LOANS C a rrington Mortgage Services, LLC (CMS), a privately held nonbank lender, offers a slate of loan offer- ings 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 corre- spondent 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 homeown- ership at fair interest rates for mort- gages and normal terms. The product demonstrates the unique benefits of The Carrington Companies' position as 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, "We are honored to support the National Center for Healthy Veterans in their mission of returning Healthy Veterans to America." —Jay Flynn, Director, Homes for Heroes Foundation