Ditech
 |
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| WIMC | |
| Private | |
| Industry | Mortgage lending, Financial services, Mortgage servicing |
| Founded | 1995 |
| Headquarters | Originations: Fort Washington, Pennsylvania, Servicing: Saint Paul, Minnesota, U.S. |
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Area served
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North America |
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Key people
|
Anthony Renzi (Chief Operating Officer), |
| Products | Fixed rate mortgages, Adjustable-rate mortgages, Jumbo loans, FHA loans, HARP loans, VA loans |
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Number of employees
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7,000 |
| Website | http://www.ditech.com/ |
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.
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. It also announced a corporate re-branding with its servicing affiliate, Green Tree Servicing, which took place in 2015.
During the 1990s and 2000s, Ditech became a household name for humorous television commercials featuring a frustrated loan officer, played by actor Ron Michaelson, who repeated the catchphrase "Lost another loan to Ditech."
In 1995, John Paul Reddam founded DiTech Funding Corporation (DiTech) in Costa Mesa, California. The company’s name was derived from the phrase “direct technology.” DiTech became one of the first lenders to offer mortgages to the public online and via a toll-free number. 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. 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. DiTech became a household name as a result of the commercials.
In 1999, DiTech was acquired by GMAC, Inc., a financing division of General Motors Corporation. GMAC Mortgage renamed DiTech “ditech.com.” Reddam left the company in 2000.
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Wikipedia