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Helping Borrowers get their best mortgage, with Fiscal Fitness, by design
"The only difference between your financial situation today and what it will be in five years -- will be determined by what you read, who you allow to influence you, and, the actions you take as a result"
Executive Summary
What Others Are Saying
Honest. Ethical. Principled. Growth-oriented. Solid. You hear it time and time again because Cherry Creek Mortgage Company holds fast to straight-forward ideals: Passionate service, honesty and a commitment to our company. It is easy to see why employees, partners and borrowers all agree that Cherry Creek Mortgage Company stands out as a great company that just keeps getting better.
Recent Performance
Cherry Creek Mortgage Company has achieved 320% annual growth based on volume since 1991 including 92% growth in 2009. Much of the credit can be attributed to an active ownership, talented professionals focused on long-term relationships, conservative underwriting standards and honoring our commitments. Such attributes have led to a Top 25 national ranking in retail originations and a record $3.3 billion in volume in 2010.
Our Team
"When we do the best that we can, we never know what miracle will be created in our life, or in the life of another." Helen Keller
The Cherry Creek Mortgage Company team is a collection of individuals who understand the greatness that transpires when everyone does their best. Honor and integrity are absolutely essential. They demand everyone's personal and professional best. It is in this spirit that our team members pledge their best in an effort to create something great in the lives of others.
Executive Summary
Cherry Creek Mortgage Company's operations consist of both centralized and decentralized groups focused on serving our borrowers, corporate colleagues and capital markets. Corporate centralized functions include: loan underwriting, closing, post closing and auditing, quality control and assurance, finance and accounting, secondary marketing, information systems and technology, marketing solutions, human resources and general corporate services.
Processing, Underwriting and Closing
CCMC has sought to balance our underwriting agreement philosophy between the need for loan production and our desire to produce quality loans for delivery to the secondary mortgage market. Our staff is highly qualified and trained, and we are active users of automated underwriting technologies. Processing is generally a decentralized function within the company. Processors work closely with the Loan Officers and borrowers to ensure that a loan is presented well for underwriting and to ensure a smooth loan closing. CCMC offers a centralized processing platform to Loan Officers as an outsourced option for processing their loan applications. Loan closings are generally handled by our corporate office and can accommodate electronic document delivery.
Post Closing and Auditing, Quality Control and Assurance
Loan delivery, whether to a government agency or private investor, is handled by our Post Closing department. This group works closely with our Capital Markets team to deliver loans sold in pools, bulk sales and individually.
In addition, the processes, policies and procedures behind our loan delivery functions seek to mitigate credit and property risk, documentation errors and fraud. CCMC works diligently to eliminate loan problems before they surface and is committed to a rigorous post closing quality control program, managed by our Quality Assurance Department.
Corporate general services, such as facilities management, mail room operations and recordkeeping are also handled within this group.
Finance, Accounting and HR
This group is responsible for the finance, accounting, and HR functions for the entire company. Included are the following activities: loan funding and warehouse line management, interim loan servicing, loan purchase and reconciliation, accounts payable, tax reporting, and preparation of all internal and external financial statements, including warehouse covenant compliance reporting. Accounting is done at both a corporate and branch level. In addition, the human resource functions within this department include payroll administration, employee benefit administration, and new employee enrollment. Cherry Creek Mortgage Company funds its mortgage production with multiple warehouse lines of credit on a short-term basis prior to selling the loan into the secondary mortgage market.
Capital Market and Risk Management
As a full-service mortgage banking company, Cherry Creek Mortgage Company works with the top institutional buyers of closed loans including large financial institutions, private mortgage conduits and government agencies. Loans are sold using strategies that are developed through best execution models which analyze multiple loan sale alternatives. CCMC's risk management utilizes traditional hedging strategies to manage the firm's exposure to interest rate movements and mitigate interest rate risk.
Information Systems and Technology
In an effort to improve CCMC's cost structure while improving services provided to our internal colleagues and end borrowers, CCMC has aggressively enhanced its information systems and technology. This group oversees the running of our corporate networks, intranet site, internet sites, web-based pipeline management tools, automated reporting tools, client relationship management (CRM) software, point of sale and loan closing software and corporate databases.
In late 2008, CCMC deployed new enterprise information system and loan origination software in a strategic partnership with Blueberry Systems. The operating system, Relay™, provides flexibility, scalability, and a universal data model that meet the needs of our growing company.
Marketing Solutions
At Cherry Creek Mortgage Company, our overriding goal is to consistently bring value to our customers, business partners, loan officers and the management team. Changes in today's business environment have raised the standard for success and provide an opportunity to differentiate CCMC from competitors, not only through loan products and services but also through unique and efficient personal communications. Beginning with intensive research and analysis of marketing best practices, we have developed and continue to enhance an innovative CRM platform called ClientKeeper. Building on this foundation, CCMC enables the integration of partner and customer contact data with loan information for the timely and automated management of transactions. With ClientKeeper, it is easy to create a business plan and track results routinely through daily activities. Through this innovation, CCMC produces and supports one-to-one and one-to many marketing solutions that are both timely and event-driven. In addition, ClientKeeper allows for the integration of other related applications such as CCMC's loan origination system and can elicit and store client and partner suggestions and feedback. This is all corporately supported to create added value for our customers and business partners and a strong competitive edge for our internal colleagues.
Reverse Mortgage
CCMC's reverse mortgage division, 1st Reverse Mortgage USA®,is dedicated to serving the business professionals and senior homeowners in our communities. The mission is first and foremost to educate those interested in reverse mortgage solutions. All of our borrowers make an informed decision on what's best for them through our customer education process. This approach has earned the division the Reverse Mortgage Lender of the Year award from a large investor of reverse mortgages and the Colorado Better Business Bureau's highest honor, the Gold Star Award of Excellence. What separates CCMC's reverse mortgage lenders is knowledge, experience and attention to the detail that makes the process simple and the program easy to understand. 1st Reverse Mortgage USA® is located in Lakewood, Colorado and has direct endorsement authority from HUD to originate, process, underwrite and close reverse mortgages. It has been a top 100 reverse mortgage lender in the nation for the past few years.
