Ditech.com - Stay away from these guys!!!
Mar 29 '01 (Updated Feb 06 '05)
The Bottom Line As for Ditech.com, their customer service and promptness is very lacking. Try checking out other online lenders such as www.lendingtree.com.
We were looking to get a 2nd mortgage on our house, and since we saw a ton of commercials on Ditech.com, we decided to check it out. Everything looked good and professional as we entered our information online, but as you know looks can be deceiving. We went for a "Fixed Rate Home Equity Loan" and hoped for the best.
THE PROCESS
1st: A Ditech.com representative gives you a call within a day or so of submitting your information online. They'll verify the information that you submitted and get started on your loan application.
2nd: Then they either let you access your loan documents online, or they'll overnight the documents to you.
3rd: You'll have to sign the loan documents and include any other information as necessary (bank statements, previous W-2's, and etc.) You then will need to overnight this information back to Ditech.com.
4th: Then Ditech.com will have a notary come to you to have you sign an additional set of loan documents, and since we were going for a 2nd mortgage, they had an appraiser come to our home as well to check on the value of our house.
5th: Then a Ditech.com loan processor will process your loan and make sure that they have everything necessary for underwriting to approve and fund our loan.
6th: Then if all goes well, they approve and fund your loan, and in our case, they issued payoff checks to several of our creditors with any additional funds left over as a check made out to us.
WHAT HAPPENED?
Well, everything was going well until steps 4, 5, and 6 (from the above)......
- For one, we were told that there would be no cost for our appraisal, but it was included into our loan fees anyway.
- Also, the loan processor definitely had her good and bad days as there were sometimes when she would be great to talk to on the phone and then there were other days that she was actually a little rude.
- Next, on several occasions they wanted information that either (a) we previously submitted online, (b) we informed them over the phone, (c) we previously faxed or overnighted to them, or (d) they had lost (but was later found).
- Then, we were told that we were approved for our loan, then we weren't approved, and then we were again. Now, who wants that?
- As for funding our loan and sending out our payoff checks, the underwriter issued the checks without any consideration to our preferences, and several were overpaid. One, for example, was made out for our car loan which was paid about $1,000 over. They had our car loan payoff statement, but it appears that they don't look at all of the documents in our file. We had to overnight the payoff check back to them and wait for another check to be reissued and overnighted to us.
*Note: We were supposed to have that new payoff check for the car loan on Monday, but as of Thursday we still haven't received it with no calls from them to inform us about the status of the check.
UPDATE (02/06/05)
A couple of years ago we tried to refinance our 1st mortgage. We were pretty close to getting everything done until we had to have Ditech.com subordinate their loan in order to insure that Ditech.com would stay on as a 2nd mortgage and not be pushed into the 1st position. We had to submit a written request to their "Subordination Department" and after repeated phone calls by us and faxes from our mortgage broker, there was still no reply. We wound up not being able to refinance our loan afterall due to Ditech.com's inactivity.
Luckily, about a year later we were in a better credit situation to be able to refinance our home for both the 1st and 2nd mortgages and finally get rid of Ditech.com.
OVERALL
There are a lot better options that using Ditech.com to refinance your home. I would highly suggest that anyone look into other sources of funding such as with Lending Tree at www.lendingtree.com.
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Epinions.com ID:
GOkinaka
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Member: George Okinaka
Location: Las Vegas, NV (USA)
Reviews written: 130
Trusted by: 197 members
About Me:
George is a native Las Vegan in commercial real estate who loves to travel.
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