KingdomChild
map-marker Denver, Colorado

Cherry Creek Mortgage is not ethical

I dealt with Lori Richardson of Cherry Creek Mortgage, who promised us a loan for 3 months and even increased our qualification after submitting the 2011 tax return, then after questioning her on her math, she turns around and tells us to go find someone else. Just like that!

When it comes to financing, the broker/lender should disclose everything, including how they arrive at their conclusions and how they do their math. Purchasing a home is probably the biggest purchase an individual could make, and to not have full disclosure in the lending process and complete transparency, is nothing short of a scam and makes the ethics of that lender questionable to say the least. I was told one amount in April, and then another amount in June, and when I questioned it, I was told I can't meet your expectations. This is a cop out for saying, 'I don't want to work with you, because you dare to question my work, and call me up on my mistakes'.

The mortgage process is complicated, and broker/lenders must take the time to explain the process and how they derive at their conclusions to their customers. Otherwise, it puts the whole mortgage/lending business is a very bad light. Questions should be addressed, encouraged and allowed. Egos need to check themselves out the door.

I felt poorly treated, mishandled and misunderstood by 'Loans by Lori' at Cherry Creek. Also, it was apparent that she lacked the knowledge and expertise to handle our type of loan.

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5 comments
Guest

Worst company ever. Non ethical, slimy, sneaky back stabbing, non regulatory following corporate office I've ever dealt with. I would be shocked if regulators haven't figured out what a train wreck that place is yet!

Guest

Beware! These people lack in customer service and have absolutely NO clue on how to do business.

Guest

I have been using The Woodlands office and have never had such bad service. Buyer asked for Good Faith for weeks and got minimal one not really showing all of what to expect even though they were giving all numbers to fill in from insurance to taxes.

We are just days from closing and lender gets appraisal and wants repairs done that are not mandated by FHA. Have had other FHA appraisers look at file and said it is BS. Lender won't give us final HUD amount that buyer will owe at closing. If a buyer can't know what they will owe at closing more than 24 hours before it is crazy.

Lender knows how much it will charge for escrow and other items,they just wont take the time to call and get the numbers. Lender could careless that buyer has to come up with thousands of dollars more for repairs.

This will be the last time that I every use this company. They have you pay all fees up front so they don't have to give good service and you are stuck.

Guest

This company has the worst customer service I have ever seen. Find someone else to do business with and save yourself some time and money!

Guest

Cherry Creek Mortgage has cost us over $7,500 due to their negligence in not being able to read a credit report correctly. Even after trying to settle with them outside of legal action, they refused to respond in a timely fashion and their only offer of help was to do another loan -- after we missed out on our dream home!

From their local office here in Prescott, Arizona, to their legal personnel in Colorado, I have nothing but disgust for their poor customer service and lack of empathy for customers. I would not and will not recommend Cherry Creek to anyone!

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arrgmatey
map-marker Middletown, New York

Would not recommend Cherry Creek Mortgage

I worked with Mike Ducey in Bettendorf Iowa. We communicated almost completely by email, which is what I prefer but whenever I had a question I needed answered right away reaching him by phone was nearly impossible. Two weeks before when our closing was supposed to be, I called him to make sure everything was on track and asked a few questions only to get a one word answer. I am still waiting on a response to an email I sent two weeks ago. Also, they held a check for the home inspection for TWO MONTHS. Who does that? It just hit my bank account today and i wrote it on 1/19/12. This is after assuring me it would be cashed in the beginning of February and then lying and saying the sellers would be covering it. I wish I had done more research and had not been wooed by the 4% interest rate.
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Anonymous
map-marker Aurora, Colorado

Cherry Creek Mortgage is Terrible!

We've used Dana Smith at Cherry Creek Mortgage... Twice. Which makes us the idiots in this scenario.

With the first mortgage she called us 30 minutes before closing to inform us that our mortgage would be $500 more than she had told us because she had miscalculated the taxes.

Now with this second mortgage, she responds to absolutely nothing, never answers her phone, never calls back realtor's on either side. We were told a month ago that we were approved and everything is a go. Now a day before closing all of these last minute requirements are popping up out of nowhere and we still don't know if the deal is going to go through. I know obtaining financing has become a difficult task, but cutting off all communication is not acceptable. This time she went on a weeklong hiatus due to an illness in the family... what a surprise, I know another client of hers that she disappeared on due to a mysterious family illness.

I'm pissed and I want anybody considering getting a mortgage to know Dana Smith with Cherry Creek Mortgage is not the route I'd recommend... EVER

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6 comments
Guest

I'm just glad I'm not alone in the poor experience with Cherry Creek!

Guest

I worked with Matthew Hibler at Cherry Creek Mortgage to get a home loan for $470,000 about a month ago. I could not have had a better experience. He worked on both nights and weekends to help me get some final issues resolved that were related to complications with the VA home loan guarantee program. Anytime someone mentions to me that they are considering buying a home I make sure to recommend him. Getting a home loan in the current financial environment is obviously more complicated, and a lot more difficult than it used to be. Because of the previous housing market collapse, underwriters now scrutinize every trivial detail of your entire life, and Matt did a great job of helping me get everything in order, and to get my home loan at a very low interest rate. I can't comment on anyone else that works at his company as I didn't meet or work with any of them, but I can tell you that Matt is the best there is.

Sincerely,

Robert Bunn

Guest
reply icon Replying to comment of Guest-468702

Seems like a fair response.

Guest

:cry I started working on purchasing a home at the end of 2011 I was given the okay to break my lease of $1074 to the apartment I was in... only to get a phone call 3 days before I think I'm moving in that the sellers could not sell me the home YET" Because the home had been sold twice in the last 2 months and could not close escrow Everything was put to a stop until the following month.

they started the process again in a month later. finally I have another close date. 3 days. before that close date they call me to let me know is that my taxes for 2010 were never filed.( this was partially my fault however the documents that I r s needed we're in the hands of cherry creek mortgage the whole time) so again they had to stop the whole process.

my taxes were finally filed on january 27th. here I am again 3 days before my clothes date once again and I can't get anyone to pick up the phone and give me an answer... I'm so frustrated. my calls and emails are being ignored.

I've been living with my mother for the past 5 in a half a months.

I would never risk for this company to anyone no 1 should ever have to go through what I just did. and am still experiencing:((( I've never in my life written a bad review for any company...

Guest
reply icon Replying to comment of Guest-443651

Well if they were waiting for you to file your taxes, that means they would also need to wait for the IRS to process them and offer transcripts. That can take anywhere from 3 to 14 weeks after you file. I do not know how they communicated with you, but this sounds like an issue any company would have had.

Guest

I am the above consumer that posted the review on Dana Smith and Cherry Creek Mortgage, and I have to admit I was wrong on both counts. Neither party is terrible.

I let the emotions of a difficult loan and an even more difficult loan environment get the best of me. Dana was under great stress and pressure and was doing her best to resolve the situation, and when all was said and done Dana and CCMC came out of their own pockets and got my family a deal so good we never even could have imagined it.

I have made multiple attempts to have my complaint removed, but for now this apology will have to suffice.CCMC is a fantastic company and though we had a few hitches, Dana cut her own leg off to get a near impossible loan completed.

Tony Lee

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