Ditech Financial Mortgage Services and Solutions

Ditech Financial offers a range of mortgage services and solutions, including mortgage refinance and home equity loans. Their services are designed to help homeowners achieve their financial goals.

Ditech Financial is a leading provider of mortgage financing, with a history dating back to 1985. They have originated over $450 billion in mortgage loans since their inception.

Their mortgage services include refinancing, home equity loans, and mortgage insurance. They also offer mortgage insurance and other financial solutions to help homeowners manage their debt and achieve financial stability.

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DiTech was founded in 1995 by John Paul Reddam in Costa Mesa, California. The company's name was derived from the phrase "direct technology" and quickly grew to offer mortgages online and via a toll-free number.

DiTech's rapid growth was fueled by an aggressive marketing campaign, including a national television commercial that made the company a household name. The company's business model extended its operating territory to seven states by the end of 1995 and 46 states by the end of 1996.

In 1999, DiTech was acquired by GMAC (now Ally Financial), which renamed the company "ditech.com." Reddam left the company in 2000.

The company went through significant changes in the following years, including a move to Fort Washington, PA, and a name change to Ally Financial in 2010. In 2012, Ditech was formed from the assets of the estate of GMAC ResCap during the bankruptcy proceeding.

Here are some key facts about ditech's history:

In 1995, John Paul Reddam founded DiTech Funding Corporation in Costa Mesa, California, which later became one of the first lenders to offer mortgages online and via a toll-free number.

DiTech's business model quickly expanded its operating territory to seven states by the end of 1995, and 46 states by the end of 1996.

The company's rapid growth was fueled in part by an aggressive marketing campaign that included a national television commercial featuring a frustrated loan officer.

This commercial, which became a household name, would often show a loan officer muttering, "Lost another loan to DiTech", after losing business to the company.

In 1999, DiTech was acquired by GMAC, now known as Ally Financial, which was owned by General Motors at the time.

Reddam left the company in 2000, marking the end of his time with DiTech.

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In 2005, DiTech was organized as a business unit of Residential Capital, LLC, which was owned by General Motors Corporation.

Ditech pioneered 125 percent loans, allowing borrowers to take out mortgages worth more than their properties.

Powers introduced the "People Are Smart" advertising campaign, which leveraged GMAC's reputation as a responsible lender and emphasized the importance of making informed decisions.

The campaign stressed the need for expert advice from ditech.com loan consultants.

In February 2010, GMAC relocated ditech.com offices from Costa Mesa to Fort Washington, PA.

In May 2010, GMAC changed its name to Ally Financial.

In 2012, Ally took its residential lending unit into bankruptcy to pay back the U.S. Treasury after receiving bailout funds.

Ditech was formed from the assets of the estate of GMAC ResCap during the bankruptcy proceeding.

Here are some key events that took place during this period:

In March 2015, Ditech underwent a significant rebranding effort to become "Ditech Financial, A Walter Company" by merging with Walter Investment affiliate Green Tree Servicing. This move brought Walter's origination and servicing entities together under one brand name, concluding in the second half of 2015.

Ditech's institutional partner strategy was launched in May 2014, involving over 600 partners that provide mortgage and refinance loans to their customers. This strategy encompasses both direct consumer lending and correspondent lending, allowing partners to price, lock, and deliver individual loans through the Ditech website.

The correspondent lending division began focusing on services for community banks and credit unions in June 2014, offering them access to Ditech's technology, underwriting, processing, servicing, and marketing expertise.

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In March 2015, Ditech underwent a corporate re-brand, combining with Walter Investment affiliate Green Tree Servicing to become "Ditech Financial, A Walter Company."

This re-branding effort allowed the companies to bring their origination and servicing entities together under one recognizable brand name.

The transition concluded in the second half of 2015, marking a significant change for the company.

In March 2013, Ditech was acquired by Walter Investment Management Co., and initially used the name of Walter's Green Tree Servicing subsidiary for regulatory and licensing reasons.

The company effectively "disappeared" from the marketplace for five years during the mortgage crisis.

In March 2014, Ditech resumed originating loans using the Ditech name, marking a significant milestone in the company's recovery.

Ditech's re-entry to the U.S. housing market was announced in May 2014, signaling a new era for the company.

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Ditech launched a co-branding and joint-venture initiative with over 600 institutional partners in May 2014.

This strategy allowed institutional partners to price, lock, and deliver individual loans through the Ditech website.

In May 2014, Ditech also announced new correspondent banking products and services, including MyCommunityMortgage, FHA Program, Expanded LMPI, and Freddie Only.

Ditech's correspondent lending division began focusing on services for community banks and credit unions in June 2014.

By offering access to Ditech's technology, underwriting, processing, servicing, and marketing expertise, community banks and credit unions could serve their customers more effectively.

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Ditech Financial offered a variety of home loan and refinance options.

Their home loan options included fixed rate, adjustable rate, and FHA loans.

Ditech's refinancing options were also quite extensive, covering fixed rate, adjustable rate, and FHA loans.

In addition to these standard options, they also offered special financing programs like HARP, which expanded loan-to-value limits for qualified applicants.

The company no longer provides nonprime mortgages, so if you're looking for that type of loan, you'll need to explore other options.

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Ditech's advertising campaigns were a key part of their marketing strategy, featuring memorable commercials and catchy slogans.

The company's TV commercials, which aired during the 2000s, starred a nefarious loan officer played by Ron Michaelson, repeating the catchphrase "Lost another loan to Ditech."

These commercials were created by writer, producer, and director Ken Roberts from 1995 to 2007, and they helped establish Ditech's brand identity.

In May 2007, Ditech introduced a new marketing campaign with the tagline "People Are Smart", which aimed to distinguish the company from other lenders.

Ditech's advertising efforts were also seen on the NASCAR Nextel Cup Series from 2004 to 2007, with the company's logo appearing on the #25 Chevrolet driven by Brian Vickers.

The company also sponsored Kevin Harvick for Stewart-Haas Racing from 2015 to 2016, during which Harvick won a race at New Hampshire with the Ditech logo on his car.

Ditech Financial offers a variety of mortgage products to help homeowners overcome financial challenges.

High-interest debt can make it difficult to qualify for a mortgage, but ditech Financial allows borrowers to qualify with high credit card debt.

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Ditech Financial also offers mortgage products with low down payment options, making it easier for first-time homebuyers to get into a home.

For homeowners facing foreclosure, ditech Financial offers mortgage modification options, which can help reduce monthly payments and prevent foreclosure.

Ditech Financial also offers a mortgage hardship program, which can temporarily suspend or reduce mortgage payments for up to 12 months.

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At Ditech Financial, they offer a range of mortgage options to suit different needs and budgets. They have a variety of loan programs, including FHA loans, VA loans, and USDA loans.

Ditech Financial also provides mortgage guidance through their experienced loan officers, who can help you navigate the mortgage process. With their expertise, you can make informed decisions about your mortgage.

Ditech Financial's mortgage guidance includes helping you determine how much home you can afford, and providing information on mortgage rates and terms. They can also assist with pre-approval and pre-qualification.

If you're struggling with a second mortgage, don't worry, there are options available to help you get back on track.

A second mortgage can be a significant financial burden, but refinancing or consolidating debt may be a viable solution. For example, if you have a second mortgage with a high interest rate, refinancing it to a lower rate can save you hundreds of dollars per month.

You may be eligible for a debt management plan, which can help you combine multiple debts into one monthly payment with a lower interest rate. This can make it easier to manage your finances and avoid defaulting on your mortgage.

Some lenders offer hardship programs that can temporarily suspend or reduce payments, giving you time to get back on your feet. However, these programs often have specific requirements and may not be available to everyone.

If you're facing foreclosure, you may be able to negotiate a short sale with your lender, which can help you sell your home for a lower price and avoid further financial losses.

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Ditech Mortgage is considering a sale, just four months after emerging from bankruptcy protection.

The company has hired financial advisors and legal counsel to assist in the review, which will consider other alternatives such as a business combination or remaining a standalone entity.

Ditech's board of directors initiated the review in response to certain inquiries, but the company is not discussing any developments until a definitive sale or merger agreement is reached.

A comprehensive review is underway, with the entire Ditech team focused on advancing their mission of serving customers throughout the homeownership journey.

The announcement had little impact on Ditech's stock price, although trading volume was higher than normal.

Ditech opened at $5.25 per share on June 28, up 17 cents from the previous day's close.

The company reported net income of $466.9 million in the first quarter, primarily due to a $464.5 million gain related to fresh-start accounting adjustments made prior to leaving bankruptcy.