(CHATHAM, ON) – Warnings against mortgage vendor Stride Lending Group, which lists an address in Chatham, continue to mount. The Group was first brought to the attention of Square readers on April 3 through a notification from Chatham-Kent’s police department.
Now the Financial Services Commission of Ontario has taken to warning consumers that Stride is not licensed to do mortgage business in Ontario. The Commission is concerned because of reports it is getting of Stride continuing to solicit mortgage business and other services through its website.
The company is using the email address email@example.com.
Chatham Kent Police, in its initial alert, confirmed that the company does not exist at 75 Thames Street in Chatham. On its website it claims its, “… partners offer great products at highly competitive rates.”
Also on the webpage, it says, “… your relationship manager will go over all your payment information with you on the phone.” In a second instance, it says applicants will get a, “… callback request one of our partners will be contacting you to discuss the services you are looking for and the options available to you.”
The variance in language could suggest Stride works with others. At best, it might work with lenders, but take a fee for finding them customers.
At worse, it might simply take its clients’ money.
The Better Business Bureau reports that it did an investigation and found, “… through information from consumers, as well as information found online, that this company is offering loans for an advance fee. Consumers allege that they have responded to advertisements on the internet for loans. After paying thousands of dollars, consumers allege that they never received the loan promised by the company.”
The Financial Services Commission, in a public announcement, said “Consumers should exercise caution if they are contacted by anyone claiming to represent Stride Lending Group or using these coordinates. Consumers should not apply for a mortgage or loans through Stride Lending Group, but instead are encouraged to contact the Canadian Anti-Fraud Centre.”
The Commission adds that consumers who obtain a mortgage through individuals or companies not licensed by FSCO are not protected under the Mortgage Brokerages, Lenders, and Administrators Act and its regulations which govern Ontario’s licensed brokerages, brokers, and agents.
Consumers may check if a mortgage brokerage, broker, or agent is licensed on the Commission’s website.