DiTech Posts Record Volume for 1998; Mortgage Company Offers Consumer-Friendly Loan Policies.IRVINE Irvine, town, Scotland Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. , Calif.--(BUSINESS WIRE)--March 8, 1999--DiTech Funding Corp. Monday Monday: see week. announced it generated a record $3.8 billion in new loans in 1998, a 216 percent increase over the 1997 figure of $1.2 billion. The Irvine-based mortgage lender topped off the year with a December December: see month. loan volume of $543 million and is charging ahead in 1999 with $489 million in loans in January January: see month. and $523 million in February. This record loan volume is attributed to many factors, including the recent peak in home-buying and home-loan refinancing Refinancing An extension and/or increase in amount of existing debt. , historically low interest rates and DiTech's simplified loan process that removes obstacles between the borrower and the lender. "Consumers are taking advantage of market conditions and the benefits that DiTech can provide," said J. Paul Reddam John Paul Reddam B.A. M.A. Ph.D. (born July 28, 1955 in Windsor, Ontario, Canada) is a former professor of philosophy at California State University, Los Angeles and a businessman and Thoroughbred racehorse owner. Known by his middle name, J. , DiTech chief executive officer. "More consumers are turning to DiTech because they realize the benefits of dealing directly with the lender." DiTech works directly with borrowers to provide loans at competitive interest rates while eliminating additional costs associated with brokers and other middlemen. The company has developed a broad range of innovative loan products that benefit the consumer, including the "One Fee" program which is available to all first mortgage customers and wraps together all lender, title and escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. fees for the borrower. The fee is guaranteed and does not change at the end of the loan process. DiTech is able to offer this guaranteed fee feature because of efficiencies gained on the volume of loans it originates and its lower-than-industry-average overhead costs overhead costs see fixed costs. . "We want to take the surprise out of mortgage borrowing by offering competitive rates and guaranteeing our `One Fee' program. The record number of loans originated in 1998 stands as proof to DiTech's efficiency and ability to meet consumer demand," Reddam said. "DiTech looks forward to another record-breaking year in 1999." DiTech Funding, with headquarters in Irvine and founded in 1995, is a specialty finance company engaged in the business of marketing, directly originating, selling and servicing mortgage loans. Marketing directly to consumers, and leveraging efficiencies provided by its internal technological capabilities, DiTech targets high credit quality borrowers by offering loans at competitive interest rates. For more information on DiTech's mortgage loan programs, consumers should call 800/71-FIXED, or visit the company's Web site at www.ditech.com. |
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