The flood of documents to be signed at closing is one of the most confusing parts of the mortgage process. A typical borrower can expect to be presented with over two dozen documents to sign at a mortgage closing. How do you know what you’re signing?
Like anything else, you need to prioritize. While some documents are critical and need to be carefully scrutinized, others are routine and can be quickly dispensed with. The question is, which are which?
Fortunately, federal law gives you the right to receive copies of all closing documents 24 hours in advance of closing, so you can review them to ensure everything’s in order. Unfortunately, many borrowers fail to take advantage of this right, trusting instead that everything will be in order.
Key mortgage closing documents
The key documents are going to be the ones that set forth the actual terms of the transaction itself. These include the HUD-1 Settlement Statement, Truth in Lending disclosure and the mortgage agreement itself. Copies of these should be reviewed prior to closing and the actual documents you sign should be checked again at closing itself.
The HUD-1 is a detailed listing of all the costs of the transaction, and specifies who is paying each – for example, the seller typically pays certain costs associated with a home sale. The division of costs between buyer and seller – such as for city and county taxes – should reflect what was agreed upon in the sales contract. Also, any payments to the lender should match those provided in the Good Faith Estimate – and are so marked with the designation “from GFE.”
The HUD-1 will also detail a number of other “third-party fees,” such as various types of insurance, real estate agent’s commission and different taxes. Most of these will also have been listed on your Good Faith Estimate, though they can vary by as much as 10 percent from those figures.
The final Truth in Lending (TIL) disclosure details all the terms of your mortgage, including the amount borrowed, interest rate, payback term, total interest to be paid over the life of the loan, etc. Some of these will correspond to figures on the GFE and should match. The TIL also provides a figure called the Annual Percentage Rate (APR), which is a way of expressing the total cost of your loan. Basically, the APR is your mortgage interest rate plus an adjustment to reflect the cost of any fees paid to obtain the loan.
The mortgage agreement
Another major item is the actual mortgage agreement, which is usually in two parts. The first is the actual mortgage note itself, which again states the terms of the loan, gives you the money and commits you to repaying it. It also sets forth such things as when payments are due, grace periods, penalties for late payments and the steps the lender can take if you fail to make payments.
A second document, variously called the mortgage or deed of trust, establishes the right of the lender to repossess the property if you violate the terms of the note, most notably by failing to pay the mortgage, taxes or insurance.
Finally, the deed is the document that actually transfers ownership of the property to you. Although fairly straightforward, it’s important to make sure everything is in order, including your name, the name of the seller and the description of the property. You won’t take this home with you after closing, but it will be sent to you once it is recorded with the county.
Formal notifications
Another group that should be paid close attention to are notifications, which spell out certain conditions in your loan or home purchase that might not be covered in the other agreements or which are spelled out separately for emphasis. These will likely include a notice of your right to cancel, which gives you three days to cancel a refinanced mortgage and recovery your money if you change your mind for any reason, and a notice of no oral agreements, which basically means any verbal promises from your lender carry no weight.
Another is your initial escrow statement, which details the estimated charges for insurance premiums, taxes, PMI and anything else to be paid from your escrow account over the coming year. Any documents that provide additional information about the terms of your loan or home purchase, or about your or your lender’s rights and obligations, should be reviewed and understood prior to closing.
Getting your ducks in a row
Another batch of documents might be termed “ducks,” since they’re about getting your ducks in order so the mortgage and property sale can proceed. These include your title and homeowner’s insurance, property survey, private mortgage insurance (PMI) if needed, sewer and water certification, termite inspection and homeowner’s association agreements if required, certificate of occupancy for a new house and all the other things that have to be done before the sale can proceed. These should be reviewed before the sale to make sure they’re in order, but don’t demand close scrutiny.
Finally, a last batch of documents are for routine matters, many of them simply confirming that you have received or signed off on other forms, that you have had certain terms of the agreement explained to you or that you understand certain terms of the agreement. They don’t demand a lot of attention from you, but you should at least recognize what they refer to. If not, don’t sign off on them until you’re sure about what you’re signing.
- Jack Buck, Jr., NMLS#266343
- Chesterfield, Missouri, United States
- Nationally and State Licensed Loan Officer
Monday, October 17, 2011
Tuesday, September 13, 2011
Many Uses for a Mortgage Calculator
A mortgage calculator is a handy way to figure out how much of a mortgage loan you can afford, or what your monthly mortgage payments would be if you borrow a certain amount. But there are lots of other ways they can be useful in handling your mortgage-related finances as well.
Think refinancing. Think tax time. Think accelerating your mortgage payments or paying off your loan early. Think comparing different mortgage options to determine which is best for you.
The basic function of a mortgage calculator, of course, is to determine what the monthly mortgage payment will be on a home loan of a given size, interest rate and duration. You plug the numbers in and the calculator gives you the answer. Some also include features that allow you to calculate related costs such as homeowner’s insurance and taxes to figure out what your total monthly housing bill will be.
Using the mortgage amortization schedule to your advantage
But a mortgage calculator can also do much more, particularly if it can provide an amortization schedule showing how fast you’re paying off the loan. An amortization schedule will not only show how much you’re paying in principle and interest each month, but also updated totals for each over the life of the loan.
This is a powerful tool, because it quickly shows how changing various terms of a loan affect how much you pay, how fast you pay it off and how much your interest payments are. Running different numbers through the mortgage calculator can help you determine which are the best mortgage options for you and help you adjust your financial strategies. Some examples are:
Mortgage shopping/ interest rates, points and closing costs
Discount points allow you to reduce your interest rate by paying a fee up front, typically equal to 1 percent of the amount borrowed for reducing the interest rate by one-eighth of a percentage point. Similarly, you may be comparing two mortgage offers, one of which has higher closing costs but a lower interest rate than the other. Which is the better deal?
Paying additional costs upfront for a lower interest rate is a strategy that typically takes several years to pay off. Using a mortgage calculator amortization table to compare the two loans, you can see at what point the costs of one loan will fall below that of the other, and decide whether the difference is great enough to make it worth your while.
Accelerated payoff
Thinking about paying off your mortgage faster? Wondering how much sooner you’ll pay off your 30-year mortgage if you make a small, but consistent, increase in your monthly payments during the early years? The amortization table will not only show your new payoff date, but will also illustrate how much faster you’re building equity, if your goal is to sell, refinance or eliminate private mortgage insurance (PMI) in a few years.
Refinancing
The big question about mortgage refinancing is whether the closing costs needed to obtain a new loan are worth the lower interest rate you can obtain by refinancing. Using the mortgage calculator, you can add in the new closing costs, along with the reduced interest rate and new payment schedule, then use the amortization chart to see how long it will take you to reach the “break even” point. You can also see what your total savings would be over the life of the loan, as well as your total interest payments compared to your current mortgage.
Interest payments
Interest payments are an often overlooked aspect of mortgage costs, especially when refinancing. You’ll save money by reducing your interest rate or paying your mortgage off faster – BUT – you’ll also lose the tax breaks those interest payments provide. Since mortgage interest is what allows many homeowners to itemize their deductions in the first place, it’s good to know just when your interest payments might fall below the cutoff on an accelerated payoff or refinanced mortgage. Also, tax impacts tend to lessen the overall savings of reducing your interest payments, so it’s good to take that into account.
These are just some of the ways you can use a mortgage calculator and amortization schedule to your advantage. Basically, if you’ve got a question about the pros and cons of different approaches to handing a mortgage, you’ll find it in the amortization tables. It’s worth your while to get familiar with them.
Feel free to use the Cornerstone Mortgage's on line calculator. Here is the link. http://www.cornerstonestl.com/calculators/index.html
Think refinancing. Think tax time. Think accelerating your mortgage payments or paying off your loan early. Think comparing different mortgage options to determine which is best for you.
The basic function of a mortgage calculator, of course, is to determine what the monthly mortgage payment will be on a home loan of a given size, interest rate and duration. You plug the numbers in and the calculator gives you the answer. Some also include features that allow you to calculate related costs such as homeowner’s insurance and taxes to figure out what your total monthly housing bill will be.
Using the mortgage amortization schedule to your advantage
But a mortgage calculator can also do much more, particularly if it can provide an amortization schedule showing how fast you’re paying off the loan. An amortization schedule will not only show how much you’re paying in principle and interest each month, but also updated totals for each over the life of the loan.
This is a powerful tool, because it quickly shows how changing various terms of a loan affect how much you pay, how fast you pay it off and how much your interest payments are. Running different numbers through the mortgage calculator can help you determine which are the best mortgage options for you and help you adjust your financial strategies. Some examples are:
Mortgage shopping/ interest rates, points and closing costs
Discount points allow you to reduce your interest rate by paying a fee up front, typically equal to 1 percent of the amount borrowed for reducing the interest rate by one-eighth of a percentage point. Similarly, you may be comparing two mortgage offers, one of which has higher closing costs but a lower interest rate than the other. Which is the better deal?
Paying additional costs upfront for a lower interest rate is a strategy that typically takes several years to pay off. Using a mortgage calculator amortization table to compare the two loans, you can see at what point the costs of one loan will fall below that of the other, and decide whether the difference is great enough to make it worth your while.
Accelerated payoff
Thinking about paying off your mortgage faster? Wondering how much sooner you’ll pay off your 30-year mortgage if you make a small, but consistent, increase in your monthly payments during the early years? The amortization table will not only show your new payoff date, but will also illustrate how much faster you’re building equity, if your goal is to sell, refinance or eliminate private mortgage insurance (PMI) in a few years.
Refinancing
The big question about mortgage refinancing is whether the closing costs needed to obtain a new loan are worth the lower interest rate you can obtain by refinancing. Using the mortgage calculator, you can add in the new closing costs, along with the reduced interest rate and new payment schedule, then use the amortization chart to see how long it will take you to reach the “break even” point. You can also see what your total savings would be over the life of the loan, as well as your total interest payments compared to your current mortgage.
Interest payments
Interest payments are an often overlooked aspect of mortgage costs, especially when refinancing. You’ll save money by reducing your interest rate or paying your mortgage off faster – BUT – you’ll also lose the tax breaks those interest payments provide. Since mortgage interest is what allows many homeowners to itemize their deductions in the first place, it’s good to know just when your interest payments might fall below the cutoff on an accelerated payoff or refinanced mortgage. Also, tax impacts tend to lessen the overall savings of reducing your interest payments, so it’s good to take that into account.
These are just some of the ways you can use a mortgage calculator and amortization schedule to your advantage. Basically, if you’ve got a question about the pros and cons of different approaches to handing a mortgage, you’ll find it in the amortization tables. It’s worth your while to get familiar with them.
Feel free to use the Cornerstone Mortgage's on line calculator. Here is the link. http://www.cornerstonestl.com/calculators/index.html
Thursday, September 8, 2011
Five Tips to Help Raise Credit Scores
Start by getting free copies of your three major credit reports at the government-authorized site annualcreditreport.com.
1. Check your reports for accuracy. Financial columnist Liz Weston, author of "Your Credit Score," says to look for credit cards or other accounts that aren't yours, negative entries that are more than seven years old, duplicate past-due items and incorrect Social Security number or date of birth.
2. Dispute errors. Credit bureaus are required by law to investigate mistakes you bring to their attention and report back to you. Typically, they ask the creditor that reported the past-due information to check its records. If the creditor can't verify the info or doesn't respond, the item should be deleted.
3. Pay your bills on time. Payment history makes up more than one-third of the typical credit score determination, Weston says, so paying bills on time all the time is essential to maintaining good scores. If you're forgetful, consider setting up automatic payments through your bank.
4. Pay down your debts. Lenders look at how much of your available credit on cards and credit lines you are using. If you are maxed out or close to it, lenders could assume you're on the financial edge and not lend you money.
5. Keep credit cards and other revolving accounts open. You may be tempted to close old accounts you're not using, but that won't help your credit scores and may actually hurt them. It reduces the amount of your available credit, which can lead to lower scores.
1. Check your reports for accuracy. Financial columnist Liz Weston, author of "Your Credit Score," says to look for credit cards or other accounts that aren't yours, negative entries that are more than seven years old, duplicate past-due items and incorrect Social Security number or date of birth.
2. Dispute errors. Credit bureaus are required by law to investigate mistakes you bring to their attention and report back to you. Typically, they ask the creditor that reported the past-due information to check its records. If the creditor can't verify the info or doesn't respond, the item should be deleted.
3. Pay your bills on time. Payment history makes up more than one-third of the typical credit score determination, Weston says, so paying bills on time all the time is essential to maintaining good scores. If you're forgetful, consider setting up automatic payments through your bank.
4. Pay down your debts. Lenders look at how much of your available credit on cards and credit lines you are using. If you are maxed out or close to it, lenders could assume you're on the financial edge and not lend you money.
5. Keep credit cards and other revolving accounts open. You may be tempted to close old accounts you're not using, but that won't help your credit scores and may actually hurt them. It reduces the amount of your available credit, which can lead to lower scores.
Wednesday, July 20, 2011
A New Life, New Home, New Mortgage
Are you entering a new phase in your life and looking for a new home to match? A major life transition often involves a new home, be it getting married, relocating to a new job or retiring. However, with mortgage credit being as tight as it is these days, there are some pitfalls you want to be sure to avoid.
First, don’t run up a lot of new charges on your credit cards. This is one of the most basic and obvious rules of qualifying for a mortgage, but it’s one that’s easily overlooked when you’re in a life transition. Wedding expenditures, expensive trips, an extensive new wardrobe, new golf clubs or other pricey toys – all can drive up your credit balances very quickly. Best to hold off on the spending until the new house keys are in hand.
Similarly, avoid opening new lines of credit. This can include new credit cards, but also can be other major purchases as well. A new car to go with that prestigious new job or a boat as a retirement gift to yourself may be what you’ve always wanted, but they could make lenders a bit uneasy when evaluating your loan application. You may not get turned down flat, but you could find yourself paying a higher interest rate than you might have.
One of the biggest rules of applying for a mortgage is, don’t quit your job immediately beforehand. Retirees, this means you! You’ll find it a lot easier to qualify for a new mortgage if you do it while you’re still earning your regular income, rather than trying to qualify on the diminished payout you’ll get from a pension or retirement account.
If you’re changing jobs, you might want to nail down the new house before you start the new job. While a boost in income can make it easier to qualify for the mortgage you’re seeking, the fact that it’s a new and untried position may cause some lenders pause.
If you’re getting married on the other hand, you may want to wait until the knot is tied before mortgage shopping. Or, at the very least, unite your finances before the ceremony. You’ll find it a lot easier to qualify for a mortgage with a combined income than if you’re trying to do one on just one person’s credit.
However, if one of the two of you has damaged credit, it’s best to apply for the mortgage and buy the home under the other person’s name and finances alone. That way, the two of you won’t be handicapped by the one partner’s lower credit score.
If you’re looking to upgrade from your current home, you may find it difficult to qualify for a new mortgage if you still owe on another. That’s particularly true if you’re underwater on the loan, or owe more than the property is worth, and especially so if you’re looking to buy a new home in the same community as the old. Lenders are leery of homeowners who are seeking to “buy and bail” – obtain a mortgage for a new house at today’s reduced market prices, then dump the old one once the new property is in hand. You may find that you need to put some more money into your old mortgage, at least bringing it to a positive equity position, before you can qualify for a new one.
A final mistake many people make is failing to check out their credit before applying for a new home. This can be a problem for well-established persons who are entering retirement or taking on new jobs, and who assume their finances are in order. However, anyone can have major errors on their credit reports. These can be corrected, but it takes time – it’s best to order your reports from all three major credit reporting agencies at least six months before you plan to purchase to allow time to call attention to and correct any mistakes.
First, don’t run up a lot of new charges on your credit cards. This is one of the most basic and obvious rules of qualifying for a mortgage, but it’s one that’s easily overlooked when you’re in a life transition. Wedding expenditures, expensive trips, an extensive new wardrobe, new golf clubs or other pricey toys – all can drive up your credit balances very quickly. Best to hold off on the spending until the new house keys are in hand.
Similarly, avoid opening new lines of credit. This can include new credit cards, but also can be other major purchases as well. A new car to go with that prestigious new job or a boat as a retirement gift to yourself may be what you’ve always wanted, but they could make lenders a bit uneasy when evaluating your loan application. You may not get turned down flat, but you could find yourself paying a higher interest rate than you might have.
One of the biggest rules of applying for a mortgage is, don’t quit your job immediately beforehand. Retirees, this means you! You’ll find it a lot easier to qualify for a new mortgage if you do it while you’re still earning your regular income, rather than trying to qualify on the diminished payout you’ll get from a pension or retirement account.
If you’re changing jobs, you might want to nail down the new house before you start the new job. While a boost in income can make it easier to qualify for the mortgage you’re seeking, the fact that it’s a new and untried position may cause some lenders pause.
If you’re getting married on the other hand, you may want to wait until the knot is tied before mortgage shopping. Or, at the very least, unite your finances before the ceremony. You’ll find it a lot easier to qualify for a mortgage with a combined income than if you’re trying to do one on just one person’s credit.
However, if one of the two of you has damaged credit, it’s best to apply for the mortgage and buy the home under the other person’s name and finances alone. That way, the two of you won’t be handicapped by the one partner’s lower credit score.
If you’re looking to upgrade from your current home, you may find it difficult to qualify for a new mortgage if you still owe on another. That’s particularly true if you’re underwater on the loan, or owe more than the property is worth, and especially so if you’re looking to buy a new home in the same community as the old. Lenders are leery of homeowners who are seeking to “buy and bail” – obtain a mortgage for a new house at today’s reduced market prices, then dump the old one once the new property is in hand. You may find that you need to put some more money into your old mortgage, at least bringing it to a positive equity position, before you can qualify for a new one.
A final mistake many people make is failing to check out their credit before applying for a new home. This can be a problem for well-established persons who are entering retirement or taking on new jobs, and who assume their finances are in order. However, anyone can have major errors on their credit reports. These can be corrected, but it takes time – it’s best to order your reports from all three major credit reporting agencies at least six months before you plan to purchase to allow time to call attention to and correct any mistakes.
Tuesday, July 12, 2011
Foreclosure Sales Decline Second Straight Month
Foreclosure sales nationwide decreased 7 percent from 73,000 in April to 68,000 in the month of May, according to HOPE NOW’s data.
Foreclosure starts increased 8 percent from 163,000 in April to 176,000 in May.
Permanent loan modifications decreased only slightly from April to May, falling from 86,000 to 85,000.
Proprietary modifications totaled 53,000, a 7 percent decrease from April. Seventy-eight percent of proprietary modifications included reduced principal interest payments; 57 percent had reduced principal interest payments of more than 10 percent; and 88 percent were fixed-rate modifications.
Modifications completed under the Home Affordable Modification Program >(HAMP) totaled 32,398 in May, a 12 percent increase from April.
HOPE NOW also reported that 60+ day delinquencies increased only slightly at a rate of one percent, totaling 2.67 million for the month of May.
“Despite increases in foreclosure starts and a decrease in proprietary modifications this month, there were still a few bright spots in fewer foreclosure sales, an increase in HAMP loan modifications and the third straight month of relatively flat 60+ day delinquencies,” said Faith Schwartz, Executive Director of HOPE NOW.
HOPE NOW is an industry-created alliance of mortgage servicers, investors, counselors, and other professionals.
“Since 2007, mortgage servicers have completed 4.6 million permanent loan modifications for the nation’s homeowners and there has been no slow down in the efforts to keep as many families as possible in their homes,” said Schwartz.
Foreclosure starts increased 8 percent from 163,000 in April to 176,000 in May.
Permanent loan modifications decreased only slightly from April to May, falling from 86,000 to 85,000.
Proprietary modifications totaled 53,000, a 7 percent decrease from April. Seventy-eight percent of proprietary modifications included reduced principal interest payments; 57 percent had reduced principal interest payments of more than 10 percent; and 88 percent were fixed-rate modifications.
Modifications completed under the Home Affordable Modification Program >(HAMP) totaled 32,398 in May, a 12 percent increase from April.
HOPE NOW also reported that 60+ day delinquencies increased only slightly at a rate of one percent, totaling 2.67 million for the month of May.
“Despite increases in foreclosure starts and a decrease in proprietary modifications this month, there were still a few bright spots in fewer foreclosure sales, an increase in HAMP loan modifications and the third straight month of relatively flat 60+ day delinquencies,” said Faith Schwartz, Executive Director of HOPE NOW.
HOPE NOW is an industry-created alliance of mortgage servicers, investors, counselors, and other professionals.
“Since 2007, mortgage servicers have completed 4.6 million permanent loan modifications for the nation’s homeowners and there has been no slow down in the efforts to keep as many families as possible in their homes,” said Schwartz.
Friday, July 1, 2011
CFPB Releases Round Two of New Mortgage Disclosures, Seeks Feedback
In the ongoing effort to combine Truth in Lending and Good Faith Estimate forms into a single document, the Consumer Financial Protection Bureau today released the second drafts of two sample mortgage disclosure forms, and is now seeking public comment.
The CFPB released the first round of revamped forms on May 18, after which it received more than 13,000 comments on the disclosures.
The feedback was “largely consistent with the one-on-one interviews we conducted with consumers, lenders, and brokers, and we’ve incorporated much of it into our new prototypes,” the CFPB wrote on its website.
While the first round of prototypes focused on the front page, or “shopping sheet” of the disclosure forms, the second round focuses on the back page of the forms, which covers the closing costs.
The new forms incorporate feedback from the first round of public comments, in an effort to present a design and explanation that is easily understood by consumers.
As in the previous round of review, the CFPB aims to address whether the forms help consumers understand closing costs, whether brokers and lenders can easily explain the information to customers, and seeks feedback on possible clarifications or improvements that the CFPB can implement into the next round of forms.
The request for feedback is open through Tuesday, July 5.
http://www.consumerfinance.gov/knowbeforeyouowe/
The CFPB released the first round of revamped forms on May 18, after which it received more than 13,000 comments on the disclosures.
The feedback was “largely consistent with the one-on-one interviews we conducted with consumers, lenders, and brokers, and we’ve incorporated much of it into our new prototypes,” the CFPB wrote on its website.
While the first round of prototypes focused on the front page, or “shopping sheet” of the disclosure forms, the second round focuses on the back page of the forms, which covers the closing costs.
The new forms incorporate feedback from the first round of public comments, in an effort to present a design and explanation that is easily understood by consumers.
As in the previous round of review, the CFPB aims to address whether the forms help consumers understand closing costs, whether brokers and lenders can easily explain the information to customers, and seeks feedback on possible clarifications or improvements that the CFPB can implement into the next round of forms.
The request for feedback is open through Tuesday, July 5.
http://www.consumerfinance.gov/knowbeforeyouowe/
Tuesday, June 14, 2011
FOR IMMEDIATE RELEASE: Cornerstone Mortgage is now ranked the 3rd fastest growing privately held company in the St. Louis Region.
St. Louis, Missouri (June 1, 2011)-Cornerstone Morgage, Inc.-a privately held St. Louis based mortgage banking firm-has been ranked the 3rd fastest growing privately held company in the St. Louis region by the St. Louis Business Journal.
In addition, for the second year in a row the St. Louis Business Journal named Cornerstone Mortgage the fastest growing mortgage banker in the area.
According to Jim Dean, President of Cornerstone Mortgage, this kind of phenomenal growth in a very unstable economic climate is due in part to "Hiring and retaining Loan Officers with an average of 15 years experience and are licensed at both the state and national level, unlike most bank lending officers. These professionals come to closing with a check for our clients and have eliminated all the complications in the loan process." Mr. Dean also stated, "As an independent mortgage banker, we're not reliant on any other company to originate, fund and service loans. This means we can offer pricing advantages over the larger lenders."
Cornerstone Mortgage, Inc. is a locally owned an operated Mortgage Banking firm with a proven track record in retail mortgage originations. Founded in 1995 by Jim Dean, President/CEO and Angi Stevenson, Senior Vice President, Cornerstone Mortgage has 42 Loan Officers (all state and nationally licensed) and 6 locations serving the St. Louis metropolitan area. In 2010, the company originated in excess of $500 million in residential home loans and was ranked the #1 fastest growing mortgage banking firms by the St. Louis Business Journal. Cornerstone Mortgage, Inc. has been accredited by the Better Business Bureau since 1996 and has an A+ rating.
In addition, for the second year in a row the St. Louis Business Journal named Cornerstone Mortgage the fastest growing mortgage banker in the area.
According to Jim Dean, President of Cornerstone Mortgage, this kind of phenomenal growth in a very unstable economic climate is due in part to "Hiring and retaining Loan Officers with an average of 15 years experience and are licensed at both the state and national level, unlike most bank lending officers. These professionals come to closing with a check for our clients and have eliminated all the complications in the loan process." Mr. Dean also stated, "As an independent mortgage banker, we're not reliant on any other company to originate, fund and service loans. This means we can offer pricing advantages over the larger lenders."
Cornerstone Mortgage, Inc. is a locally owned an operated Mortgage Banking firm with a proven track record in retail mortgage originations. Founded in 1995 by Jim Dean, President/CEO and Angi Stevenson, Senior Vice President, Cornerstone Mortgage has 42 Loan Officers (all state and nationally licensed) and 6 locations serving the St. Louis metropolitan area. In 2010, the company originated in excess of $500 million in residential home loans and was ranked the #1 fastest growing mortgage banking firms by the St. Louis Business Journal. Cornerstone Mortgage, Inc. has been accredited by the Better Business Bureau since 1996 and has an A+ rating.
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