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Hispanic Financial Group
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All Inquiries for HFG's Wholesale ITIN loans should be directed to:
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October 10, 2007
Platino Program News
We want to give you an update regarding our Platino ITIN Mortgage program. As you know, the capital markets situation impacted us as we were getting significant traction with our product across the country. At that point we had to increase rates approximately 250bps as a result of lower liquidity and higher cost of funds in the market. Since then, we have continued locking and funding loans at those levels while we looked for alternatives to lower funding costs, however, we regret to inform you that we continue to experience upward pressure in rates from the lack of secondary market liquidity. As a responsible investor that cares about its borrowers we refuse to increase our rates further. We know the performance of the loans is good and therefore it would be unfair to put our borrowers in very high cost loans. As a result, we have decided to temporarily halt the locking of our Platino product, until the market allows us to return to respectable rates. We continue our active discussions in international markets and the daily monitoring of the US capital markets. We are positive and hopeful that we will be able to be back in the market with Platino soon and will keep you abreast of developments. We will be funding all locked loans at the locked prices.
July 03, 2007
Happy 4th of July!
Hispanic Financial Group will be closed Wednesday, Thursday and Friday, July 4th, 5th, and 6th in observance of the Independence Day holiday. We will reopen Monday, July 9th.
June 19, 2007
We're Moving!
Hispanic Financial Group will be closed Friday, June 22 while we move to our new home! We will be back open Monday, June 25 ready to work. Thank you for your patience while we move.
October 1, 2006
Hispanic Financial Group (HFG) is pleased to announce it has chosen First Consolidated Mortgage Company as its sole Agent. HFG specializes in providing loans that recognize the special needs of the Hispanic Community in general and the unique needs of undocumented immigrants in specific. HFG's loans utilize Individual Tax Identification Numbers (ITINs) in place of social security numbers, mattress money, border income, no score features and alternative credit. Income Documentation types for these ITIN Mortgages allow for Full Doc and Blended Doc. Blended Doc is a unique feature that allows for both full documentation and stated income on the same loan.
HFG believes these types of programs have great potential for abuse and wishes to limit it's programs to an Elite Group of Brokers. To achieve this aim HFG will have a separate broker approval process above and beyond FCMC's normal process. As agent for HFG, FCMC will be handling all aspects of HFG's residential mortgage origination business; including marketing, broker approval, broker monitoring, underwriting, closing and funding. HFG looks forward to working with First Consolidated Mortgage for years to come.