Based on my experience, I WOULD AVOID THIS LENDER AT ALL COSTS.

I told them I would write this, so here goes.

Xceed mortgage does NOT act as you would expect any typical 'lender' to...and may very well cause you no end of grief.

Here's my deal. I buy a vacation property 5 years ago and my bank tells me 10 days before close that their commitment letter is no good; not doing second home lending in that area any more. Great. Scramble to mortgage broker, excellent credit/job, tons of equity going into property, Xceed steps up and closes fast albeit at a higher than desired rate. Yea, Xceed.

First off, I go to pay out mortgage a couple years into 5 year term (minimum they'd 'allow' in the first place I'm told), payout penalty is not just three months interest or anything 'reasonable', it's ALL the interest for the balance of the term. Well that's just crazy, why bother??. They advise so sorry, but not to worry, good customer, we'll drop your interest rate by a quarter point (yippee). Bite the bullet, keep paying, and paying, and paying.

Term is finally about to expire. Never a day late or a dime short on a single payment. Impeccable credit, great job, significant earnings. Decide I'm just going to renew with Xceed because I've tied up a pile of cash in other investments and it's the easy way to go. Figure I'll be getting a lower high rate but it will be simple, simple. Sign here, and away we go.

Two months before term expiry have conversation with Xceed. Yep, rates are lower, you're a great customer, "are you going to shop rates?". I tell them I don't think so assuming they're somewhat competitive, they advise they'll get back to me with "what we can do".

With four weeks to go before the term expires, they call. "Bad news. We aren't going to be able to offer you a renewal". What?? Huh?? You're a lender, I'm an excellent customer!! Nope, although there's still plenty of equity, value of home has dropped (no kidding!), and "we're only doing CMHC insured loans now". Huh?? Oh, OK, let's CMHC insure it then. Uh, nope. Huh? OK, what if I throw more cash at it? Uh, nope. What??? "We'll need to be paid out 30 days from now". Really, Xceed needs the cash that bad?? I thought you were a lender? "Times have changed". I'm going to be out of town on business over the next few weeks, what if I can't put another deal together in 30 days? "We'll foreclose". What the hell????

Absolutely terrible way to treat people who have in good faith paid their mortgages, made them a good chunk of change, and are willing and able to carry-on being an excellent customer.

YOU SHOULD BE ASHAMED OF YOURSELVES XCEED. THIS IS NOT THE WAY LENDERS ARE SUPPOSED TO ACT IN THIS COUNTRY. EVEN IN THE STATES, LENDERS AT LEAST PRETEND TO TRY TO WORK WITH PEOPLE.

YOU DO NOT DESERVE TO BE DOING BUSINESS IF THIS IS GOING TO BE YOUR PRACTISE. AT THE VERY LEAST, ADVISE PEOPLE OF THE POSSIBILITY THAT YOU WILL NOT OFFER RENEWALS EVEN IF THEY HAVE HELD UP THEIR END OF THE BARGAIN. I'VE NEVER HEARD OF SUCH A THING!!!!

Good riddance Xceed!! A local credit union was happy to have the business and customer you so readily treated like crap!! Your executive and board of directors are clearly out of touch. I hope you fail miserably.

i have a similar story as well. i was fiananced by Xceed 5 yrs ago, with less than perfect credit. this was ok with me as i was just happy that i could finally own my own house. 3 years go by......never missing a payment, they offered up a re-newal for another 2 years at a lower rate. due my now "prefered customer" rating. having no previous problems with the company i gladly excepted and life went on. however, when this term was nearing its conclusion i recieved a letter stating that they would not be able to re-finace me due to my mortgage being greater than the value of my house. Huh?? the mortgage was more than the house from the get go!! also, during the 5 years with Xceed my credit is considerably better and my wage has increased as much. i have been with the same company for 9 years and have been promoted to a very stable position. Now i fear losing my house....legal action, and my credit going back to nil. All because, in my eyes, somebody figures i am NOW too much of a risk. i dont claim to be the sharpest tool in the shed, but something is wrong here. 5 years gone down the tube it looks like, depressing to say the least

WOW ! Nice points explained.

“If a poor credit record forced you into a high-risk mortgage, you might end up in the same situation as Rod and Joyce Marentette. The Chatham couple are perplexed as to why, after never missing a payment for the three-year term of their mortgage, they are being dumped by their lender — Xceed Mortgage Corporation of Toronto.”

“Joyce and Rod were married in May of 2005. Less than two weeks later, they purchased a home on Patteson Avenue. Then in September of that year, the couple suffered a loss of income, sending their finances into a nose-dive. But, they scrimped and saved — sometimes going without food themselves so their four children could eat — to make sure they never missed a mortgage payment.”

“However, their financial situation left them unable to pay other bills, including a credit card and cellphone bill. Despite their current financial woes, the couple figured if they make their mortgage payments, it would be renewed.”

“The Marentettes were shocked when they received a letter in mid-March from Xceed stating the company would not be renewing their mortgage, which came due on Friday.”

“‘There are a number of reasons why we have decided not to renew your mortgage,’ stated the letter. ‘These may include missed mortgage payments and/or a deterioration in your credit.’”

“The letter strongly recommended the couple arrange to find another lender, because if they fail to discharge their mortgage by June 13, Xceed will begin legal action to collect the $93,000 the couple still owes on their home. Xceed has since given the couple until the end of June to find another lender.”

“Reluctantly, they have put their home up for sale, because they have been unable to find another lender to give them a mortgage.”

“Richard Wertheim, spokesman for Xceed, told The Chatham Daily News the dilemma facing the Marentettes ‘is not really related to them directly.’ The Marentettes have been caught up in a financial situation created by the collapse of the asset-backed commercial paper market on Aug. 13, 2007, he said.”

“‘Up until that time, virtually all of the funding for Xceed’s mortgage business came from that kind of security (asset-backed commercial paper),’ Wertheim said. ‘When that market evaporated, so did the funding for those kinds of mortgages.’”

“Being informed by The Daily News about the situation provided little solace for the Marentettes. ‘I worked hard and I still get screwed,’ Joyce said.”
per chathamdailynews.ca