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David
Joined: 19 May 2004
Posts: 754
Location: Atlanta, GA
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| Posted: Tue Jan 25, 2005 3:54 am Post subject: What's wrong with Ditech? |
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Ditech.com has done a great job with making themselves a recognized name. They claim they can find the lowest rates, and reduce admistrative tasks. There commercials are everywhere.
What would you tell a consumer about Ditech?
(someone who is not an expert in the field) |
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Desert Duck-04
Joined: 22 Jan 2005
Posts: 65
Location: The Desert
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| Posted: Tue Jan 25, 2005 4:18 am Post subject: |
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I would tell my customer to be very careful, also bring some vaseline to the closing. Ditech has been known to "bend people over" without the benefit of a quality lubricant. I have heard that if you ask for a kiss first, they'll grant it to you as your final wish!
Please call back after you've closed so I can say..."I told you so"! |
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David
Joined: 19 May 2004
Posts: 754
Location: Atlanta, GA
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| Posted: Tue Jan 25, 2005 4:47 am Post subject: |
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| So what are some things they tend to do that screw you over? |
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Nikko
Joined: 20 Jan 2005
Posts: 536
Location: Northern CA
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| Posted: Tue Jan 25, 2005 5:04 pm Post subject: . |
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| Well for one, they make it very difficult for me to charge seven points up front. |
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David
Joined: 19 May 2004
Posts: 754
Location: Atlanta, GA
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| Posted: Tue Jan 25, 2005 5:11 pm Post subject: |
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| I'm not an expert like you guys and gals, but I was just trying to get you to help me understand, if I were to explain to someone else, why they should not go with Ditech, from a layman's point of view. |
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Gray Goose
Joined: 25 Jan 2005
Posts: 32
Location: Edmond, OK
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| Posted: Tue Jan 25, 2005 5:16 pm Post subject: Ditech |
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Where do I start? Most everything they advertise is an outright lie or a lie by omission.
The rates they advertise are never available after application.
Their fees advertised, $395, are disingenuous at best, an outright lie at worst. Their advertisement omits the rest of the closing costs.
I've looked a numerous good faith estimates from these very accomplished bait and switch crooks. Rates are 1 to 1.5% higher than advertised. Fees range from $3,500 to $11,000! Does not include pre-paids, of course.
Would love to see the regulators shut them down! |
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David
Joined: 19 May 2004
Posts: 754
Location: Atlanta, GA
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| Posted: Tue Jan 25, 2005 5:28 pm Post subject: |
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Cool, that is the kind of info I was looking for. It is not easy for someone who doesn't know much to figure what makes one company better than another. I think we can all agree the Ditech has been successful in creating a name that people recognize.
I hope that as we develop this forum that we can talk about important issues like this that would benefit the consumer, and at least educate them so they will ask the right questions, and not get tricked. |
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nikko3
Joined: 20 Jan 2005
Posts: 246
Location: acton, ca
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| Posted: Tue Jan 25, 2005 5:31 pm Post subject: |
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| I had a family member do there loan with dietech instead of me... and they were totally pleased with it. I was pissed! |
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Nikko
Joined: 20 Jan 2005
Posts: 536
Location: Northern CA
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| Posted: Tue Jan 25, 2005 5:41 pm Post subject: ! |
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| #3, you and I are like the same person LOL! My sister did the same thing to me. Didn't tell me she was doing it, didn't even ask my advice. I don't think she wanted me to see her financial and credit stuff. Can't really blame her, she's a bit conservative. Sneaky me, I found out what she did with a title check :) |
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BECCA9892003
Joined: 20 Jan 2005
Posts: 400
Location: Altoona, PA
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| Posted: Tue Jan 25, 2005 5:45 pm Post subject: |
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anyone ever work with accredited??????????????...
im not very happy with them right now |
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Nikko
Joined: 20 Jan 2005
Posts: 536
Location: Northern CA
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| Posted: Tue Jan 25, 2005 5:47 pm Post subject: ? |
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| What did they do? |
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BECCA9892003
Joined: 20 Jan 2005
Posts: 400
Location: Altoona, PA
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| Posted: Tue Jan 25, 2005 5:51 pm Post subject: |
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| i had a 275k ready to close for tomorrow...then as of 5 o'clock last might i get an email that figures had changed and all that blah blah...so now if i was to close with them i make a whole..0...and they are short to close by 1800..but yet there fees seem to have increased...i dont do business like that...i was talking to like 3 different people through the process....i don't like my customers being jacked like that..so now full package in hands of another lender and i am calling in a major favor to put it through asap.... |
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Sfr
Joined: 11 Feb 2005
Posts: 3
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| Posted: Fri Feb 11, 2005 5:24 pm Post subject: |
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Ditech used to be the "no points" loan people, but their rates were so high and their closing cost 10 k but no points.
The people at Coldwell Banker proved that if they say they will beat anyone else's deal or pay $500 they can about charge what they want.
I really went head to head with them when I beat them soundly on a loan and insisted they pay the $500 about 4 years ago. They can offer it because the never will pay it anyway.
They used to be a DRE lender here in CA but the DRE cancelled their license so they went to the Dept of Corp for licensing. |
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AMP LOAN
Joined: 10 Feb 2005
Posts: 21
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| Posted: Fri Feb 11, 2005 5:27 pm Post subject: |
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they did the same to me twice....that was the last time i did business with them. encore can do some offsheet pricing but i don't know your deal specifics...
BECCA9892003 wrote: anyone ever work with accredited??????????????...
im not very happy with them right now |
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Haplo
Joined: 20 Jan 2005
Posts: 2422
Location: Springfield, IL
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| Posted: Fri Feb 11, 2005 5:50 pm Post subject: |
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| I had the same experience with Encore as you are describing with this company... |
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