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Press Releases

Cornerstone Mortgage, Inc. Welcomes Pam Daley
Cornerstone Mortgage, Inc. is Now Ranked the 17th Fastest Growing Privately-Held Company in the St. Louis Region
Cornerstone Mortgage, Inc. Opens a New Office in Lee's Summit
Cornerstone Mortgage, Inc. Completes 3rd Agency Approval with Freddie Mac
Cornerstone Mortgage, Inc. Announces ProLoan Approval Status
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Glossary

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Second mortgage
The second-priority claim against a property in the event that the borrower defaults on the loan. The lender who holds the second mortgage gets paid only after the lender holding the first mortgage is paid.
Servicing
Administering loans between the time of disbursement and the time the loan is fully paid off. This includes collecting monthly payments from the borrower, maintaining records of loan progress, assuring payments of taxes and insurance, and pursuing delinquent accounts.
Special Assessments
A special tax imposed on property, individual lots or all property in the immediate area, for road construction, sidewalks, sewers, street lights, etc.
Subordinate financing
A second lien on the property securing the loan at the time of closing. This arises when there is a second lien on the property at the time the new loan is taken out, and the new loan does not pay it off.
Survey
A map or plat made by a licensed surveyor showing the results of measuring the land with its elevations, improvements, boundaries, and its relationship to surrounding tracts of land. A survey is often required by the lender to assure him that a building is actually sited on the land according to its legal description.
Swing loan
See Bridge loan.