Magazine article Mortgage Banking

Ditech Returns to Mortgage Market

Magazine article Mortgage Banking

Ditech Returns to Mortgage Market

Article excerpt

On May 14, Ditech Mortgage Corporation (best known as ditech), Fort Washington, Pennsylvania, announced its re-entry into the national mortgage lending market. The company will focus first on the correspondent lending market, according to a press announcement.

The company will be following a different business model than the original ditech, which was a direct-to-consumer mortgage lender. The new company will use three sales channels: direct to consumer, via a website and 800 number; retail production through nearly 200 loan specialists located throughout the country; and through the correspondent market by partnering with 600-plus financial institutions.

The company will also provide origination and processing services to other financial institutions nationwide, the announcement said.

The ditech brand originated in 1995 and was acquired by GMAC Mortgage in 1998. It became best known to consumers through its television commercials featuring the tagline "Lost another loan to ditech."

Walter Investment Management Co. bought the ditech brand in 2013, with plans to revive it and create a new model for consumers to apply for and obtain loans, the company said.

Marianne Mainardi, chief operating officer of ditech, said, "This is a brand that has been in the home lending business for years and is now associated with an established mortgage banking operation with a national presence. …

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