DHCP | |
Type | Private |
---|---|
Industry | Mortgage lending, Financial services, Mortgage servicing |
Founded | 1995 |
Headquarters | , |
Area served | United States |
Tom Marano (President) Ritesh Chaturbedi (Chief Operating Officer) | |
Products | Fixed rate mortgages, Adjustable-rate mortgages, FHA loans, HARP loans, VA loans |
Number of employees | 4,900 |
Parent | Ditech Holding Corporation |
Website | www.ditech.com |
Ditech has received such a positive response from its previously announced sponsorship of Kevin Harvick that it has decided to increase its involvement with Stewart-Haas Racing and Harvick’s. DTECH Labs provides rugged server and storage solutions. DTECH Labs is a wholly-owned subsidiary of CUBIC Corporation. 21580 Beaumeade Circle, Suite 230 Ashburn, VA 20147.
Ditech Financial LLC (rebranded from “ditech Mortgage” and 'Green Tree Servicing' in 2015) is a provider of home loan, loan servicing and refinance products to consumers and institutional partners in the U.S.[1]
In May 2014, Ditech announced its re-entry to the national housing market after it “disappeared” from the marketplace for five years during the subprime mortgage crisis in the late 2000s.[2] It also announced a corporate re-branding with its servicing affiliate, Green Tree Servicing, which took place in 2015.
History[edit]
In 1995, John Paul Reddam founded DiTech Funding Corporation (DiTech) in Costa Mesa, California.[3] The company's name was derived from the phrase “direct technology.”[3][4] DiTech became one of the first lenders to offer mortgages to the public online and via a toll-free number.[3] In April 1995, Reddam began originating, selling, and servicing mortgage loans tied to the prime interest rate. Reddam's business model quickly extended DiTech's operating territory to seven states by the end of the 1995, and 46 states by the end of 1996.[3] DiTech's rapid growth was fueled in part by an aggressive marketing campaign that included a national television commercial featuring a frustrated loan officer who would mutter, 'Lost another loan to DiTech,' after losing business to the company.[5][3] DiTech became a household name as a result of the commercials.[3]
In 1999, DiTech was acquired by GMAC (now Ally Financial), then owned by General Motors.[6] GMAC Mortgage renamed DiTech “ditech.com.”[3] Reddam left the company in 2000.[3]
In 2005, DiTech was organized as a business unit of Residential Capital, LLC (often referred to as 'ResCap'), which controlled mortgage-related subsidiaries owned by General Motors Corporation.[3][7]
Ditech pioneered 125 percent loans that allowed mortgage loan applicants to borrow more than properties were worth.[6][8] The loans were also low-documentation mortgages, or stated income loans, and many borrowers falsified their incomes. In 2006, ditech.com general manager Michael McCarthy resigned and was replaced by Richard D. Powers.[3]
Powers introduced 'People Are Smart,' an advertising campaign that leveraged GMAC's reputation as a responsible lender and stressed the importance of making prudent decisions based on expert advice provided by ditech.com loan consultants.[9][10]
In February 2010, GMAC relocated ditech.com offices from Costa Mesa to Fort Washington, PA.[11] In May 2010, GMAC changed its name to Ally Financial.[12]
In 2012, during the mortgage crisis, Ally took its residential lending unit into bankruptcy in order to pay back the U.S. Treasury following its acceptance of bailout funds.[13] In November 2012, Ditech was formed from assets of the estate of GMAC ResCap during the bankruptcy proceeding.[7]
Purchase by Walter Investment[edit]
In March 2013, Ditech was acquired by Walter Investment Management Co. from Ally Financial, the former GMAC ResCap.[2] Following the acquisition, Ditech used the name of Walter's Green Tree Servicing subsidiary to originate loans for regulatory and licensing reasons.[2] DT Holdings, Ditech's parent company, is a subsidiary of Walter Investment Management.[14]
In March 2014, the company resumed originating loans using the Ditech name.[2] The brand had effectively “disappeared” from the marketplace for five years during the mortgage crisis, and the company decided to bring Ditech name back after determining that consumers held largely positive views of the brand.[2] In May 2014, Ditech announced its re-entry to the U.S. housing market.[1]
Corporate Re-brand[edit]
In March 2015, Ditech, along with Walter Investment affiliate Green Tree Servicing, announced the two would undergo a co-branding effort to become 'Ditech Financial, A Walter Company,' bringing Walter's origination and servicing entities together under one, recognizable brand name. The transition concluded in the second half of 2015.[15]
Lending[edit]
Products[edit]
Ditech offers a range of home loan and refinance options. Home loan options include fixed rate, adjustable rate and FHA loans.[16] Refinancing options include fixed rate, adjustable rate and FHA loans, as well as special financing programs such as HARP with expanded loan-to-value limits for qualified applicants.[7][17] The company will no longer provide nonprime mortgages.[2]
Institutional partner strategy[edit]
In May 2014, Ditech launched a co-branding and joint-venture initiative with more than 600 institutional partners that provide mortgage and refinance loans to their customers.[7] The strategy encompasses direct consumer lending and correspondent lending.[7] Institutional partners can price, lock and deliver individual loans through the Ditech website.[18]
Also in May 2014, Ditech announced new correspondent banking products and services including MyCommunityMortgage, FHA Program, Expanded LMPI, and Freddie Only.[18] In June 2014, Ditech's correspondent lending division began focusing on services for community banks and credit unions, offering their customers access to Ditech's technology, underwriting, processing, servicing and marketing expertise.[19]
Advertising[edit]
Ditech is well known for television commercials that aired during the 2000s. They featured a nefarious loan officer, played by actor Ron Michaelson, repeating the catchphrase 'Lost another loan to Ditech' written by writer, producer and director Ken Roberts, who created the Ditech television and radio commercials from 1995 to 2007.[5][20] In May 2007, the company introduced a new marketing campaign, adding the tagline 'People Are Smart' and including the signature line Home financing by GMAC to further help distinguish the Ditech brand from direct-to-consumer lenders of questionable repute. Ditech had immensely high unaided brand awareness and customer satisfaction, but many people mistakenly thought Ditech was a subprime lender.[21]
On September 11, 2001 in the U.S., a Ditech commercial was airing on CNN when it was interrupted for an announcement that a plane had struck one of the Twin Towers of the World Trade Center in New York City. This would begin CNN's ongoing live footage of the September 11 attacks.[22]
Ditech held a sponsorship in the NASCAR Nextel Cup Series from 2004–07, prominently appearing on the #25 Chevrolet driven by Brian Vickers. The company held sponsorships on Hendrick's part-time #44 car, as well as the #87 car on Busch Series level.
Bankruptcy[edit]
In 2019 Ditech was acquired by New Residential Investment.[23][24]
References[edit]
- ^ ab'ditech'. Facebook. Retrieved 25 September 2014.
- ^ abcdefFinkelstein, Brad. 'Why Ditech Brought Back a Precrisis Mortgage Brand'. National Mortgage News. Retrieved 25 September 2014.
- ^ abcdefghij'Gale Directory of Company Histories: ditech.com'. Answers.com. Retrieved 25 September 2014.
- ^Ditech Mortgage Company - Ditech LendingArchived May 27, 2007, at the Wayback Machine
- ^ ab'Ditech loans (2004)'. YouTube.com. Retrieved 25 September 2014.
- ^ abStrickland, Daryl. 'GMAC Mortgage Will Acquire DiTech Funding'. Los Angeles Times. Retrieved 25 September 2014.
- ^ abcdeGarrison, Trey. 'ditech returning to the mortgage market in a big way'. HW Magazine. Retrieved 25 September 2014.
- ^Norris, Floyd (2008-05-09). 'A Little Pity, Please, for Lenders'. The New York Times. Retrieved 2008-05-09.
- ^Solman, Gregory. 'Ditech's 'Smart' New Direction'. Adweek. Retrieved 25 September 2014.
- ^'Ditech - People Are Smart'. Vimeo. Retrieved 25 September 2014.
- ^Blumenthal, Jeff. 'GMAC moving Ditech operations to Fort Washington'. Philadelphia Business Journal. Retrieved 25 September 2014.
- ^Campbell, Dakin. 'GMAC Posts Profit, Will Change Name to Ally Financial'. Bloomberg. Retrieved 25 September 2014.
- ^Swanson, Jann. 'Deal Cut to Sell ResCap out of Bankruptcy Filed Today'. Mortgage News Daily. Retrieved 25 September 2014.
- ^'Walter Investment Management Corp'. Google Finance. Retrieved 25 September 2014.
- ^Lane, Ben. 'Say goodbye to Green Tree; company merging with Ditech'. HousingWire.com. Retrieved 28 April 2016.
- ^'Buy A Home'. ditech. Retrieved 25 September 2014.
- ^'Refinance A Home'. ditech. Retrieved 25 September 2014.
- ^ abLane, Ben. 'Here's exactly how ditech is coming back into the market'. HW Magazine. Retrieved 25 September 2014.
- ^Swanson, Brena. 'The ditech key to correspondent lending'. HW Magazine. Retrieved 25 September 2014.
- ^'35th Annual Telly Awards'. The Telly Awards. Retrieved 25 September 2014.
- ^'Ditech's 'Smart' New Direction'. Adweek. 2007-05-23. Archived from the original on 2008-02-03. Retrieved 2008-05-08.
- ^http://operationalrisk.blogspot.com/2010/09/remembering-911-teaching-children.html
- ^https://www.housingwire.com/articles/49046-mortgage-borrowers-win-protection-in-ditech-bankruptcy-ditech-fights-back
- ^https://www.housingwire.com/articles/new-residential-investment-buys-ditech-financial-for-1-2-billion/
External links[edit]
Retrieved from 'https://en.wikipedia.org/w/index.php?title=Ditech&oldid=985133841'
Harvick Victorious at Loudon
Post-Race Reports | NASCAR Cup Series | 09/26/16ditech Home Loans Driver Leads Final Six Laps,
Locks into Round of 12
Date: Sept. 25, 2016
Event: Bad Boy Off Road 300 (Round 28 of 36)
Series: NASCAR Sprint Cup Series
Location: New Hampshire Motor Speedway in Loudon (1.058-mile oval)
Start/Finish: 19th/1st (Running, completed 300 of 300 laps)
Point Standing: 2nd (2,071 points, 1 win, secures berth in Round of 12)
Winner: Kevin Harvick of Stewart-Haas Racing (Chevrolet)
Kevin Harvick, driver of the No. 4 ditech Home Loans Chevrolet SS for Stewart-Haas Racing (SHR), won Sunday’s Bad Boy Off Road 300 NASCAR Sprint Cup Series race at New Hampshire Motor Speedway in Loudon. The win is the 34th of Harvick’s Sprint Cup career, his third win of 2016 and his second win in 32 Sprint Cup starts at New Hampshire.
“I’m just really proud of everybody on our ditech team for everything that they did today and for Rodney (Childers, crew chief) leaving us out there,” said Harvick, the 2006 winner of the fall race at New Hampshire. “Our car would fire off really good after the tires would cool off, and we could take off. All those other guys were buried back in traffic. We were able to time that last restart really good, and I was able to keep the right-side tires above the hash marks going into turn one. That was really the key for me to get the car and get off the brake and get back to a little bit of throttle.”
Harvick started 19th in the 40-car field on Sunday and quickly made a charge to the front, cracking the top-10 within the first 50 laps around the 1.058-mile track. By the halfway point he had become a fixture among the top-five, reporting only minor complaints with the ditech Chevy’s handling as the race continued.
Ditch Driveway
The last restart of the race turned out to be the game changer for Harvick and company. The 2014 Sprint Cup champ was in second place for the restart with six laps to go. He charged into the first turn alongside race leader Matt Kenseth and maintained the inside position on the track as the field raced down the backstretch into turn three. He emerged as the race leader at the exit of turn four and started to stretch the lead during the final laps en route to the victory.
“For me, it was just a smooth restart,” Harvick said. “I just didn’t want to spin the tires. I don’t know what happened to (Kenseth), or if I just timed it right. It worked out good when we got to turn one.
“I’m just excited,” Harvick added. “I was content with where we were, but once you get up there in the front like that, you’ve got to take a chance to try to win.”
Kurt Busch, driver of the No. 41 Monster Energy/Haas Automation Chevrolet SS for SHR, finished fifth. It was Busch’s seventh top-five this season and his eighth top-five in 32 career Sprint Cup starts at New Hampshire.
![Ditech Driver Ditech Driver](https://i.ebayimg.com/images/g/CQoAAOSwpzdWqewN/s-l400.jpg)
Danica Patrick, driver of the No. 10 Nature’s Bakery Chevrolet SS for SHR, finished 18th.
Tony Stewart, driver of the No. 14 Code 3 Associates/Mobil 1 Chevrolet SS for SHR, finished 23rd.
Kenseth finished .442 of a second behind Harvick in the runner-up spot, while Kyle Busch, Brad Keselowski and Kurt Busch rounded out the top-five. Carl Edwards, Martin Truex Jr., Jimmie Johnson, Kasey Kahne and Kyle Larson comprised the remainder of the top-10.
There were six caution periods for 31 laps with two drivers failing to finish the 300-lap race.
Harvick, Busch and Stewart are representing SHR in this year’s Chase for the NASCAR Sprint Cup, and they entered the second race of the 10-race, 16-driver Chase ranked 14th, 10th and 12th, respectively, in the Round of 16 standings.
Harvick leaves New Hampshire in second place and is locked into the Round of 12 thanks to his victory at New Hampshire. Busch is 11th with a 15-point margin over 13th place. Stewart is 15th, 11 points outside of the top-12. Following the third race of the Chase at Dover (Del.) International Speedway, only those Chase drivers who have won a race or are among the top-12 in points will advance to the Round of 12.
With one race remaining before the Round of 12 begins, the top-16 drivers competing for the title rank as follows:
1. Martin Truex Jr. (2,086 points) 1 win
2. Kevin Harvick (2,071 points) 1 win
3. Brad Keselowski (2,087 points) +35 points
4. Kyle Busch (2,085 points) + 33 points
5. Matt Kenseth (2,078 points) +26 points
6. Joey Logano (2,073 points) +21 points
Ditch Diver
7. Denny Hamlin (2,071 points) +19 points
Ditech Direct
8. Jimmie Johnson (2,070 points) +18 points
Ditch Diversion
9. Chase Elliott (2,068 points) +16 points
10. Carl Edwards (2,068 points) +16 points
11. Kurt Busch (2,067 points) +15 points
12. Kyle Larson (2,057 points) +5 points
13. Jamie McMurray (2,052 points) -5 points
14. Austin Dillon (2,052 points) -5 points
15. Tony Stewart (2,046 points) -11 points
16. Chris Buescher (2,027 points) -30 points
Ditech Drivers License
The next event on the Sprint Cup schedule – the third race of the Chase – is the Oct. 2 Citizen Soldier 400 at Dover. The race starts at 2 p.m. EDT with live coverage provided by NBCSN.