ComplaintsforCherry Creek Mortgage, LLC

• Initial Complaint

  01/29/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I have a Reverse Mortgage with Cherry Creek Mortgage Company. In September I had water damage to my wood floor in my den. My insurance paid quickly to have all the wood floors in my home sanded and repaired and dry wall work and paint in the affected room. They also paid for three containers to store my belongings and workers to carry them out. The check came made out to me and Cherry Creek. I contacted them and I was told to send the check, unendorsed, to them overnight. When they didnt return it, I called and they said I needed to endorse it, so they mailed it back. I endorsed it and sent it back and followed their process and steps required. The problem is that they still wont release my check even though I have met every requirement (we accidentally made a few errors along the way). If something is wrong, they dont contact me, I have to call them every two days. They keep stalling and changing their requirements and my contractors are getting anxious, as am I. The inspection has been approved, its three months later and the $9,000 check is still in review. Every time I call, I get a new person who looks at my file and they say, I dont know why it hasnt been returned. They talk to a supervisor and come back with the review excuse and dig up another reason to not pay. I am at **** end. I need to pay these people and two containers are in my yard because I need their help unloading, but they cant do any more because theyre owed money. Please help me get my money back!

  Business response

  02/08/2022

  Thank you for advising Cherry Creek Mortgage of ******************** customer experience.  We appreciate the opportunity to respond to her concerns regarding the release of the loss draft funds. Please be advised we have a responsibility to confirm repairs have been completed to restore the property per the terms of the security instrument. There are many steps to complete this process and it can take some time to complete. Per our records the release of the loss draft funds is in process and is being handled by the 1st Reverse Mortgage loan Servicer. The ******************** will be mailing ******************** a letter with the details of the status of her request.  Please allow **** business days to receive the letter.  

  Customer response

  02/09/2022

   
  Complaint: 16688935
  
  I am rejecting this response because: i have not received a letter. I talked to a representative today from your company that thinks my claim is in the wrong department. We have followed all your requests and it has been four months. This is way to long to have processed the needed funding and has cost me extra funds to compensate for your lack of transparency and help in this matter. Four months is adequate to process a simple check.
  
  Sincerely,
  
  *************************

• Initial Complaint

  10/02/2021

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  In July 9, 2021 I started a refinance home mortgage with Cherry Creek Mortgage (Loan #*********), specifically, ********************* (NMLS: #******) and was asked to upload to his portal all kinds of financial information, which I did. As of July 23rd, the portal stated the mortgage application was started; but as of today Oct. 2, 2021, I have not heard anything back from **** or Cherry Creek Mortgage. I have sent him numerous emails, phone and text messages from August to October 1, 2021 but have not received any response at all. Interest rates are starting to go up, and I have been in a holding pattern as to the status of this refinance. All I want is to find out the status of my refinance and have it completed ASAP.

  Business response

  10/18/2021

  The consumers contacted our offices shopping for a mortgage loan.  A follow up email was sent, requesting documentation for a preliminary qualification review. The consumers informed me that they were waiting for answers from their current mortgage holder, and once they received these answers, would let me know if they wanted to proceed with the Cherry Creek Mortgage (CCM) loan application. I did not hear back from the consumers until later in the month when they submitted some documents for review. I planned on contacting the consumers to discuss the initial assessment. However, due to a personal emergency and a series of events surrounding my work responsibilities, I missed their messages and did not personally contact the consumers.  I am sincerely sorry for any confusion my lack of communication might have caused.  I have since left a message and apologized for not following up with the consumers. Tell us why here...

• Initial Complaint

  08/31/2021

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  I applied for a loan through wendy. I was told I prequalified, & the importance of obtaining an assistance program. Otherwise I did not qualify due to my debt to ratio income. During the process she changed my loan 2times for the good. Because my credit score & income improved. 2weeks before closing, the assistance program denied me help. I clearly did not qualify, she should have known this from day 1. Not 3 months in. Attached text emails, etc from me, Wendy and 2realtors agree how she did not know, & if application was ever made prior to the final loan process. She states I was denied due to not securing financial assistance. I tried to transfer my file and terminate contract the day I found out about the denial. We all got no response for almost a week. multiple emails went back and forth, & underwriting stated my denial was due to I withdrew, false, my denial was without the 40k of assistance I did not financially qualify, took over a week and now theyre keeping my money

  Business response

  09/13/2021

  
  We appreciate that Ms. ********* took the time and effort to notify us of her experience.  It will help us identify opportunities to improve our service and training process so that our goals of exceeding customer expectations can be met.
  
  Our review of the information received from the borrower and loan officer has concluded.  Regrettably, we weren’t able to accomplish the goal of completing the transaction and sincerely apologize for any miscommunications and circumstances that caused concern during the loan origination process. 
  
  Unfortunately, we were unable to use the initial recommended assistance programs and though the loan officer and their assistant continued to search for other programs to help with qualifying, we understood the borrower’s frustrations and ultimate decision to cancel the loan and possibly pursue obtaining a mortgage with another lender.  A Notice of Action was issued reflecting the request to withdraw the application.
  
  We will issue Ms. ********* the desired refund for her appraisal cost, earnest money, and home inspection fee. The refund will be mailed to the address we have on file.  Please allow  7-10 business days from the date of this response for receipt.
  
  Ms. *********’s comments have been forwarded to a Senior Manager who will be involved with making sincere efforts to prevent a similar situation from occurring again. Cherry Creek Mortgage strives to provide excellent customer service to all their mortgage loan borrowers and we thank you for bringing this matter to our attention.

  Customer response

  09/14/2021

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. I am very pleased with the outcome.
  
  Sincerely,
  
  **** *********

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩