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Important News: FHA Reduces Mortgage Insurance on FHA loans after January 26th, 2015!

This means that anyone with an FHA loan is paying almost 60% more for mortgage insurance than they need to.  Consumers with FHA mortgages should consider refinancing with a FREE Streamline Refinance.





FHA Disclaimer: Cornerstone Mortgage is not acting on behalf of or at the direction of HUD/FHA or the Federal government.

Attention Homebuyers



If you are in the market to purchase a home, stop by our office at 1500 Standiford Ave., Building A for your Free Homebuyers Guide Monday-Friday 8:00 - 5:00.  This guide will give you valuable information that will help you navigate the home buying process and avoid critical mistakes. 


Here is the Latest Mortgage News:

Mortgage News:
COFI Slips to Near Record Low
12/1/2015 6:49 AM
A minuscule decline in the 11th District Cost of Funds Index has it teetering very near its lowest level on record.....COFI, which is used as an index on a small share of adjustable-rate mortgages, was down less than a basis point in October.....In fact, the 11th District index level for October was within a single basis point of the re...Read More
Fannie"s New Business, Residential Delinquency Down
12/1/2015 6:49 AM
Although new monthly business subsided at the Federal National Mortgage Association, so did delinquency on its residential loans.....New business acquisitions at Fannie Mae came to seven percent less during the month of October than it did a month previous.....The secondary activity, along with other operational metrics, were reported b...Read More
Appraisal Fraud Warning on Reverse Mortgages
12/1/2015 6:49 AM
A warning has been issued about the use of fraudulent appraisals on the refinance of government-insured reverse mortgages.....The bogus valuation reports are allegedly being utilized to enable the refinance of home-equity conversion mortgages.....Residential property values are being fraudulently inflated by between 60 percent and 100 ...Read More
Ginnie MSR Offering Has Big Service Fee
12/1/2015 6:49 AM
An offering of mortgage servicing rights on more than $0.6 billion in Government National Mortgage Association loans comes with an attractive service fee.....Bids are currently being accepted for MSRs on approximately 5,430 Ginnie Mae residential loans with an aggregate principal balance of $604 million.....All of the mortgages are fixe...Read More
Weekly Mortgage Market Index Drops, ARMs Sink
12/1/2015 6:49 AM
New mortgage activity fell last week, though -- given the Thanksgiving holiday and Black Friday -- the decline was modest. Adjustable-rate business sank.....A 19 percent drop from a week prior left the U.S. Mortgage Market Index from OpenClose and Mortgage Daily at 107 for the week ended Nov. 27.....The index, a representa...Read More