FOR IMMEDIATE RELEASE:
St. Louis, Missouri (November 14, 2008) – Cornerstone Mortgage, Inc., a privately-held St. Louis based mortgage banking firm, has been approved for participation as an FHA Direct Endorsement Lender. Commonly referred to as “Full Eagle” in the lending industry, the Direct Endorsement status allows Cornerstone to underwrite and approve FHA loans in-house with its own staff of DE underwriters. Previously, Cornerstone relied upon outside sponsorship through correspondent relationships for FHA underwriting services.
Cornerstone Mortgage, Inc. has a proven track record in retail mortgage originations since its founding in 1995 by Jim Dean (President/CEO) and Angi Stevenson (Senior Vice President/COO). Recently, Cornerstone Mortgage, Inc. was ranked as one of the top 10 mortgage originators in the St. Louis market place, in addition to the Missouri Housing Development Commission ranking as a “Top 10 Producing Lender”.
When asked what advantages this status provides, Jim Dean responded “Our customers can count on improved rates and superior customer service now that all underwriting is performed in-house. We have now tripled our investor pool than previously offered, which allows us greater flexibility than our competition. This will not only help our current loan professionals but also assist us in our ongoing recruiting efforts.”
In addition to improved product selection and pricing from our correspondent relationships and faster, more consistent approval timeframes, the FHA Direct Endorsement status allows Cornerstone Mortgage, Inc. to further pursue third party origination efforts. As a full DE lender, Cornerstone can now act as a sponsor to banks, credit unions, and mortgage brokers who wish to originate FHA insured loans in addition to conventional loan products. The improved production platform provides significant economies of scale while at the same time delivering reliable processing, underwriting, closing, and funding services all performed locally.
About Cornerstone Mortgage, Inc.:
Cornerstone Mortgage, Inc. has been in operation since 1995 and was founded by Jim Dean (President/CEO) and Angi Stevenson (Senior Vice President/COO). Cornerstone Mortgage, Inc. is currently licensed in six (6) states and has over 165 employees, with 14 locations and is rapidly growing. Jim Dean (President/CEO) was named one of the 100 Most Influential Mortgage Executives in America by Mortgage Executive Magazine in 2013 and 2014. Cornerstone Mortgage, Inc. is an A+ accredited lender with the Better Business Bureau and continues to have an outstanding reputation. In 2013, Cornerstone Mortgage, Inc. became the #1 largest lender in Missouri to have approvals from all three agencies: Freddie Mac, Ginnie Mae, and Fannie Mae. Cornerstone Mortgage, Inc. was named a Top 100 Mortgage Company in America by Mortgage Executive Magazine. The company was listed as one of the top-producing mortgage lenders in the country by Scotsman Guide. Angi Stevenson (Senior Vice President/COO) and Cornerstone were featured in Forbes Magazine in 2013. Revenues at Cornerstone have grown to exceed $26 million dollars annually, with closed loan production surpassing $900 million annually. Cornerstone is a ProLoan approved lender. Cornerstone has been featured on the fastest growing privately-held companies in America list by INC. 500/5000 for four (4) years in a row. Regionally, the company has been the #1 fastest growing mortgage banker in Missouri for the last five (5) years and is currently the 17th fastest growing privately-held company in the St. Louis region. The company is currently the 2nd largest privately-held mortgage banker in Missouri. Cornerstone is also a Top 2 USDA lender in Missouri. Processing, underwriting, and closing are completed locally by Cornerstone.
For More Information, Contact:
Jim Dean, President
Cornerstone Mortgage, Inc.
17280 N Outer 40 Rd., Suite 100
Chesterfield, MO 63005