Mortgage giant cultivates a caring team atmosphere
Appraisals, amortization and escrow are some of the many terms bandied about the offices of Cornerstone Lending.
But there’s one word you won’t hear at the Houston-based company: “employee.”
“We banned the word,” CEO Marc Laird said. “We use ‘team members,’ because we’re all on the same team helping families with the biggest asset they’re going to buy.”
Cornerstone’s focus on the team and its mission has helped the company earn its No. 4 ranking among large businesses on this year’s Top Workplaces list, based on an employee survey conducted for the Chronicle by Energage.
Started in 1988 with five employees in one small office, Cornerstone today is one of the largest mortgage lenders nationally, with 1,575 employees across 175 offices in 23 states. Cornerstone annually issues about $8 billion in home loans averaging $280,000 each.
Cornerstone employs a higher ratio of underwriters to loan officers, which allows the the company to have faster home closings. The company has 250 loan officers and 100 underwriters who, with other support staff, close 8.8 homes per month, exceeding the industry average of 4.5 homes per month.
It also helps that Cornerstone’s loan officers have an average experience of 12.3 years in issuing mortgages.
To retain employees and encourage productivity, Cornerstone rewards longtime employees with anniversary presents and monthly raffles. On the 25th anniversary with the company, Laird rewards his staff with Rolex watches and diamond bracelets. Every month, everyone in the company has a chance to win a gift card worth $50 for every year of service.
“That’s our No. 1 opened email,” Laird said of the monthly giveaway. “It does cost the company money, but it’s important to create a happy workplace.”
Smaller gestures matter, too, Laird said. Cornerstone hosts a number of fun events every year, such as a Halloween costume contest, holiday luncheon and an employee talent show. For more than 30 years, Laird has sent annual birthday cards or emails to everyone in his company.
“It’s a personal touch that says when you’re here, you’re family to us,” Laird said.
The support goes beyond a birthday card or anniversary present. Since 1994, Cornerstone has managed the Cornerstone Cares Fund, which collects donations from employees to help co-workers in need. Employees can receive up to $5,000 to pay for emergencies, such as funeral costs for a family member.
When Hurricane Harvey flooded the homes and cars of 36 Cornerstone employees, the company fund paid out more than $200,000 to affected workers, Laird said.
“We’re more than just a company or a job. We’re a family that cares for each other,” Laird said.