A new $100M credit facility with Texas Capital Bank will enable vacation home loans to be originated by a 3rd party, then securitized and sold to investors in non-qualified mortgages
Approval by bank regulators will allow Cornerstone to 'significantly expand' product and service offerings to hundreds of thousands of customers and referral sources nationwide
The new bond products offer higher yields in a low-interest-rate environment; but if the loans go bad, investors are on the hook
The acquisition of Texas Capital Bank's correspondent lending business is expected to double the channel's volume for PHH Mortgage