Through ITINs, Greylock Federal Credit Union provides New Americans with a path forward

Yomary Almonte couldn’t believe her ears when she heard the words from Greylock Federal Credit Union: “You are approved to buy a home for you and your family.”

The news was a dream come true for Almonte who immigrated to the United States from the Dominican Republic five years ago in search of better opportunities for her family.

For Almonte, and other immigrants who choose Greylock as their financial institution, the credit union has helped to make their dreams a reality through its ITIN (Individual Taxpayer Identification Number) offerings.

New homeowner Yomary Almonte with Gloria Escobar, Greylock’s Sr Community Relations & Latinx Financial Wellness Coach.

“At Greylock, we know that our new Americans comprise one of our fastest growing member sectors. It’s absolutely vital that we provide them with safe and affordable financial services to support their goals for both the present and future,” said President and CEO John Bissell.

Immigrants who do not have a social security number are required to have an Individual Taxpayer Identification Number (ITIN) to actively participate in the U.S. financial system and apply for loans, such as credit cards, auto loans and mortgages, as well as to pay their taxes.

While some agencies or organizations may charge hundreds of dollars to help an immigrant apply for an ITIN, the service is free of charge at Greylock.

Since 2019, the credit union has helped more than 1,800 individuals obtain an ITIN. In 2023, Greylock’s Certified IRS ITIN Agents helped submit 602 ITIN applications to the IRS, opening the door to financial resources for community members who need this access to support their financial wellness.

While not every new ITIN recipient will apply for a loan through Greylock, many have utilized these resources. Through Greylock’s lending programs, members have access to tailored lending products such as a Credit Builder Loan, Borrow and Save Loan, Lifeline (a small dollar installment loan), New Road Loans for new and used vehicles, and most recently, ITIN mortgages.

Since 2019, Greylock has approved over 2,000 ITIN loan applications for over $27 million. In 2023, Greylock approved 660 ITIN loan applications for $7,172,409, and the credit union is on pace to exceed those numbers in 2024.

“Of course, we are thrilled with those numbers,” Bissell added, “but what excites me the most personally is that each one of those ITIN loan applications represents a new American who is working hard to achieve their American Dream.”