Introduction
Cherry Creek Mortgage Company – Fox Cities is a regional mortgage lender headquartered in Green Bay, Wisconsin. Specializing in residential and commercial real‑estate financing, the firm has been an integral part of the local economy since its establishment in the early 1990s. The company has evolved from a small community bank affiliate into a standalone institution offering a broad portfolio of mortgage products, including conventional loans, FHA and VA loans, interest‑only lines of credit, and refinancing options. With a focus on customer service and community engagement, Cherry Creek Mortgage has maintained a stable presence in the Fox Cities region, serving both individual homebuyers and business owners in the surrounding counties.
History and Background
Founding and Early Years
The origins of Cherry Creek Mortgage Company can be traced to 1993, when a group of local banking executives and real‑estate professionals identified a gap in the regional mortgage market. At the time, the Fox Cities area was experiencing a modest real‑estate boom, driven in part by population growth and economic diversification. The founders established the company under the umbrella of a regional savings and loan association, aiming to provide tailored financing solutions to residents and small businesses.
During its first decade, Cherry Creek Mortgage operated from a modest office space in downtown Green Bay. Its initial product offering focused on conventional fixed‑rate mortgages and limited adjustable‑rate options. The company cultivated a reputation for personalized service, with loan officers frequently visiting clients’ homes to explain loan terms and assist with paperwork. This hands‑on approach proved effective in building a loyal customer base and laid the groundwork for future expansion.
Expansion and Development
By the early 2000s, the mortgage industry in Wisconsin had become more competitive, with larger national banks entering the regional market. In response, Cherry Creek Mortgage undertook a strategic expansion plan that included opening satellite branches in nearby cities such as Appleton and Oshkosh. The company also broadened its product line to include FHA and VA loans, reflecting the growing demand for government‑backed mortgage programs.
In 2005, Cherry Creek Mortgage gained independent charter status, allowing it to operate autonomously from its parent banking institution. This milestone enabled the company to pursue growth initiatives more aggressively, including the acquisition of a small mortgage brokerage in 2008. The brokerage’s client list and experienced loan staff were integrated into Cherry Creek’s operations, significantly expanding the firm’s reach within the Fox Cities and adjacent regions.
Recent Milestones
The 2010s saw a continued emphasis on technological innovation and process efficiency. In 2012, the firm launched an online application portal, which reduced processing times by an average of 20 percent and attracted a younger demographic of first‑time homebuyers. By 2016, Cherry Creek Mortgage had implemented a data‑driven underwriting system, allowing for more accurate risk assessment and faster loan approvals.
In the most recent years, the company has maintained a focus on community development. In 2019, Cherry Creek Mortgage partnered with the Fox Cities Housing Development Authority to fund low‑interest loans for affordable housing projects. The firm’s participation in this program helped create more than 150 affordable rental units in the region. Additionally, Cherry Creek has invested in staff training and professional development programs, ensuring that employees remain up‑to‑date with industry regulations and best practices.
Corporate Structure
Ownership
Cherry Creek Mortgage Company – Fox Cities operates as a privately held corporation. Ownership is distributed among the founding partners and a select group of senior executives who hold voting shares. The company is not publicly traded, and its ownership structure is designed to maintain long‑term stability and community focus.
Management Team
The executive leadership team consists of the following key positions:
- Chief Executive Officer (CEO): Oversees overall strategy, operations, and stakeholder relations.
- Chief Financial Officer (CFO): Manages financial planning, reporting, and risk assessment.
- Chief Operating Officer (COO): Supervises day‑to‑day operational activities across all branches.
- Chief Compliance Officer (CCO): Ensures adherence to federal and state regulatory requirements.
- Director of Technology: Leads the implementation of IT solutions and cybersecurity protocols.
In addition to the senior executive team, the company employs a network of branch managers who report directly to the COO. These managers are responsible for maintaining service quality, managing local staff, and meeting branch performance targets.
Organizational Chart
The corporate hierarchy is structured into three primary functional groups: Operations, Finance, and Compliance. Each group is headed by a senior director and comprises specialized departments such as underwriting, customer service, risk management, and human resources. This structure facilitates clear lines of authority and accountability while promoting cross‑functional collaboration.
Products and Services
Residential Mortgages
Cherry Creek Mortgage offers a comprehensive suite of residential mortgage products designed to meet diverse borrower needs. These include:
- Fixed‑Rate Mortgages: 30‑year and 15‑year fixed‑rate loans with competitive interest rates.
- Adjustable‑Rate Mortgages (ARMs): 5/1, 7/1, and 10/1 ARMs that provide initial low rates with periodic adjustments.
- Interest‑Only Mortgages: Short‑term financing options for borrowers who prefer lower initial payments.
- FHA and VA Loans: Government‑insured loans that enable borrowers with lower credit scores to purchase homes.
The company also offers specialized products such as jumbo loans for high‑value properties and reverse mortgages for senior homeowners seeking liquidity.
Commercial Mortgages
For business owners, Cherry Creek Mortgage provides commercial lending solutions tailored to a variety of property types, including:
- Retail and Office Buildings: Loans with terms ranging from 5 to 25 years.
- Industrial and Manufacturing Facilities: Financing for expansion, equipment purchase, and construction projects.
- Mixed‑Use Developments: Structured loans that accommodate residential and commercial components.
- Real‑Estate Investment Trusts (REITs): Custom financing for portfolio growth and asset management.
Commercial borrowers benefit from flexible repayment structures, competitive rates, and dedicated relationship managers who specialize in commercial real‑estate financing.
Refinancing Programs
Cherry Creek Mortgage offers several refinancing options designed to reduce monthly payments, lower interest costs, or convert loan types. Programs include:
- Cash‑Out Refinancing: Allows borrowers to tap into home equity for renovations or debt consolidation.
- Rate‑and‑Term Refinancing: Changes the interest rate or term length while keeping the same loan balance.
- VA Refinance (Interest Rate Reduction Refinance): Enables veterans to refinance existing VA loans for lower rates.
Refinancing services are supported by a streamlined application process and dedicated loan officers who guide borrowers through each step.
Insurance and Related Products
Complementary to its mortgage offerings, Cherry Creek Mortgage partners with several insurance carriers to provide homeowners with:
- Mortgage insurance for loans with low down‑payment requirements.
- Title insurance to protect against ownership disputes.
- Homeowners insurance products tailored to regional risk factors.
These partnerships enable the company to offer bundled solutions, simplifying the financing process for customers.
Financial Performance
Revenue and Profitability
Over the past decade, Cherry Creek Mortgage has maintained steady revenue growth, with annual mortgage origination volumes increasing by an average of 5 percent. Profitability has remained robust, with a net profit margin consistently above 10 percent. Key drivers of revenue include an expanding customer base, diversified product offerings, and efficient operational processes that reduce loan servicing costs.
Balance Sheet Highlights
As of the most recent fiscal year, the company reported total assets of approximately $250 million, with mortgage loans constituting the largest asset category. The loan portfolio exhibits a healthy credit mix, with residential loans representing 65 percent and commercial loans the remaining 35 percent. Liquidity ratios indicate a comfortable capacity to meet short‑term obligations, while debt‑to‑equity ratios remain within industry norms.
Key Ratios and Metrics
Important performance metrics include:
- Loan origination volume: $120 million annually.
- Net interest margin: 3.5 percent.
- Cost‑to‑income ratio: 35 percent.
- Return on assets: 12 percent.
- Capital adequacy ratio: 15 percent.
These figures underscore the company’s operational efficiency and sound risk management practices.
Regulatory and Compliance Environment
Licensing and Registration
Cherry Creek Mortgage operates under a federal mortgage lender license issued by the Nationwide Mortgage Licensing System (NMLS). In addition, the company holds a Wisconsin state mortgage dealer license, which is required for all in‑state lending activities. Compliance with the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) is enforced through internal policies and external audits.
Compliance Framework
The company’s compliance program is overseen by the Chief Compliance Officer, who reports directly to the Board of Directors. Core components include:
- Regular training modules for staff on federal and state regulations.
- Internal audits conducted semi‑annually to assess policy adherence.
- Risk assessments focusing on underwriting standards, consumer protection, and anti‑money laundering measures.
- Documentation of all lending decisions and approvals in a centralized system.
These measures help mitigate regulatory risk and promote transparency in lending practices.
Legal Proceedings and Disputes
Historically, Cherry Creek Mortgage has faced minimal litigation. In 2014, the company settled a consumer complaint regarding loan servicing errors; the settlement included a monetary award and a commitment to improve processing protocols. No significant regulatory penalties have been imposed in the last ten years, indicating a strong compliance culture.
Community Involvement and Corporate Social Responsibility
Local Partnerships
Cherry Creek Mortgage actively collaborates with local non‑profits and civic organizations. The company partners with the Green Bay Housing Authority to fund down‑payment assistance programs and with the Fox Cities Small Business Development Center to provide financial literacy workshops. These initiatives reflect the firm’s commitment to fostering economic growth in the region.
Volunteer Programs
Employees participate in volunteer opportunities, such as tree‑planting events organized by the Fox River Valley Community Service Group and participation in the annual Habitat for Humanity build‑days. The company offers paid volunteer days to encourage staff involvement.
Environmental Initiatives
Recognizing the importance of sustainability, Cherry Creek Mortgage has implemented several eco‑friendly practices, including digital document workflows that reduce paper usage, energy‑efficient office lighting, and a policy that supports remote work when feasible. The company has also pledged to offset its carbon emissions through local reforestation projects.
Controversies and Challenges
Consumer Complaints
In 2017, a series of consumer complaints were lodged regarding delayed loan processing for certain FHA applications. The company addressed these issues by revising its underwriting workflow and providing additional training for staff. The settlement with the affected borrowers included corrective measures and a monetary award.
Regulatory Penalties
Although no significant penalties have been imposed, the company faced a temporary suspension of its mortgage licensing in 2016 due to an incomplete disclosure report. The suspension was lifted after the company submitted the necessary documentation and enhanced its reporting procedures.
Market Competition
Competition from larger national lenders and online mortgage platforms poses a strategic challenge. Cherry Creek Mortgage counters this by emphasizing local expertise, personalized service, and streamlined application processes. Investment in technology has also enabled the company to reduce turnaround times and remain competitive.
Future Outlook and Strategic Plans
Expansion Strategy
Cherry Creek Mortgage plans to open two additional branches in the next fiscal year: one in the Menominee area and another in the Fond du Lac region. The expansion aims to capture underserved markets and increase market share. The company also intends to broaden its product line to include green‑building financing options, aligning with rising demand for sustainable construction.
Technology Adoption
The firm is investing in artificial intelligence tools for credit risk assessment and customer service chatbots to improve the borrower experience. A new mobile application is scheduled for launch, offering real‑time loan status tracking and electronic document signing. These initiatives are expected to enhance operational efficiency and customer satisfaction.
Risk Management
Risk mitigation strategies include diversification of the loan portfolio across geographic regions and property types, implementation of advanced fraud detection systems, and maintaining adequate capital reserves to absorb potential losses. Regular scenario analysis exercises will be conducted to evaluate the impact of economic downturns on the company’s financial stability.
See Also
- Fox Cities Housing Authority
- Wisconsin Mortgage Licensing System
- Real Estate Settlement Procedures Act
- Truth in Lending Act
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