| Author |
Previous Topic | Next Topic |
|
JAvila
34 Posts |
 Posted - 07/19/2005 : 09:02:14 AM
|
Hello! Keep seeing the Ditech commercial everyday and just curious what intel you guys have about this company. |
|
|
|
Darin Ferraro
7813 Posts |
Posted - 07/19/2005 : 09:29:22 AM
|
Do a search on this, including the Archive. You'll find tons of good info on the way this company operates.
Needless to say, NOBODY here on the Outpost has lost anything to Ditech as far as I can see :) |
|
|
pmeds
31 Posts |
Posted - 07/19/2005 : 09:47:59 AM
|
| It is owned by GMAC |
|
|
Tsnyder
10507 Posts |
Posted - 07/19/2005 : 11:07:26 AM
|
Well... I've just gotta say that I LOVE DITECH!!!
There's no sweeter sound than talking to a prospective
client and having them say... "Well, Terry, that sounds
good but I've already been talking to someone from DiTech."
I have yet to lose a deal to them... I have closed many
deals that started with a review of DiTech disclosure docs.
You wouldn't believe the crap they try to get away with...
Tsnyder |
|
|
lenderama
887 Posts |
Posted - 07/19/2005 : 11:44:25 AM
|
Did you guys know that Ditech was started by a Mortgage Broker? He sold to GMAC about six years ago.
Also, DiTech is big, but Countrywide in many fold larger in online mortgage transactions. They had 240 billion dollars in online fundings in 2004, one third of the estimated online market. |
|
|
JAvila
34 Posts |
Posted - 07/19/2005 : 12:24:31 PM
|
Particularly what is in ditech's disclosure that is shady? Or what makes Ditech shady to you guys? Only reason I ask is that one of these days a client will ask me about ditech, might as well be prepared to counter-attack if you know what I mean.  |
|
|
Tsnyder
10507 Posts |
Posted - 07/19/2005 : 2:02:26 PM
|
quote:
Originally posted by JAvila
Particularly what is in ditech's disclosure that is shady? Or what makes Ditech shady to you guys? Only reason I ask is that one of these days a client will ask me about ditech, might as well be prepared to counter-attack if you know what I mean.
It varies from case to case... depends on the DiTech LO
I guess... whatever their favorite scam is...
Just read the docs closely and you'll find it.
Example: The wife of a client of mine decided to respond
to a DiTech ad while our file was in progress. He called
to tell me he'd found a much better proposal. When I asked
who it was he said it was DiTech.
I told him to read everything very carefully to make sure
they were really offering him what his wife was told on the
phone. He asked if I'd be willing to look at the docs and
advise him. Well... sure... okay... LOL
This guy wanted a 30 year fixed... he has a previous BK
and some deliquent charge accounts showing in his bureau.
I was offering him 7.90% with some cash out.
The Ditech guy told the wife he could do it at 5.75% but
when we looked at the docs it was actually an 80/20 with
5.75% on the first... problem is it was a 3/1 ARM... and
a 8.50% HELOC on the back... problem is the HELOC was also
an ARM that would adjust upward 6 points in 6 months.
The DiTech guy had used a yellow highlighter on the rate,
hoping the guy wouldn't look beyond that... didn't work
out for him... LOL
It was an easy deal to save... they always are...
Tsnyder |
|
|
JAvila
34 Posts |
Posted - 07/19/2005 : 2:55:17 PM
|
Lolz....thnx for sharing. |
|
|
caswell
21 Posts |
Posted - 07/21/2005 : 10:54:58 PM
|
Another thing to keep in mind about DiTech and other large broker houses is that the LO's picking up the phones "tend" to be robots and do what they are programmed to do. I don't mean to offend anyone that works or has worked for DiTech or similar companies, but this business model was highly effective a few years ago when rates were going from 8% to 5%... all one really needed was lots of advertising and a warm body to pick up the phone. Automate the underwriting process and turn them as fast as you can.
Because rates have been relatively level and are just now starting to inch their way up, the brute force tactics and propoganda that were working before at DiTech and Ameriquest will start to become less and less effective. It's because of this structure that they really don't have the infrastructure of good quality loan officers that can really motivate the borrowers.
People say that they love that the rates are going up. They say it's because it weeds out the bad LO's... but never is it going to be more true than with the DiTechs and Ameriquest that are out there.
Best of luck...
Marc |
|
|
| |
Previous Topic | Next Topic |
|
