Cornerstone Mortgage, Houston, of the largest remaining privately held nonbank lenders in the U.S. is in the hunt for a merger partner — and is actively talking with several banks.
Company principal and CEO Marc Laird said he could not comment directly on the company's position, but confirmed that, "The idea is to tap into a strong partnership — with a savings bank or a community bank with strong interest in residential real estate."
Laird told National Mortgage News that with all the regulatory changes coming to the industry next year, "Strategically, we need to change too."
Although he would not talk about the company's financial position, investment bankers familiar with the firm said Cornerstone Mortgage has a capital base of between $25 million to $30 million, which would make it a sought after partner for a bank in need. "They are one of the best out there, bar none," said a Texas-based advisor, requesting anonymity.
Cornerstone has been in business for 23 years, and is on track to fund almost $3.5 billion in 2010.
Its ranks 32nd nationwide in terms of loan production, according to NMN.
