ITIN lending represents a growth opportunity for CUs.
ITIN lending represents a solid marketing demographic for credit unions. Is your credit union taking full advantage of it? If not, you should be. Here's why. The Filene Research Institute recently concluded its incubator loan project in December 2017, with ITIN lending being the most popular segment of the experiment. The program introduced the following five loan packages to immigrants/minorities:
|- Automobile refinance loans
- QCash small dollar loans
- Micro-finance small business loans (community-based)
- Payday payoff installment loans
- ITIN lending
To make these loans possible, credit unions used targeted data mining and alternative relationship factors in addition to credit scores, alternative data and ITIN numbers rather than Social Security numbers as a basis for identification. And while this segment does carry risk, it can be measured. Plus, the numbers speak for themselves.
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