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ITIN Borrower’s Bill of Rights

Your ITIN lender has a responsibility to work with you ethically and to represent your best interests while arranging your mortgage. A lender, who takes advantage of a client or takes a careless attitude during the mortgage application, will automatically have the membership canceled and will be removed from the database.

CompraTuCasaConITIN.com has developed a ITIN Bill of Rights. Although lenders have no binding obligation by law to abide by these rights, CompraTuCasaConITIN.com believes every lender has the ethical responsibility to do the right thing.  We believe that these rights should be provided to every ITIN borrower in order to protect and maintain homeownership.

AN ITIN BORROWER HAS THE RIGHT TO:

  • A clear and forthright explanation of the terms, disclosures and conditions of the loan.
  • A timely and truthful disclosure regarding rates and the total cost of the loan.
  • A competitive rate quote based on the individual’s credit rating.
  • A rate quote that won't change. “Bait and switch,” is all too common in the mortgage business. Lenders must provide a rate quote that won't change -- and if the quote does change, it should only be for valid reasons (such as underwriting issues).
  • An accurate APR disclosure stating the total amount financed
  • Not be targeted of deceptive marketing scams, such as, teaser rates just to capture borrower’s attention
  • Receive homebuyer and credit counseling prior to closing on the loan
  • Receive immediate notification of any change in the status of the loan, such as a change on underwriting guidelines
  • Have the lender consider the borrower’s ability to repay the loan long term before such credit is extended
  • A fair and equitable resolution to any disagreement related to their loan.
  • Receive exceptional customer service
  • An ITIN borrower has the right for an accurate closing date, insuring coordination with other parties in the transaction
  • Not to experience any surprise at closing. Any change must be communicated to the borrower immediately
  • Receive the assistance of a translator at closing to make sure the borrower fully understands what they are signing.
  • Receive post closing assistance. An ethical lender should continue providing prompt and clear answers to ITIN borrower’s questions and/or concerns as they arise over the life of the loan.

By listing their services in CompraTuCasaConITIN.com, Lenders have attested to abide by these principals mention above.

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