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Guest

Hi,
I am a first time home buyer. I would like to know have anyone used Ditech as their mortgage company before? How was your experience?
I just bought a condo and I gave the green light to Ditech to finance my purchase last week. But now I'm not too sure if I did the right thing...
Your opinion is greatly appreciated.

Peter

jeffselan · Posted: Sun Feb 17, 2008 8:40 am Post subject: Ditech

I here a lot of mixed reviews on the company but then again, you will on just about all mortgage companies. The main thing I see is them putting customers in the wrong product.

I would just suggest you get a couple different opinions but that is the same advice I would give to anyone shopping for a mortgage.

Guest

We refinanced our home with ditech. They stated that the funds will be wired to our account and specified the date also. But instead they gave us a check, that too a regular check and not a cashier or certified check.

Wells fargo bank put the check on hold for business 7 days. Since they count the first and last day, it came up to 9 days in total. But during this time, the lender charged $500 on the money we didn't have received by then.

Wells fargo said that they could waive the fee if the check was cleared. But the check was not cleared. We were charged $500 for the money not even loaned to us. But we had separate plans to use the land and the sellers are impatient as we have to continuously push back the closing date

gmakerley · Posted: Mon Feb 18, 2008 7:46 am Post subject:

jesse...are you saying that the funding from ditech never really happened, i.e. that the check bounced? if that's the case, you need to consult your local banking authority immediately to take appropriate action.

whatever the case, you need to move quickly to eliminate your problems.

Guest

yeah that's what i meant

gmakerley · Posted: Tue Feb 19, 2008 8:59 am Post subject:

i think our original poster has his answer.

jesse, if you havent done anything about this yet, you need to get to it!

Guest

I contacted Ditched last year in May for refinance the existing mortgage of our house. The loan agent said me that I would have to pay the appraisal fee up front but if I would not proceed for the loan then I need not to pay anything but they have charged $500 to my credit card though I had not proceed so far with them and Ditched did not do a property appraisal even.

gmakerley · Posted: Tue Feb 19, 2008 11:47 am Post subject:

gee...maybe guest is writing about "Ditched" rather than Ditech for a reason...hmmm...i wonder if there is anything behind the misspelling.

it would seem we have a couple of good reasons not to suggest ditech as an option to our borrowing public. i had never heard anything derogatory about them until this thread came along, but nothing surprises me anymore...not in this market...not in this century.

Guest

Sorry gmakerley,

This has been a typo mistake. I am talking about Ditech .... Surely not "Ditched" LOL Smile

gmakerley · Posted: Tue Feb 19, 2008 1:24 pm Post subject:

i understood that Guest...but it might have just been a freudian slip you made!

banker0679 · Posted: Wed Feb 20, 2008 1:12 pm Post subject:

apply with a local broker and/or bank.
You will not know if you got a great deal if you dont shop around.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

Hello turbochargedpete,

Ditech rates are higher than most. I would certianly shop around a little. You should still have time. Many lenders can close in as little as 7 to 10 days now.

Guest

One of the best ways to select a company is through referrals. If you know someone that had a good expeirence with a particular lender, then they should be a front runner, but always get multiple bids.

Listening to what one lender says about another lender in an online chat room is not the best way to base this decision. It's the equivelant of going to a Ford dealership and listening to the salepersons opinions about Nissans.

Every company has good experiences and bad experiences - and the bigger the company, the more the experiences. Unfortunately, most people only write about their bad experiences. There are millions of satisfied customers that are not being heard because they do not have anything to complain about. Ditech is a good company as are most other lenders that are "left standing". They have to be or they would not still be around. Do your own research, make your own phone calls to the lenders, listen to the comptency level of the person on the other end of the phone.

One thing I like about the people over at Ditech though is their pay (commission) is not tied to their clients rates or fees or any particular loan product. They get paid on total volume, so you at least know you never have to 2nd guess that your rep is driving around in a Benz because they were able to charge you a higher interest rate, or sell you this exotic product that is going to burn you? Being a former Wells Fargo employee, I can say first hand that I was paid bonus incentives for charging clients for higher rates and fees above the base pricing. This, unfortunately, is also the case for just about any broker or correspondent lender.

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