For the cream sauce: heat oil in a saucepan over medium heat. Add jalapeno and garlic and saute for 1 minute.
Whisk in heavy cream and sour cream. Whisk until smooth.
Bring to a low boil and then add cheese, salt, pepper, chili pepper, and cumin.
Cook for 3 to 4 minutes while stirring. Remove from heat and add cilantro.
Meanwhile, season steak with salt, pepper, and cumin.
Heat 1 Tbsp. olive oil in a skillet over medium high heat. Add steak and cook until desired doneness is reached.
Spoon 1/4 cup of prepared cream sauce into the bottom of a 9x13-inch baking dish. Spread evenly.
Sprinkle a little Monterey jack cheese in a tortilla and then top with some steak. Roll tightly and place into the bottom of the baking dish, seam side down.
Repeat with the rest of the tortillas and filling.
Pour the remainder of the cream sauce over the top of the rolled up tortillas. Top with about 1 cup Colby jack cheese.
Bake in a preheated 350 degree oven for 20 minutes.
Remove from oven and top with chopped cilantro, if desired.