- Report: #193516
Complaint Review: Accredited Home Lenders - Beaverton Oregon
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Accredited Home Lenders
8300 SW Creekside Place, Suite 200 Beaverton, 97008 Oregon, U.S.A.
Phone:
888-235-6874
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ACCREDITED HOME LENDERS RIPOFF DOES ERRONEOUS PRE APPROVAL'S TO MISLEAD BROKERS AND BORROWER'S BEAVERTON OREGON
I am a broker and received a pre approval from Accredited Home Lenders for some young, first time home buyers looking to get a 100% purchase loan. My pre approval came back with a 6.65% interest only loan on the first, and a 9.75% on the second. It was requested as a 80/20 loan. I am very meticuluous in my pre approval preparation in that I provide credit, a complete application and income documentation. Essentially, everything a representative needs to see if they meet minimum guidelines in order to proceed, order an appraisal, etc.
After coming back from underwriting, the loan was downgraded to 90% of the purchase price and an interest rate of 7.99% on one loan only. What was horrible about this particular scenario, is that the loan was downgraded for information that was clearly available to the lender rep one month prior to this. When I immediately contacted the representative concerning this, she took this very cavelier "oh well" attitude. I worked with many reps, and I have never seen anything like this. For all of you brokers out there, I am not talking about an over sight that any of us could make or something that showed up in underwriting that was not apparent during the pre approval process. It became very obvious during a review of the facts that the representative never even bothered to review the information about the borrower's profile during the pre approval process. For the record, FREMONT approved this as a 100%, 80/20 loan that Accredited could not do.
When I elevated this issue with middle and upper level managers at Accredited, it was very obvious that no one was serously interested in addressing what I would call gross negligence by one of their representatives. Needless to say, I am not impressed with Accredited's culture of indifference and arrogance and will never bring a loan to this company again.
Vance
Fircrest, Washington
U.S.A.
After coming back from underwriting, the loan was downgraded to 90% of the purchase price and an interest rate of 7.99% on one loan only. What was horrible about this particular scenario, is that the loan was downgraded for information that was clearly available to the lender rep one month prior to this. When I immediately contacted the representative concerning this, she took this very cavelier "oh well" attitude. I worked with many reps, and I have never seen anything like this. For all of you brokers out there, I am not talking about an over sight that any of us could make or something that showed up in underwriting that was not apparent during the pre approval process. It became very obvious during a review of the facts that the representative never even bothered to review the information about the borrower's profile during the pre approval process. For the record, FREMONT approved this as a 100%, 80/20 loan that Accredited could not do.
When I elevated this issue with middle and upper level managers at Accredited, it was very obvious that no one was serously interested in addressing what I would call gross negligence by one of their representatives. Needless to say, I am not impressed with Accredited's culture of indifference and arrogance and will never bring a loan to this company again.
Vance
Fircrest, Washington
U.S.A.
2 Updates & Rebuttals
Steve
Corona,California,
U.S.A.
Accredited is a non-conforming lender
#2Consumer Suggestion
Wed, July 26, 2006
Accredited is a non prime lender and by definition they do not have to conform to Fannie/Freddie. There are, of course, many laws they still must comply with, but from a guidelines standpoint, they are not close to the same. They set their own guidelines based on what investors back what product. I totally understand Vance's frustration with an AE who made some observations about a file without checking with her underwriting department or running the scenario 1003/1008/credit/issue or concern through an underwriter. That is totally unprofessional. Seems like many AE's used to be originators who couldn't cut it on the retail side. They are getting weeded out in a hurry though.
Matt
Olathe,Kansas,
U.S.A.
Stay the course
#3Consumer Comment
Wed, July 26, 2006
Vance, If you're going to be the loan business for a career, you need to have flexibility. Do not become frustrated with Accredited because all lenders have to be in compliance with Fannie Mae and Freddie Mac.
