Cornerstone Mortgage Co., Houston, a $3 billion a year originator, is continuing its talks with banks and may be close to a deal, according to industry officials close to the situation.
Company president Marc Laird told National Mortgage News on Tuesday that “We’ve teamed up with a private equity firm to buy into a bank or an operating subsidiary of one” but declined to provide any details.
One of the banks he has spoken with is based in Minnesota, said one source.
Cornerstone is on track to fund about $3 billion in mortgages this year, slightly less than what it originated in 2010. Roughly 70% of its business is in Texas, home to one of the best housing markets in the U.S.
The lender has been in business for almost 24 years. Six years ago Laird bought the company from a bank.
Recently Cornerstone signed a consent order issued by the Georgia Department of Banking and Finance to resolve claims that it allowed unlicensed loan officers to originate mortgages. In settling it did not admit fault or liability, and paid a small fine.
