Ditech: Fixed Mortgage Loans, FHA Mortgages, Jumbo Loan, Home Equity Lender

Ditech

www.ditech.com
Privately Held Company
(Finance: Consumer Services)

Ditech provided mortgage loans and lines of credit under the General Motors Acceptance Company (GMAC) beginning in 1999 after being purchased from the original owner. In 2008, less than two years after the controlling interest of GMAC was acquired by Cerberus Capital Management, Ditech became part of Residential Capital, LLC.

Contact Info
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Services
Adjustable Rate Mortgages, Home Equity Loans, Refinance Loans, Mortgages, Jumbo Loans

Overview
Ditech is a home financing company that provides mortgage loans, including fixed mortgages, adjustable rate mortgages, FHA mortgages, and jumbo mortgages. In addition, Ditech offers home equity loans, debt consolidation loans, and home equity lines of credit. Homeowners can also refinance their home to a lower interest rate and payment through Ditech.

Ditech 30-year fixed mortgage loans offer low rates on either a purchase loan or refinance loan and the security of knowing your loan payment won’t change and exceed your allotted income for your house. With an FHA loan, you may apply for a low interest rate loan, or an FHA mortgage refinance which offers you the benefit of having your loan federally insured. A jumbo loan offers a larger home loan with a smaller rate and Ditech has home loan experts available to help consumers with selecting the right loan for their situation.

There are many reasons for working with Ditech. First, the company has a reputable name, and is part of the GMAC family, they can close loans faster than many smaller loan brokerages, and free home loan consultation twenty-four-seven. As with many online financial service providers, customers may login into their account to check their loan balance or to make a payment.

GMAC Mortgage offers purchasing loans, refinancing loans, FHA loans, and flexible down payment options helping the company to become one of the largest residential mortgage servicing organizations in the US. GMAC Mortgage operates under Residential Capital, the mortgage arm of Ally Financial (formerly GMAC Inc.); while the company’s online brokerage services are delivered through ditech.com. The US government acquired 56 percent of Ally Financial after providing financial bailout funds.

In 2006 a group of Cerberus Capital Management investors purchased 51 percent of Ally Financial from parent company General Motors.

In 2009, after defaulting subprime mortgages skyrocketed, followed by a global credit crunch, and a worldwide financial crisis, General Motors experienced serious troubles in regards to auto sales and filed bankruptcy. In the same year, Cerberus reduced its stake to 15 percent after the US government increased its holdings in the company.

With the mortgage business still struggling, a refocus on automobile financing was made leaving the futures of Residential Capital, also known as ResCap, and GMAC Mortgage. Some investors are even pushing for Ally Financial to either sell or shut down ResCap.

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