Dear DiTech, it has now been more than 45 days, and you have still been unable to close on my property. As I sit around awaiting your next request for “additional documentation”, I am forced to endure your latest commercial in which you tell us that “we are smart”. Thank you for taking the time to praise the intellect of millions of American consumers. Being in the banking industry certainly qualifies you to make broad-based intellectual assessments about people you have never met.
Contrary to the belief of your advertising and marketing department, smart people do not need a commercial to tell them that they are smart. Targeting the intelligence of the consumer is a time-dishonored method typically used when the product being sold is particularly difficult to sell to people who actually do possess a modicum of intelligence. If anything, your latest commercials now have me questioning my own intelligence for even considering a mortgage through DiTech. I would say to all the “smart” people reading this post to AVOID DiTech at all costs.
I have found their team of mortgage brokers and underwriters to be some of the most incompetent group of individuals I have ever dealt with. This especially applies to the broker that was assigned to me. I have never dealt with such an uninformed and rude individual in my life. I won't get into specifics, but let's just say that he hung up on my closing attorney's office when they rightfully inquired and demanded an explanation about ongoing delays in processing the loan.
I didn't realize the true extend of DiTech's incompetence until I became frustrated and contacted another bank who claimed they could close on the property within a week. I'm happy to say that they were true to their word and that I will be closing on my new property on July 17, 2009. My new bank will not be “losing another loan to DiTech”. In fact, it is my hope that anyone reading this posting STAY CLEAR of DiTech – unless of course you have a few months to kill before your closing and don't mind being inundated with endless requests for “additional documentation” from ignorant and uninformed individuals who take days to respond to simple inquiries.
I found myself in a situation, partially my fault, but I realized what kind of company they are. I overlooked a notice that my payment was going up (due to lack of escrow funds). I received a notice that I was late. I had been making my payments as they were before the change, just not the additional they added.
When I called to make arrangements, I told them that I could begin making the updated payments for the next month and catch up on the past due amount. They told me I could not do that, as they applied all money sent to the past due amount and $100 in late fees first, no matter how I would have liked the payments to be applied. When I tried to make a compromise to prevent a negative credit report, they told me they had already negatively reported me to the credit bureaus, as well as the late fees. They were very inflexible.
I sent a letter explaining my dissatisfaction about the way my case was handled and that I would be seeking refinancing as soon as my credit rating would allow, and was sent a letter back saying they were "unable" to change the negative credit report, and that I could write a notation to the credit bureaus explaining the situation.
They obviously didn't pay attention to my first letter, as I did not ask them to review my case, just voicing my unhappiness and intentions. They, like other big companies don't care and don't see us other than numbers in their systems. As I was told by a department store manager at one time, "one customer doesn't make a difference". A few years later, that store, Montgomery Wards, went bankrupt and closed. One may not, but many eventually will.
COLORADO SPRINGS, COLORADO -- I phoned DiTech on 20 March 2008 and wanted to refinance our home loan and roll in our line of credit. I spoke with Teresa ** and she was very considerate. I asked her what my payment would be and also what the total closing costs would come to. She quoted me $9,000 for closing costs. She told me that the refinancing with the closing costs would come to 282,000 and that she would make the loan for 285,000 and I would get back 3,000 at the closing table. I agreed that was fine.
Well, I received the paperwork the next afternoon and it showed nearly 12,000 in closing costs. DiTech had their fee added in and I was never told. I wouldn't be getting anything back at the closing table. We called Teresa immediately to question this and asked why we were never told. She apologized and said she would have to take this to her supervisor. She then told us that she would not be on on Friday, but would call us on Saturday with a resolution. She didn't call, we had to hunt her down.
Then she told us that she didn't have an answer and that she would get back to us on Monday, the 24th of March. She didn't. I kept sending e-mails and leaving voice mails to get this resolved because DiTech had their appraiser coming out on Tuesday morning. The loan has now shifted to ** who also assured me that I would receive a phone call today from her supervisor, Jackie about the problem. I never got the phone call.
I received a phone call from DiTech last Friday from some guy that wanted to apologize to me for my misunderstanding. I don't think so, I explained that we were never told about DiTech's $2181.00 fee. He said he would have to escalate it to his supervisor, and he would be in touch. Guess what, they never called back. Way to lose a customer.
Hey if they don't want to make the $300,000 in interest over the life of the loan, their loss. I am so disgusted with all of this. I have e-mail after e-mail and read receipts from DiTech. I know they got my messages, they just chose not to answer. Be very cautious if you plan on doing business with DiTech/GMAC. They are very underhanded.
Like most of us, I get a large percentage of my information from television. I, like most Americans, was constantly inundated with ads about DiTech and how great they are, how transparent they are and upfront they are, and how for only $395.00 closing cost you can get a loan. First, let me say I do not think Bill Gates could get a $395. closing cost loan. Second, they are about as transparent as MUD! My mother had it right when she said these folks would tell you something 3 or 4 different ways before they would tell you a lie.
My experience started off like you would expect, you call them up or send an email to get the ball rolling. They do a quick look at my credit and then said, "Oh yes no problem". Well weeks go by and I'm continuing to give them all the documents they ask for. Weeks go by and I'm told were closing soon. "Oh yeah, your closing cost will about $3,000 dollars and the interest rate will 6.75%." I ask about the $395. But was told I did not qualify. O.K. I agree to the $3,000. The estimate comes in and is still in range for the loan, I'm told. Weeks go by and I'm finally told we're good to go, but my closing cost will almost $8,000 dollars and the interest rate will 8.5%.
Well, I said "no way, I can't do that." Then the pressure starts. You have to do the loan. Nope, I don't have to the loan. NO problem you won't have to come up with any money, we'll finance it all. "No thanks" I said. I get calls and emails insisting that I take the loan. I finally had to email them and copy the Federal Trade Commission before they stopped.
Then I get this letter in the mail saying I did not qualify for the loan and they have reported me to all three credit reporting agencies. Telling them my credit is bad and the house did not appraise high enough and much more. If this sounds like a unscrupulous company, well again mama said, "If it walks like a duck, quacks like a duck, it is absolutely a DUCK!"
I can truthfully tell you that I would not trust this company or its people as far as I can toss them. I also believe it is due to business practices like these that have the country in the mortgage mess it is in. I do not recommend DiTech.com to ANYONE! Keep looking and do your homework and do not settle for just a mortgage. I feel sure there are honest mortgage companies out there. So, if you know of any please feel free to write me.