Posted by Pamela on 3/7/07 10:46am
Msg #178753

Questions to Charles and/or Paw

There is a major upheaval regarding Sub-Prime loans.
However, major financial institutions such as Bank of America,
is expanding their "no social security number or credit score required"
loans for a VERY large sector of its customers.

Therefore, isn't this a conflict?
If not, what type of category do these type of loans fall into?
How does the Patriot Act apply to these people?

And eventually, do you think that the CA SOS will eventually eliminate
its requirements (due to political pressure), that a translator cannot be
used in notarizing documents?

I receive telephone calls on a regular basic, for loan signings where the
borrowers do not speak English, yet a Spanish speaking notary signing agent
isn't always available (and I do not speak Spanish).

Your opinions are much appreciated!


Pam

Reply by cara on 3/7/07 12:14pm
Msg #178785

As a Spanish-speaking notary I feel compelled to point out a logical fallacy in your premise: not all undocumented borrowers are subprime borrowers. I have seen very successful business owners who are paying their taxes with EINs, working hard and trying very hard to adjust their status. They have great credit buy lovely homes. They may not be the rule, but they are not rare, either.

Reply by Pamela on 3/7/07 12:49pm
Msg #178804

Cara, Re: Questions to Charles and/or Paw

". . .not all undocumented borrowers are subprime borrowers."

I agree.

The reason I stated "Subprime" is due to the potential borrower's
lack of a credit history and social security number.

My statement has nothing to do with a person's character.

Sorry if it read that way.


Pam

Reply by AngelinaAZ on 3/7/07 12:32pm
Msg #178796

You need to check your facts Pam...

BofA does not offer loans to people without a social security number. They are offering a credit card. Normally you'd have to supply a SSN to get a credit card and build credit... but this program lets them get a credit card if they have had a checking account for several months with no overdrafts. It is assisting them in ways to build credit in alternative ways.

I have my own opinion on this practice but as it is probably OT in regards to illegal immigration and such... I'll keep it to myself.

BofA is not the first to offer this card... a few other banks have been doing it for years.

Reply by cara on 3/7/07 12:58pm
Msg #178810

Agree: immigration discussions are political , OT n/m

Reply by Pamela on 3/7/07 1:59pm
Msg #178825

Angelina, Re: You need to check your facts Pam...

After I read your post, I telephoned B of A's mortgage department (1-800-900-9000)
and was told B of A does issue home loans to persons without a social security card
and/or credit history.

But what is strange, is that I telephoned twice and received two very different
answers. The first person told me that a tax identification number, as well as a
passport and work permit is needed. And that the person would have to complete
an "in-branch" loan application.

However, the second person told me that only the tax identification number is required.
That a passport and work permit were not needed because "Bank of America has various
programs to fit every need". They also said that the person did not need to go into
the branch. That the loan approval could be completed by telephone and fax without
the "inconvenience of going into a branch".


Pam

Reply by AngelinaAZ on 3/7/07 2:44pm
Msg #178841

Pamela...

Sorry Pam. I looked at what I wrote and the lightbulb came on. We are talking about two different things though...

What I was trying to explain is that there are no loan programs for illegal immigrants. It seemed to me that THAT is what you were referring to in your original post.

There are and have been many programs out there for non-US residents to purchase property in the United States. They must provide Identification via alien id, passport or their own governement issued ID... they must have a TIN... they must prove income either from the country they are from or here... You are talking apples and oranges. There's a ton of rules and red tape that goes along with a Non-US resident loan.... but the program is not for undocumented people with undocumented income. These people ARE documented... their credit worthiness is documented.. it's just not in the conventional way we think of it.

Sorry for the confusion.