Your blog question is a good one. But, it already has been answered along time ago and continues to be answered in the affirmative.
ITIN mortgage loans have been originated via old school underwriting by many institutions, wherein the identity of the mortgage applicant is fully verified. These old school institutions abide by what the rest of the industry seems to have ignored, the basic idea of "know your customer". Legitimate ITIN lenders can not afford to violate this basic tenet, otherwise they would have disappeared with alot of the "traditional" mortgage players who have vanished as a result of our current mortgage crisis. ITIN loans perform better than the rest of the market because the applicants are thoroughly assessed with respect to their credit worthiness while the applicants' income capacity is fully verified. Hence, by definition, our national security interests as well as our economic interests are promoted and furthered by standardized ITIN mortgage lending.
As a matter a fact, in light of the current state of the mortgage industry and economy, the last thing we should do is prevent anyone (who is not pretending to be someone else) from buying a home. Furthermore, the last thing our nation should do is to drive huge segments of our population towards an underground economy. Underground economies have historically never been good for legimate industries and we should not give any opportunity for unscrupluous lenders to gain a foothold in one of the only consumer markets where loans are actually being paid on time and performing well.
Thank you.
Best,
Ron Jauregui
Senior Vice President for Community Alliances
Hispanic National Mortgage Association
401 B Street, Ste. 625
San Diego, CA 92101
Ph: 619-795-3679
Fax: 619-546-4189
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