BBB Logo

Better Business Bureau ®
Start With Trust®
Northern Colorado and Wyoming
Are you the Owner of this Business? ×
BBB® Accredited Business Seal

Are You the Business Owner of Cornerstone Home Lending Inc?

If yes, click here to login.

Are you...?

BBB Accredited Business since

BBB Business Reviews may not be reproduced for sales or promotional purposes.

BBB Accreditation

A BBB Accredited Business since

BBB has determined that Cornerstone Home Lending Inc meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.

Reason for Rating

BBB rating is based on 16 factors. Get the details about the factors considered.

Factors that raised the rating for Cornerstone Home Lending Inc include:

  • Length of time business has been operating.
  • Complaint volume filed with BBB for business of this size.
  • Response to 2 complaint(s) filed against business.
  • Resolution of complaint(s) filed against business.
  • BBB has sufficient background information on this business.


Customer Complaints Summary Read complaint details

2 complaints closed with BBB in last 3 years | 2 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 0
Billing/Collection Issues 0
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 2
Total Closed Complaints 2

Customer Reviews Summary Read customer reviews

0 Customer Reviews on Cornerstone Home Lending Inc
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 0
Total Customer Reviews 0

Additional Information

top
BBB file opened: November 12, 2010 Business started: 01/01/1986 Business started locally: 01/01/1986 Business incorporated: 01/01/1986 in TX
Licensing

This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

These agencies may include:

Division of Real Estate-Colorado
1560 Broadway Ste 295, Denver CO 80202
www.dora.state.co.us/real-estate/index.htm
Phone Number: (303) 894-2166

Occupational/Industry License Database Colorado
1560 Broadway Ste 1350, Denver CO 80202
http://www.colorado.gov/oed/industry-license/

Type of Entity

Corporation

Business Management
Ms. Sabrina Nowling, PR Project Manager Mr. Marc Laird, CEO
Contact Information
Principal: Ms. Sabrina Nowling, PR Project Manager
Business Category

Mortgage Brokers Financial Services Mortgage Bankers Loans Loan Modification

Alternate Business Names
Cornerstone Mortgage Company

Additional Locations

  • 1110 38th Ave

    Greeley, CO 80634

  • THIS LOCATION IS NOT BBB ACCREDITED

    1715 Iron Horse Dr Ste 128

    Longmont, CO 80501

  • THIS LOCATION IS NOT BBB ACCREDITED

    18655 Green Valley Ranch Blvd

    Denver, CO 80249

  • THIS LOCATION IS NOT BBB ACCREDITED

    2501 Blichman Ave Ste 105

    Grand Junction, CO 81505

  • 2809 E Harmony Rd Ste 200

    Fort Collins, CO 80528 (970) 206-4663

  • 290 Highway 133

    Carbondale, CO 81623 (970) 945-2011

  • 326 Oak St

    Steamboat Springs, CO 80477 (970) 846-5319

  • 3726 S Timberline Rd Ste 102

    Fort Collins, CO 80525 (970) 226-2992

  • THIS LOCATION IS NOT BBB ACCREDITED

    390 Union Blvd Ste 320

    Lakewood, CO 80228

  • 450 West Ave Unit 102

    Rifle, CO 81650 (970) 625-3811

  • THIS LOCATION IS NOT BBB ACCREDITED

    503 N Main St Ste 6

    Pueblo, CO 81003

  • THIS LOCATION IS NOT BBB ACCREDITED

    5460 S Quebec StSuite 110

    Englewood, CO 80111 (303) 957-2510

  • 6500 W 29th St Ste 230

    Greeley, CO 80634 (970) 379-1280

  • THIS LOCATION IS NOT BBB ACCREDITED

    7375 W 52nd Ave Ste 310

    Arvada, CO 80002

  • 817 Colorado Ave Ste 102

    Glenwood Springs, CO 81601

  • 1
X

What is a BBB Business Review?

We offer free reviews on businesses that include background, licensing, consumer experience and other information such as governmental actions that is known to BBB. These reviews are provided for businesses that are BBB accredited and also for businesses that are not BBB accredited.

X

About BBB Business Review Content & Services:

Some Better Business Bureaus offer additional content & services in BBB Business Reviews.
The additional content & services are typically regional in nature or, in some cases, a new product or service that is being tested prior to a more general release.
Not all enhanced content & services are available at all Better Business Bureaus.

Professional AffiliationsX
X

Types of Complaints Handled by BBB

BBB handles the following types of complaints between businesses and their customers so long as they are not, or have not been, litigated:

  • Advertising or Sales
  • Billing or Collection
  • Problems with Products or Services
  • Delivery
  • Guarantee or Warranty

We do not handle workplace disputes, discrimination claims or claims about the quality of health or legal services.

X

BBB Complaint Process

Your complaint will be forwarded to the business within two business days. The business will be asked to respond within 14 days, and if a response is not received, a second request will be made. You will be notified of the business's response when we receive it (or notified that we received no response). Complaints are usually closed within 30 business days.

X

What is BBB Advertising Review?

BBB promotes truth in advertising by contacting advertisers whose claims conflict with the BBB Code of Advertising. These claims come to our attention from our internal review of advertising, consumer complaints and competitor challenges. BBB asks advertisers to prove their claims, change ads to make offers more clear to consumers, and remove misleading or deceptive statements.

X

What government actions does BBB report on?

BBB reports on known significant government actions involving business' marketplace conduct.

X

Thank you for your feedback!

Help us improve by taking our survey.

X

BBB Reporting Policy

As a matter of policy, BBB does not endorse any product, service or business.

BBB Business Reviews are provided solely to assist you in exercising your own best judgment. Information in this BBB Business Review is believed reliable but not guaranteed as to accuracy.

BBB business Reviews generally cover a three-year reporting period. BBB Business Reviews are subject to change at any time.

Find a LocationX

  Change Location
Show Only Accredited Locations


Complaint Detail(s)

7/5/2014 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I have a mortgage which Cornerstone is servicing and I have been trying to set up an ACH payment for a long time now which Cornerstone refuses to process. My real estate contract is in my middle name "******" & last name, my bank account & checking account is in my full name "******** ******" & last name. There is even an addendum to the contract which Cornerstone has that establishes the relationship that ****** & ******** are the same person. I have been paying my mortgage for over a year with checks in my full name, which Cornerstone processes but when I try to set up an ACH payments, they get rejected because the name on the bank account "******** ******..." doesn't match "******...". A. If Cornerstone isn't going to accept an ACH under "******** ******" then why do they accept checks under that name every month. Fail = Cornerstone. B. If Cornerstone service personal could read, they could simply reference the contract which establishes the relationship that ****** = ********. And I have called in to explain but they still won't except. Answer given it's not their "policy", I suppose they meant it's not their policy to employ people with independent thought process, not really sure. C. Their solution was for me to send in a preprinted deposit slip from my bank, only problem there was my bank's deposit's slips don't include the customer name nor full account #. I guess my bank actually cares about customer information. Their last option was for my bank to send them a letter, so I asked my bank and the bank employee went to their computer and typed up a short and "impossible" to forge word document that stated ******** is ****** and ******** ****** is all one and the same. The short document even included a contact number for the bank. Wow, if only I would have thought to include my bank's contact on my original ACH request a year ago... oh wait... I did. If only Cornerstone employees knew what due diligence was... Will they actually process this time??? 14 months after the original attempt??? I doubt it, I truly do... It would appear, that it is actually impossible for me to set up an ACH payment through Cornerstone. Their "policy" simply won't allow it. Which is a shame, I set up ACH payments all the time with little effort. Why is common sense dead? And did Cornerstone commit the murder??? Perhaps... perhaps indeed... With Regards, ****** or ******** or ******** ******, please take your pick.

Desired Settlement: Use common sense, read the contract if they still lack common sense and process the ACH.

Business Response:  To whom it may concern:

In regards to our response to this matter, please see our attached letter for an explanation and the current status of this issue.  We continue to monitor the situation with this borrower, but believe it has been resolved to our customer's satisfaction at this point.

Thank you for your efforts

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business and find that this resolution is satisfactory to me. Still will not fully know whether the requested automatic ACH payment setup was successful or not until August 1st but it does appear that Cornerstone is working on it and making an actual effort.   

Regards,

******** ******

BBB's Final Determination: Consumer accepted resolution offered by the business.

4/29/2014 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: We were trying to buy an ******* **** in ********* Colorado. We put down @ $2300 in a security deposit and started trying to sell our home. We were told by the Cornerstone Lending that my wife did not have sufficient credit to qualify for the loan, however since we were selling our current **** and paying off all of our creditors that we would continue on that contingency. We got a rental, and needed to pay the rent and our mortgage in Feb 2014. We knew we did not have sufficient funds so we called our creditors to tell them we would be able to pay them all off in March 2014 after the sale of our house. We sold the house and proceeded to pay off all creditors. We received a call from ***** from the "**** ******** ****" for ******* homes and she told us that some of the creditors reported us late and thus, we would not be able to buy the house anymore. the communication from Cornerstone was atrocious. That is a lot of money spent just to get nothing in return. Especially when we were somehow pre-qualified at barely over $200,000, not at the nearly $310,000 that it was sitting at. Never once were we ever told what we actually qualified for or received anything saying congratulations, you have been qualified! No. We were told we did NOT qualify but we would when we sold the house. Before we could sell the house we were told we no longer qualify... well we were ALREADY TOLD we did not qualify!!!! We have asked for copies of any and all documentation stating that we were in fact qualified but get nothing in return from Cornerstone.Cornerstone lending will not answer email asking for any documentation, which is no surprise considering they all but refused to meet with us or answer emails or phone calls for the previous 3 months when we were pleading with anyone to tell us what if anything we actually qualified for. We feel duped... cheated....lied to about our eligibility and swindled. We are trying to get our deposit back but we cannot do so until Cornerstone shows me proof I was ever qualified.

Desired Settlement: I need all documentation that Cornerstone has pertaining to me, and for them to show me proof that I was qualified for a loan and that they effectively communicated this information to me. I believe I am entitled to a full refund of all earnest money paid to ******* Homes (@ $2300) But I need Cornerstone to show me this information first.

Business Response: April 14, 2014

Dear ***** *****,

I am responding to the complaint ******* (********) by Mr. 

******.

Specializing in Residential Mortgage Lending

First let me start by explaining that the ******'s started working with the ******* Homebuyers ****. ******* Homes has this 

**** to help clients get into a position to purchase a home. They work with clients to help them get into a position to buy a******* 

Home. On Christmas Eve, 12/24/13 the ******* Homebuyers **** referred the ******'s to our Loan Officer **** ******* to do 

a prequalification for a purchase of an ******* **** that was to be built and finished in the fall of 2014. Our loan officer said 

there were issues in qualifying the ******'s. Specifically their debt ratio was too high for conventional financing, and they could 

not qualify for FHA financing due to the house exceeding FHA maximum county lending limits. At that time, the ******'s said they 

were going to sell their home, but did not know what they could sell it for, and this presented a challenge since the monies for down 

payment,closing costs, and debt payoff were contingent on what they would net on the sale of their home.

The loan officer had numerous email communications between himself, the Homebuyers **** and the ******'s in December, 

January, February and March, but in December, the borrowers did not qualify for a loan. The Homebuyers **** was wcr,rking with

the borrowers and in March, the loan officer did take an application once a plan was worked out on debt payoff and how to handle 

the mortgage insurance to bring their back end ratio under a 45% which is a requirement by FANNIE MAE. The ******'s were also 

given a choice to have the loan packaged federal expressed. They responded on 3/10 to ask us to Fed Ex their loan package which 

**** sent out on 3/11. On March 21the borrower emailed **** with some questions. In that email they also stated "Have we been 

qualified for the loan? Aren't our debt ratios pretty messed up at this time? It would not make sense for us to already be qualified for 

a loan. We do not even know what the final sales price will be."

On March 22"d· ****, our loan officer updated their credit report in order to see what would have the most impact in increasing 

their credit scores thereby lowering their interest rate and upfront mortgage insurance premium now that they were ready to 

close on the sale of their current home. The new credit report reflected a drop in their fico of 95 points due to five recent late 

payments. In an email on 3/25 ******** ****** states "We were late on the payments due tO having to pay

1600 rental and a 1500 mortgage at the same time. We called the lenders to let them know the situation. Funny late payments

were never discussed with us."

**** sent out a denial on 4/1/14 after he took time to verify if we had any resources to continue with their loan since we work with 

many investors.

I wish to summarize, this was a challenging loan where the borrower's did not qualify when they requested us to prequalify them 

for a mortgage, but if they paid down debt,had sufficient funds to close including the cost of the upfront mortgage insurance, we felt 

we would have a loan for them when they were ready to close in the fall of 2014. In the borrower's own words, they acknowledge 

the debt ratio issue, they called the companies they were going to pay late, but they never talked to us on the impact it would have 

on their new loan request.

They are upset about the earnest money not being refunded to them by *******. If 

you have further questions, please feel free to contact me at ************.

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business, and find that this resolution is satisfactory to me. in that someone has finally answered one of my questions.

So here's the other part I never seem to get any response on... why did the **** buyers ****, ******* and Cornerstone refuse to talk to us and instead opted for a "we can't qualify you, sorry" and that was the end of it? Nothing from anyone at ******* or the "HBC" or from Cornerstone about the possible option to hold funds for up to a year or so if in case any other houses are started? Nothing from anyone on suggestions on how to contest or how to try to plead down the creditors we paid late? Nothing on how to try to better position ourselves for another attempt in a year as it seems I am eligible again mid March of 2015?  Why does it take a month of me asking these questions and filing complaints with the BBB to only get partial answers from all parties involved?

Regards,

******** ******

BBB's Final Determination: Consumer accepted resolution offered by the business.

1