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New Mortgage Loan Program Removes Barriers To Home Ownership

First-time homebuyers can provide Individual Taxpayer Identification Numbers (ITIN) as ID

BROOKFIELD - North Shore Bank today announced an innovative mortgage loan program that makes it possible for citizens of foreign countries and others without Social Security numbers to purchase a home and enjoy the American dream. The bank's "ITIN Mortgage" allows first-time homebuyers to provide Individual Taxpayer Identification Numbers (ITIN) issued by the U.S. Internal Revenue Service in place of the traditional Social Security number usually required to secure a mortgage loan.

The program - one of the first of its kind in Wisconsin - was created primarily to serve members of the state's fast-growing Hispanic community, who often don't yet have a Social Security number.

"We are seeing a tremendous response from customers - dozens of people have already applied for the ITIN mortgage since its recent introduction," said mortgage loan originator Maria Perez. "The ITIN mortgage gives people an opportunity they didn't have in the past to become homeowners, and they can now do so with a low downpayment and many of the same terms as a traditional mortgage. As a community bank, we work hard to provide services that are truly of value to our customers. This mortgage, along with bilingual staff, free homebuyer education and other benefits, allow us to better meet our customers' unique needs."

The ITIN loan has the same interest rate, closing costs and payment schedule as a traditional North Shore Bank mortgage. Homes must be owner-occupied, and only 5 percent downpayment is required for either a one-family or two-family owner-occupied residence. Since many individuals may not have an established traditional credit history, the bank provides added flexibility by accepting payment references from landlords, utilities and others.

The ITIN mortgage is part of North Shore Bank's ongoing effort to provide new services and improve access to banking opportunities for the area's Latino residents. Earlier this month, the bank announced it would build a branch inside El Rey Nana's Market Mexican Grocery Store in Milwaukee, the first bank branch to be located in an ethnic supermarket in Wisconsin. The IRS has also designated North Shore Bank an ITIN acceptance agent, meaning it can accept and process applications for the identification numbers.

In 2001, North Shore Bank became the first Wisconsin-based financial institution to accept matricula consular ID cards issued by the Mexican government as valid identification for opening checking and savings accounts. The bank has joined with the Mexican consulate in Chicago to sponsor a number of matricula consular registration drives throughout Wisconsin. Thousands of Mexican immigrants have applied for and received the IDs through the bank-sponsored drives, and additional drives are planned in 2004.

In addition to its matricula consular efforts, North Shore Bank offers a number of other services to Hispanic customers, including customized loans and other products, Spanish-language telephone banking and a bilingual option on ATMs. The bank has bilingual staff in nine of its locations, has developed free Spanish-language homebuyer seminars, offers Spanish-speaking mortgage loan officers and sponsors and participates in a number of Latino community events.

North Shore Bank, headquartered in Brookfield, was founded in 1923 and has assets of $1.7 billion. In addition to branches in metro Milwaukee, current branches are located in Pewaukee, Racine, Union Grove, Kenosha, Burlington, Green Bay, Appleton, Menasha, Howard, Pulaski, De Pere, Algoma, Two Rivers and Door County. In addition to the new El Rey branch, the bank recently began construction in Oak Creek on its 41st branch, which is expected to open later this fall.