Ditech Home Loans

This company was started in 1995. Ditech has made a revolutionary entry into the field to capitalize on the unmet need in the mortgage industry for faster, easier access to mortgage loans. The customers were not satisfied with traditional mortgage brokerage so Ditech's, ditech business model allowed consumers to get mortgages directly through a lender rather than relying on an intermediary like a mortgage broker. Simultaneously, the Internet was gaining popularity and consumers were finally accepting it as both a research and purchasing tool. The company is providing selected group of products that appeal to a wide range of borrowers.

The company is offering fewer products and avoiding niche offerings so that it is able to streamline its operations to keep costs and application delays to a minimum. Its percentage of growth tells its development, where it's funding volume has grown 290% and funding dollar volume has grown by 283%. Capitalizing on GMAC's reputation and mortgage experience, Ditech continues to successfully identify consumer needs and create products to address them.

Tina of Bernville, PA December 23, 2009
We started a refi 9/3/2009. Everything was moving along fine with a closing sometime in 10/2009. Well my husband was laid off from GM, the reason we went with Ditech in the first place and 10/1/2009 we had to start over under me. Of course they already had all my information and credit so it was a matter of just using my income and getting approvals. Not too terribly difficult one would think.

Come the end of Oct and no closing date, I began emailing and contacting about the closing. The appraisal was done so what was the hold up? The response was Ditech was overwhelmed due to lack of staff, apparently they laid off and just can't handle the volume. Well one would think maybe laying off was not a smart idea and it should have waited til beginning of 2010. I expressed the reasons for needing to close in 2009. I needed the writeoff. Since my husband was laid off, I can't afford to withdraw the taxes prior to his check. I need all the cash I can get because our mortgage is 2k a month. Taxes make it so high. GM moved us here. GM abandoning us and leaving us where we never wanted to be in the first place.

Anyway, in order to survive I need as much unemployment cash as possible. This means after doing my prelim calculations for Fed return, I will have to pay 1386 to the Feds. Haven't paid them in my entire 44 years. Ever. Always got refunds the smallest 300 and the largest 8000. So I said if we close in 2009 I can writeoff the closings and it will be a wash when I do my taxes. And I told them I need that because I am going to end up having to pay PA taxes now with all of this and my school district tax went from 1% to 2.9%.

I always use my PA refund to pay the school district tax but with no closing this year I will have to pay Fed, State and school. They said oh, no problem. We will have you closed before the end of Nov. I was like great. Well it is now 12/23/2009 and I haven't closed. All through Nov they kept stating we are busy. We are busy. We are busy. Funny how they were also busy in Sep but because at the time my husband was GM employee they said our application and all was processed first. Funny how you are important if affiliated with the company and unimportant if you are just somebody else. Well we became unimportant when he was laid off.

So time has gone on and the whole we are busy routine has kept up. Well, finally last night an email from Tony. He says the problem is the appraiser did a 2005 form and not some 1004 or 1104. I am like what? The appraisal was done in Sep and you are just now discovering this? He sent me the .pdf and I found teh appraisers phone number and called directly. To my surpirse Ditech ordered the 2005.

So it was Ditech that screwed up. The appraiser and I had a nice little chat. They told her she needed to come out and do the internal but she said I can't. I am book solid for the next 2wks. So they put the appraisal on hold in the computer. I asked her why? She said because they have already paid me and need me to do it. If they get another appraiser they have to pay 300 again and they will be out that money. I said and? They screwed up not me and now they are punishing me for their mistake.

Believe me, I have contacted them and gone round and round. I even said I will call local appraisers and see if someone can come out and make the appointment and then tell you guys so you can set up payment. They said oh no you can't contact them. Ah really? Do we not live in America where I am free to contact who I choose? I have not come to the point where I hate Ditech and this is the first time doing business with them and will be the last. I emailed them and said it is obvious I am just a number to you and you don't care about fixing your mistake. So...since I will not be closing this year can [they] tell me why I should continue this process with [them]?

So since I am into 2010 with a close why not go with a company that is competent and I already have a history with and trust? The response is, you lose your 300 appraisal fee. I said and? Guess what Ditech, you lose all the time; energy and money that went in the entire process from 9/3/2009 until today. All the paperwork and phone calls and the employees involved on my account alone. The 300 goes to the appraiser and not [them]. So [they] made nothing off 3 months of working to refi my house. A big fat nothing. [They] make profit from portions of the closing fee's and maintaining my loan. But if I don't refi with [them], [they] get a big fat zero. See how that works?

So now they see the picture I painted and said a manager is looking into it. Yeah right. I am sure I was just told that to buy them some time and in the end we will close in 2010 and I will not be able to pay my taxes and whatever. At this point I hate Ditech and I hate the state of PA and I hate GM and I hate our Fed Govt. They all could careless about anyone and it is all about them and their money and the rest of us out here in the real working world can just rot.

I am going to be out 1386 to pay fed tax and state will be 290 and then school district will be 2.9% of my gross. All because Ditech screwed up. They ordered the wrong appraisal. Don't ever do business with them. I am sending my story to all news blogs and organizations I can possibly find to alert America not to ever do business with Ditech.

Justin of Lesburg FL (08/28/08)
An existing ditech customer with an excellant payment and credit history. I built my custom dream home in 2007 using a construction loan from IndyMac Bank. at the end of the construction process, the construction loan converts to a permanent mortgage at no charge. I was solicted a lower interest rate by Alex of ditech on 12/12/07 and on 1/16/08. I thought at the time that this was worth looking into. I made it clear to him that if he wanted to close a deal that it needed to move quickly because I would have to pay interest on a construction loan that I did not convert to a permanent mortgage with my existing lender. He politely told me that being an existing customer, it would not take three weeks and so I began the paper work on 1/30/08.

The next two months were spent reapplying for the same loan for some odd reason, always a different one. I made it very clear to my lending agent that time was up on construction loan and that I needed to move on or close a deal, He assured me that everything was ok and would close the following week. I was then notified by Scott of ditech on 3/21/08, he proceeded to tell me that in order to close the loan I had to sell my existing home that was carried by ditech. I then contacted Alex to remind him of the accruing interest on the IndyMac loan, he stated that the interest that had been accruing could be added to the mortgage. I sold the existing property which was lakefront and generating rental income.

I was then contacted by my loan agent Alex on 4/17/08 at 7:00 p.m. to tell me that they would loan on the property. I am in need of an attorney not because this process almost cost me my marriage but it did cost me $6,618 in interest on the construction loan and my Lakefront property. Every time i see that Ditech sleep easy loan with up front answers, It makes my blood boil.

Blindsided by a lender that chose to walk out on a deal that they solicited. Overnight out of pocket expenses $6,618. I almost lost my dream home that I had only been in for several months and sold income generating property.