View From the Board: ITIN lending

ITIN (Individual Taxpayer Identification Number) lending is important to credit union members, especially for those who might not have a Social Security Number but still want access to credit and financial services in the United States.

Having an ITIN lending program allows credit unions to offer financial services to individuals who may otherwise be excluded from traditional banking channels. This often includes immigrants, individuals on dependent visas, or foreign students.

By offering lending products to members with ITINs, we enable them to access credit for various purposes such as buying a home, a car, or starting a business. This can be crucial for them to achieve financial stability.

Establishing credit in the United States can be challenging for people without social security numbers. ITIN lending provides a channel for these members—ultimately helping them qualify for better terms on loans and financial products. Recently, we had a local real estate agent refer a couple with an ITIN to us. They had been renting a home for over nine (9) years. They thought being a homeowner was out of the question for them. One of our Mortgage Loan Officer’s helped them through the process, and we were able to finance a new home for them and their one-year-old son. The members are grateful that we were able to help navigate them through the process with great service and obtain a good mortgage loan rate.


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