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)?
A loan amount divided by home value equals this ratio.
What is Loan-to-Value (LTV)?
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 changing 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 model property.
What is a model home?
FHA loans are insured by this federal agency.
What is HUD?
The monthly payment that includes principal, interest, taxes, and insurance.
What is PITI?
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 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?
Paying extra toward principal each month does this to the loan term.
What is shortens the loan term and reduces interest paid?
A revised LE is generally required within this number of business days after a valid change of circumstance.
What is 3 business days?
Multiple recent credit inquiries may require this type of explanation.
What is a letter of explanation (LOX)?