“Neil was difficult to deal with and I would never get a mortgage from this company again. Thought it would be different using a mortgage broker instead of a bank. I would have been better off with the bank.”
“CMI and it's employees are a big FRAUD. DO NOT I repeat DO NOT EVER TALE MORTGAGE WITH CMI. I am going to file lawsuit against them. We have the worst experience of our lives with their employees, Sonia Kumar, Lisa Richer and Rafina Jahurali. They are rude and not professional. They gave me time, and then before the expires they sent the lawyer letter. Again, NEVER EVER TAKE MORTGAGE FROM CMI. I had to select one star to write my review otherwise CMI do not even deserve any star.”
We're sorry to hear about your negative experience with CMI. As you have posted your feedback anonymously it's not possible for us to investigate and resolve your complaint. We'd be happy to discuss and see how we can improve your experience. Please contact CMI via email or phone so that we can address the situation with you directly.
“We decided to go with this company from our broker as they had stated this is a reputable company . We had everything signed and finalized and we're about to close and when talking to our lawyer they stated couldn't close because CMI needs to obtain title insurance. Is that not something you would know about in the first place? Let it go. Was promised funds would be available on Friday May 3 . Waited all day Friday for my lawyer to cal with updates. Finally she called at 4pm stating she had heard from CMI lawyer and stated that they don't have the funds. How can a mortgage company not have funds . Now I have the businesses they were going to pay off through this new mortgage hounding me as to why they weren't paid yet. It has been nothing but a headache from day 1 with this company and because we've already signed legal documents and thought this was going to be finalized yesterday it's just a waiting game . No one has a answer when you call or all I get is well look into it. Needless to say I am very upset”
Although we cannot be sure as your review is posted anonymously, CMI believes this issues has also been submitted to the Better Business Bureau. As such, we are re-sharing our response below. If you would like to provide your name and client file number privately we are happy to discuss your concerns.
CMI’s standard funding timeline is six business days from fulfilling all required documentation, meaning that funds are expected to be disbursed within five business days after a borrower and broker fulfill all required conditions as per their signed Mortgage Commitment. An additional day is added for processing and finalizing the transaction.
As a private lender, CMI sources mortgage funds through its network of investor partners. The funding timeline includes the time required to properly finance the deal through said network. This timeline is thoroughly communicated to the submitting broker on each mortgage deal, as well as the borrower's legal counsel. CMI’s originations team updates both the mortgage broker and legal counsel throughout the process. Since CMI doesn't transact directly with consumers, the borrower's mortgage broker and legal counsel keep the borrower up to date on all details, including timelines, throughout the application and funding process.
This particular mortgage’s conditions were fulfilled April 26th, indicating a funding date of May 6th based on our funding timeline. While the conditions may have been fulfilled, we still required our established timeline to process the funding. This timeline was communicated to the borrower’s broker and lawyer, with a closing date of May 6th confirmed via email. The mortgage was funded on May 6th, 2024.
Upon receiving notice of this complaint, we attempted to contact the borrower but were unsuccessful via phone. We encourage her to reach out to us if there are any outstanding concerns or questions we can address.
“CMI is the best platform in my opinion for buying crypto with fiat and selling crypto for fiat, CMI Professional scammers incessantly push for more investments, they will take your money and will make you believe that your investment creates profit, thanks to Authstag on Google for helping me recover my money back”
“OI applied for a mortgage, provided all documents and left a deposit of $500. During the process I had an accident and was in the hospital for several days and out of touch with the world. My broker assumed I was no longer interested since he couldn't reach me and cancelled the process. They cancelled my file so therefore I lost my $500 deposit which I can really use right now. I wonder if they arbitrarily just cancel deals and collet deposits ?”
Hello Michael,
Thank you for sharing your feedback and allowing us the opportunity to clarify.
Mortgage origination involves careful coordination by several parties, including lawyers and appraisers, and there are costs incurred in this process. For this reason, CMI collects a deposit on all mortgage files to ensure that these costs are recaptured in the event a deal is cancelled.
Because CMI lends exclusively through mortgage brokers, who act on behalf of borrowers, we took your mortgage broker’s instructions to cancel your mortgage. This cancellation resulted in your deposit being forfeited.
We understand this is disappointing; however, all mortgage terms, including fees and deposits, are clearly detailed in the Mortgage Commitment you signed with your broker and legal counsel.
We hope this helps to clarify. Please feel free to contact us if you have questions or would like to discuss further.
“Don't use these crooks EVER! A $54,000 cost over $70,000 by the time they charged their lending fee, discharge fees, lawyer fees, etc. etc. etc. STAY AWAY!”
Thank you for making us aware of your recent experience.
In keeping with our commitment to complete transparency, we take our disclosures very seriously. As part of our standard process, borrowers are advised upfront of all terms and conditions of their contract, including fees, at the time they sign the Mortgage Commitment with their mortgage broker and legal counsel. We proactively advise all borrowers to review their agreements with an independent legal professional before signing.
We’d like to better understand what happened with your file so we can address your concerns. We encourage you to please contact us at brokerescalations@thecmigroup.ca so we can investigate further.
Thank you again for your feedback.
“I would not recommend CMI to anyone.
The unprofessionalism was mind blowing.
I had a very time sensitive matter in closing out a mortgage with them.
When I called I explained that to the woman on the phone, she assured me I would receive a call back that afternoon if not the next day. I never received a call back.
They added charges on my closure without telling me, would not respond to any emails/ phone calls.
Definitely rip you off.”
Hello Anonymous,
Thank you for sharing this feedback about your recent experience with CMI. We’d like to learn more about your situation so we can discuss and address your concerns. Please reach out to our client relations team at brokerescalations@thecmigroup.ca and indicate “Negative Review” in the subject line. We hope to speak with you and thank you again for taking the time to share your feedback.
