Cornerstone Capital Bank
What year was Cornerstone founded?
What is 1988?
This type of new construction financing converts to a permanent mortgage after completion.
What is a Construction-to-Permanent Loan?
FHA's minimum down payment with a 580+ credit score.
What is 3.5%?
The "P" in PITI stands for this.
What is Principal?
TRID requires borrowers receive the CD at least this many business days before consummation.
What is 3 business days?
An unexplained amount of money placed into a bank account is known as this underwriting concern.
What is a large deposit?
Cornerstone Capital Bank operates as this type of financial institution.
What is a community bank?
The person responsible for managing the home build from start to finish.
Who is the builder/superintendent?
FHA loans require this mortgage insurance premium at closing.
What is the Upfront Mortgage Insurance Premium (UFMIP)?
RESPA allows this many months as a cushion in your escrow account.
What is 2 months?
The document that replaced the HUD-1 Settlement Statement.
What is the Closing Disclosure (CD)?
Income that cannot be documented is considered this.
What is unacceptable income?
Cornerstone's mortgage division specializes in helping borrowers purchase and refinance this.
What is residential real estate?
Builder incentives often help cover these borrower expenses.
What are closing costs?
FHA stands for these three words.
What is Federal Housing Administration?
On a fixed-rate mortgage, this part of the payment never changes.
What is principal and interest payment?
LE stands for this document.
What is Loan Estimate (LE)?
A borrower switching jobs before closing creates this underwriting issue.
What is a change in employment?
The department responsible for reviewing loan files before closing.
What is closing/final underwriting?
New construction homes are typically sold from this kind of building.
What is a model home?
FHA loans are insured by this federal agency.
What is HUD?
PITIA generally stands for this.
What is principal, interest, taxes, insurance and HOA?
Fees in certain tolerance buckets cannot increase beyond this percentage cumulatively.
What is 10% tolerance?
A property's appraised value comes in lower than the purchase price.
What is an appraisal shortage (gap)?
Cornerstone's core purpose is often described as making a positive impact in the lives of this group.
Who are customers, team members, and communities?
The final walkthrough is usually completed this many days before closing.
What is 1-7 days before closing?
FHA's standard bankruptcy seasoning period after Chapter 7 discharge is typically this many years.
What is 2 years?
When an ARM adjusts, the servicer uses this number, rather than the original loan amount, to calculate the borrower's new payment.
What is current loan balance?
This event allows a lender to revise fees and issue a new Loan Estimate when settlement charges or eligibility have changed after the initial disclosure.
What is a Change of Circumstance?
Multiple recent credit inquiries may require this type of explanation.
What is a letter of explanation (LOX)?