Accredited Home Lenders

As reported last week, Accredited Home Lenders Canada has closed up shop.  There website is down and their phone seems off the hook.

If there's any brokers out there who were adversely affected by this, or have unanswered questions, we want to know! 

Please email us or post your comments here.

Comments

[SK]

We've left several messages to get a deal status and no one has responded for 2 days. The website is still down and Accredited has sent any notice whatsoever. I can't believe they went out this way.

SK

[Donny]

Hi Melanie, It seems like no one used Accredited. Maybe that is why they went under! haha.

[Dave]

I have three clients who currently hold Accredited mortgages. Of course all three had their mortgage payments deducted at January month end.

None of them (nor myself) have received any verification of what is going on. As above, we have also left messages at their Mississauga office, with no response. I personally called the US office this week looking for ANY feedback and have also not had that call returned.

I would like to think that a professional company would at least address a letter to their database expalining what will occur from herein. I assume they plan to leave it in the shambles that it is in. Sad!

[Canadian Mortgage]

Hi Dave,

Accredited's closing did seem rather mishandled...to put it gently.

I'm guessing (but don't know) that most of Accredited's funded mortgages have long since been sold off. If past cases are a guide, clients will likely get notice by mail of any changes in the servicing of their mortgages.

If we hear anything different we'll definitely post here.

Thanks for the comments,

Rob

[Canadian Mortgage]

Update: A contact at Accredited told us they would be honouring Accredited deals in the pipeline with signed commitments. Existing mortgage holders will be unaffected as Accredited will continue to service these loans. As it stands, Accredited will not be renewing any mortgages at the end of their terms.

[Christine Davies]

I currently have my mortgage with Accredited funded through First National. I would love to know what is going on. I have my fingers crossed that I wont get a letter in the mail asking for full payment??

[Canadian Mortgage]

Hi Christine,

Thanks for the note. From what Accredited told us, you won't need to worry about that. They said things should be fine until the client's term expires, in which case you'll need to switch lenders.

That said, if you ever get anything odd in the mail from them we'd be thankful if you let us know.

Have a great weekend,
Rob

[Darlene]

I would like to know that if I sold my house before the renewal date approx six months what would the pentily be

[Canadian Mortgage]

Hi Darlene, Penalties are usually 3-months interest or the interest rate differential. However, there are exceptions to this rule of thumb. You should call your mortgage planner or the lender directly to confirm.

[Christine Davies]

I finally got a hold of Accredited and asked about transferring my mortgage in a threatening tone they advised me I am not allowed to move my mortgage any where until my term with them is done. I asked them to show me where I signed doc's stating this and he took about 5 minutes to find no such documents but advised he would send them to me. None in the mail yet. I want to know how a mortgage company can hold you hostage our rate is 7.2 and we are being offered 5.4 and they say I am stuck with them. What gives?

Christine

[Nichole]

Christine, this is true, Accredited said the same thing to my father-in-law. It is in the mortgage documents, the actual approval when you signed it. I am not sure if they can actually REFUSE to discharge the mortgage, it would be silly because they are closing up shop in Canada anyway. But they said that there is no way to discharge it, it is closed. Is there a way around this? I hope so! Does anyone know? I have never heard of this before, usually there is a penalty and there you go...

[Mortgage Broker]

Hi Christine,

As I recall, Accredited did indeed sell fully closed mortgages. The only way to "break" these mortgages, as I remember, was to sell the property. We don't know too much about them because we never put anyone in them due to the restrictions. I'd chat with the lawyer who handled your mortgage for any legal advice on breaking the contract.

Here is Accredited's customer service number in case you have further questions: 888-853-3979

They've been very responsive when we've contacted them at this number.

I wish you luck!
-Melanie

[MA]

I am one of their customers but would like to contact them as they seem to have over-billed me. What should I do? They have direct withdrawal from my account. Should I stop it?

Thanks.

[sexymortgageprofessional_69]

As a long standing mortgage professional, I've seen many firms come in and go out of business. To say that Accredited handled their demise in an unprofessional manner is quite harsh. Having pulled the plug on their American operation earlier in the year, it was clear that they did not have the finacial support in place to handle this closure in any other manner. Bankruptcies and closures happen all the time and they are always messy. I think all of you should stop whining and act like a g--d--- professional. Some of my vast array of clients had mortgages with Accredited too, I wasn't complaining when they took my clients on and I won't complain now. Make your inquires. Do your homework and settle this matter.

[Vic]

Are you really that sexy? Do you have pictures that confirm this statement?

:O

[Canadian Mortgage]

MA, The best bet is to contact their customer service number first. It is: 888-853-3979

[Jody Nason]

I have done a few Mortgages with accredited here in the Atlantic Provinces. They started with only doing 600fico+, then $100k values only, then nothing in Atlantic Canada. In 1 year they went through 4 BDMS. All of which took 3months to figure out how to do the job, then quit.