Products expand buying power of customers
FORT WASHINGTON, PA – October 15, 2015 – Ditech Financial LLC (“Ditech”) today unveiled the new Closed End Home Equity product, available for the correspondent banking community. Ditech is one of the first non-banks to offer this product once only offered by banks.
The Closed End Home Equity product is best paired with a new first mortgage with Ditech. Together, the pairing allows borrowers – especially first time homebuyers who may not have a traditional 20 percent down payment – to avoid mortgage insurance premiums by keeping mortgage balances at or below conforming loan limits, and offering possible tax deductions and benefits.
“Ditech realizes that no two home buying experiences are alike, and therefore strives to tailor our options to the individual customer,” said John Davis, Senior Vice President, National Sales Manager for Correspondent Lending at Ditech. “This Home Equity product offers an excellent added layer to those options, rounding out a broad range of solutions with a first-rate delivery platform.”
Some features of this product include:
• Purchase money piggyback or credit only piggyback
• Single disbursements
• Loan amount in $100 increments
• Closed end, fixed rate and fully amortizing
• 10, 15 or 20 year terms
• Loan amounts as low as $20,000
• FICO as low as 680 permitted
• Debt ratio up to 43 percent allowed
Ditech is a trusted partner to financial institutions, providing mortgage and refinance loans to its customers. By removing many overlays, the company has made its products and services more competitive than ever, with a proven delivery platform. Additional features for the correspondent banking community include:
• The ability to price, lock and deliver individual loans through the Ditech website, including daily distribution of loan pricing with multiple lock windows;
• A full suite of production and pipeline reports, updated daily to include purchase advice, suspense reports, post-funding reports, underwriting reports and e-Billing;
• Free closing docs and compliance checks;
• 24/7 access to automated underwriting, with no submission costs and availability for all conforming products;
• Comprehensive staff training resources, including continuing education, live webinars, self-paced courses and personalized training;
• A wide range of delivery options, including rate sheet forwards, live trades, AOT and a variety of additional delivery methods.
For more information on ditech’s Closed End Home Equity product or others in the correspondent lending suite, please call 877-700-4622 or visit https://correspondent.ditech.com.
Ditech Financial LLC (“Ditech”) makes financially sound homeownership possible for millions of customers. Ditech is a well-known lender and servicer of residential mortgages. With over 5,000 employees in locations across the U.S., the company provides residential mortgage products through a team of home loan specialists who are easily accessible by phone (1-800-700-9212), online, and in-person.
Additionally, Ditech’s Correspondent Lending Division partners with 600+ financial institutions nationwide, providing capital market expertise. Ditech is the 5th largest non-bank mortgage originator and the 7th largest servicer, most recently receiving a 5-star designation under Fannie Mae’s Servicer Total Achievement and Rewards Program. Ditech is owned by Walter Investment Management Corp. (NYSE: “WAC”), a leading diversified mortgage banking firm. For more information, please visit www.ditech.com.