services mortgage servicing founded 1995 headquarters originations fort washington pennsylvania servicing saint paul minnesota u.s. area served north america key people david schneider chief operating officer george awad chairman of the board patti cook president originations tom franco president servicing products fixed rate mortgages adjustable rate mortgages jumbo loans fha loans harp loans va loans number of employees 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. 1 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 . 2 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 . 3 contents 1 history 2 purchase by walter investment 3 corporate re brand 4 lending 4.1 products 4.2 institutional partner strategy 5 advertising 6 in popular culture 7 references 8 external links history edit in 1995 john paul reddam founded ditech funding corporation ditech in costa mesa california . 4 the company s name was derived from the phrase direct technology . 4 5 ditech became one of the first lenders to offer mortgages to the public online and via a toll free number . 4 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 . 4 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 . 3 4 ditech became a household name as a result of the commercials . 4 in 1999 ditech was acquired by gmac inc. a financing division of general motors corporation . 6 gmac mortgage renamed ditech ditech.com . 4 reddam left the company in 2000 . 4 in 2005 ditech was organized as a business unit of residential capital llc often referred to as rescap which controlled mortgage related subsidiaries owned by general motors corporation . 4 7 ditech pioneered 125 percent loans that allowed mortgage loan applicants to borrow more than properties were worth . 6 8 the loans were also low documentation mortgages or stated income loans and many borrowers falsified their incomes . in 2006 ditech.com general manager michael mccarthy resigned and was replaced by richard d. powers . 4 powers introduced people are smart an advertising campaign that leveraged gmac s reputation as a responsible lender and stressed the importance of making prudent decisions based on expert advice provided by ditch.com loan consultants . 9 10 in february 2010 gmac relocated ditech.com offices from costa mesa to fort washington pa . 11 in may 2010 gmac adopted ally financial inc. as its new name . 12 in 2012 during the mortgage crisis ally took its residential lending unit into bankruptcy in order to pay back the u.s. treasury following its acceptance of bailout funds . 13 in november 2012 ditech was formed from assets of ally s gmacrescap estate during the bankruptcy proceeding . 7 purchase by walter investment edit in march 2013 ditech was acquired by walter investment management co. from ally financial the former gmac rescap . 2 following the acquisition ditech used the name of walter s green tree servicing subsidiary to originate loans for regulatory and licensing reasons . 2 dt holdings ditech s parent company is a subsidiary of walter investment management . 14 in march 2014 the company resumed originating loans using the ditech name . 2 the brand had effectively disappeared from the marketplace for five years during the mortgage crisis and the company decided to bring ditech name back after determining that consumers held largely positive views of the brand . 2 in may 2014 ditech announced its re entry to the u.s. housing market . 1 corporate re brand edit in march 2015 ditech along with walter investment affiliate green tree servicing announced the two would undergo a co branding effort to become ditech financial a walter company bringing walter s origination and servicing entities together under one recognizable brand name . the transition concluded in the second half of 2015 . 15 lending edit products edit ditech offers a range of home loan and refinance options . home loan options include fixed rate adjustable rate jumbo and fha loans . 16 refinancing options include fixed rate adjustable rate jumbo and fha loans as well as special financing programs such as harp with expanded loan to value limits for qualified applicants . 7 17 the company will no longer provide nonprime mortgages . 2 institutional partner strategy edit in may 2014 ditech launched a co branding and joint venture initiative with more than 600 institutional partners that provide mortgage and refinance loans to their customers . 7 the strategy encompasses direct consumer lending and correspondent lending . 7 institutional partners can price lock and deliver individual loans through the ditech website . 18 also in may 2014 ditech announced new correspondent banking products and services including mycommunitymortgage fha program expanded lmpi and freddie only . 18 in june 2014 ditech s correspondent lending division began focusing on services for community banks and credit unions offering their customers access to ditech s technology underwriting processing servicing and marketing expertise . 19 advertising edit ditech is well known for television commercials that aired during the 2000s . they featured a nefarious loan officer played by actor ron michaelson repeating the catchphrase lost another loan to ditech written by writer producer and director ken roberts who created the ditech television and radio commercials from 1995 to 2007 . 3 20 in may 2007 the company introduced a new marketing campaign adding the tagline people are smart and including the signature line home financing by gmac to further help distinguish the ditech brand from direct to consumer lenders of questionable repute . ditech had immensely high unaided brand awareness and customer satisfaction but many people mistakenly thought ditech was a subprime lender . 21 on september 11 2001 in the u.s. a ditech commercial was airing on cnn when it was interrupted for an announcement that a plane had struck one of the twin towers of the world trade center in new york city . this would begin cnn s ongoing live footage of the september 11 attacks . 22 in popular culture edit saturday night live parodied the popularity and ubiquity of ditech s earlier advertising tag . a sketch featuring an impression of former u.s. president george w. bush stated you know we re roughly 7 billion in debt . uh but don t worry i ve got a plan . i ve decided to consolidate all of our debt with one of those debt consolidation companies . that s right . we re gon na go with ditech . like me you ve probably seen their commercials late at night on espn2 . you know the ones with the guy who says lost another loan to ditech it s a funny commercial saturday night live 23 references edit a b ditech . facebook . retrieved 25 september 2014 . a b c d e f finkelstein brad . why ditech brought back a precrisis mortgage brand . national mortgage news . retrieved 25 september 2014 . a b c ditech loans 2004 . youtube.com . retrieved 25 september 2014 . a b c d e f g h i j gale directory of company histories ditech.com . answers.com . retrieved 25 september 2014 . ditech mortgage company ditech lending a b strickland daryl . gmac mortgage will acquire ditech funding . los angeles times . retrieved 25 september 2014 . a b c d e garrison trey . ditech returning to the mortgage market in a big way . hw magazine . retrieved 25 september 2014 . norris floyd 2008 05 09 . a little pity please for lenders . the new york times . retrieved 2008 05 09 . solman gregory . ditech s smart new direction . adweek . retrieved 25 september 2014 . ditech people are smart . vimeo . retrieved 25 september 2014 . blumenthal jeff . gmac moving ditech operations to fort washington . philadelphia business journal . retrieved 25 september 2014 . campbell dakin . gmac posts profit will change name to ally financial . bloomberg . retrieved 25 september 2014 . swanson jann . deal cut to sell rescap out of bankruptcy filed today . mortgage news daily . retrieved 25 september 2014 . walter investment management corp . google finance . retrieved 25 september 2014 . lane ben . say goodbye to green tree ; company merging with ditech . housingwire.com . retrieved 28 april 2016 . buy a home . ditech . retrieved 25 september 2014 . refinance a home . ditech . retrieved 25 september 2014 . a b lane ben . here s exactly how ditech is coming back into the market . hw magazine . retrieved 25 september 2014 . swanson brena . the ditech key to correspondent lending . hw magazine . retrieved 25 september 2014 . 35th annual telly awards . the telly awards . retrieved 25 september 2014 . ditech s smart new direction . adweek . 2007 05 23 . retrieved 2008 05 08 . http operationalrisk.blogspot.com 2010 09 remembering 911 teaching children.html snl transcripts natalie portman 03 04 06 a message from the president of the united states 1 external links edit ditech homepage v t e general motors divisions and subsidiaries vehicle brands buick cadillac chevrolet gmc holden holden special vehicles opel opel performance center vauxhall services acdelco gm certified service gm financial onstar geographic general motors canada cami automotive general motors de mexico general motors do brasil general motors egypt general motors india chevrolet sales india private limited general motors south africa general motors japan opel group shareholdings faw gm 50 % gm avtovaz 41.61 % gm korea 96 % chevrolet europe gm vietnam gm uzbekistan 25 % uzdaewooavto 50 % hrl laboratories 50 % saic gm 49 % saic gm wuling 34 % baojun industries m caniques maghr bines 20 % products and technologies platforms transmissions hybrids vehicles engines i3 family 0 sge i4 family 0 sge family 1 mge family ii ecotec v6 high feature gen v v8 gen iv gen v former divisions joint ventures and subsidiaries allison engine company 1929 1995 allison transmission 1929 2007 atlantic aircraft dayton wright company 1919 1923 delco electronics delphi 1994 1999 detroit diesel 1938 1988 directv 1994 2003 electro motive diesel 1930 2004 electronic data systems 1984 1996 euclid trucks 1953 1968 fisher body fleetwood metal body frigidaire 1919 1980 general motors europe 1986 2010 general motors diesel division 1938 1987 general motors diesel 1949 1969 ghandhara industries 1953 1963 gm defense 1950 2003 gmac ally 1919 2013 gmac real estate 1998 2008 gmc heavy trucks hughes aircraft 1985 1997 hughes electronics 1985 1997 hughes network systems 1987 2003 hughesnet direcway direcpc 1996 2003 kettering university national city lines nummi 1984 2009 new venture gear 36 % 1990 2002 nexteer 2009 2010 north american aviation 1933 1948 nuvell financial services 1997 2008 panamsat 1995 2003 remy electric 1918 1994 rochester products division terex united australian automobile industries 1989 1996 winton motor carriage company yellow coach manufacturing company 1925 1943 places renaissance center gm technical center gm proving grounds factories people william c. durant founder