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 ProcessIQ^SM, 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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