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According to a contact at the company, Accredited Home Lenders has ceased operations permanently in Canada. Apparently it was effective Friday and supposedly everyone has been laid off.
Their website seems to have been taken down as well.
Accredited Home Lenders Canada was a subsidiary of U.S.-based Accredited Home Lenders Holding Co. The company specialized in Alt-A and subprime mortgages and billed itself as the "common sense" lender.
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Wow, another one gone?
So what becomes of folks who had their mortgages financed by AHL?
Do you see another firm taking over or just AHL's administrative side carrying on?
Thanks!
Posted by: Dave | January 29, 2008 at 01:08 PM
Good question. We heard that Accredited is not going to fund deals currently in their pipeline but that was only from one source. We tried to get an official confirmation but no one is picking up the phones.
I'm guessing (but don't know) that Accredited will sell off their remaining Canadian mortgages that have already funded.
Posted by: Canadian Mortgage | January 29, 2008 at 01:49 PM
Rob,
I'm surprised they lasted this long. Their
US operations were bought out 9 months ago.
They had a booth at the CAAMP Expo in December.
Posted by: Jim | January 29, 2008 at 01:51 PM
Hi Jim, I guess they thought they could keep the profits flowing in Canada. Perhaps their funding sources finally dried up--not sure. It's too bad though, there were some good folks over there.
Posted by: Canadian Mortgage | January 29, 2008 at 02:04 PM
Wow! My client has a mortgage with AHL 2nd anniversary on March 9th and wishes to refinance and consolidate a 2nd with another lender. Do you know of a fax # to request details of AHL mortgage info, etc? I think they would be happy to liquidate this asset.
Thanks
Posted by: Pauline Brown | February 03, 2008 at 08:51 PM
Hi Pauline, Try calling 1-866-862-7610 for the fax number. I don't have it offhand, sorry.
Cheers, Rob
Posted by: Canadian Mortgage | February 04, 2008 at 09:11 AM
Sucks, they did some good loans for me
Posted by: military loan | March 17, 2008 at 11:19 PM
have a 3 yr morgage with AHL and cannot seem to get a whole anyone to find out how to close his asap...near the end but would like to close my new deal 3 mos sooner..let me know
Posted by: Gaye | March 18, 2008 at 12:49 PM
Hi Gaye,
Have you tried Accredited's customer service number? It is 888-853-3979.
They've been very responsive when we've contacted them at this number.
Hope it helps!
Rob
Posted by: Canadian Mortgage | March 19, 2008 at 01:40 AM
I have a mortgage with AHL, just signed it at the end of January. Do I have to be worried about my mortgage and having to find a new lender? Is any of this going to put AHL clients in hard financial situations. I'm alittle concerned. Thanks CK
Posted by: CK | April 12, 2008 at 06:05 PM
Hi CK,
From what we hear, you will likely have little to worry about for the term of your mortgage. However, you will probably need to switch to a new lender when your term is up so try to keep your credit and finances in good standing. That way you'll hopefully be able to qualify with an "A" lender upon renewal.
In the meantime, AHL has told us that their mortgages will continue to be serviced as normal.
Cheers,
Rob
Posted by: Canadian Mortgage | April 12, 2008 at 09:42 PM