First-of-its-kind product provides mortgage or refinance, HELOC and equity
rewards card in one easy step
COSTA MESA, Calif., May 21 /PRNewswire/ -- Ditech, a nationwide
provider of residential mortgage loans and financial services, announced
today the launch of the Real Life Plan(SM), the first product of its kind
to combine a mortgage or refinance with a home equity line of credit
(HELOC) and the Ditech Equity Rewards(SM) MasterCard(R), which helps pay
down the loan principal with use.
With the Real Life Plan, customers receive a mortgage or refinance, a
fixed-rate HELOC at no extra cost and a no-annual-cost Ditech Equity
Rewards MasterCard. The Equity Rewards MasterCard awards customers one
point for every dollar in net retail purchases. Each time the cardholder
accumulates 2,500 points they qualify for a $25 reduction of their
principal.
"People are smart," said Rick Powers, general manager of Ditech. "Our
customers want personal finance solutions that meet their specific
lifestyle needs. With the Real Life Plan they can buy or refinance a home,
use the HELOC to remodel and the Equity Rewards MasterCard to redecorate,
while reducing their principal at the same time. This plan makes all three
home finance tools available simultaneously, meeting a previously
un-addressed need in the market."
In its effort to offer products that meet customer needs, Ditech also
has changed the features of two existing products, the Sleep EZ Loan(SM)
and Equity Builder.
The Sleep EZ Loan enables customers to keep their payments low by
choosing to pay interest only for any or all months during the first 10
years of their loan. This initial period gives customers flexibility, but
the loan also provides the security of a 30-year loan at a fixed rate for
the entire duration and no negative amortization.
Another Ditech option is the Equity Builder program, which can save
customers thousands of dollars in interest and help them pay their
mortgages off sooner without straining their budgets. With Equity Builder's
bi-weekly payment program, customers make the equivalent of one extra
mortgage payment a year, which is applied directly to the loan principal.
For example, on a $250,000, 30-year, fixed-rate mortgage at 6.25
percent interest, a customer would save more than $68,000 in interest and
pay off the loan in just over 24 years.
"People come to Ditech knowing what they want to achieve, so we want to
help them get there as quickly and easily as possible," said Powers. "With
Ditech's online application system, customers receive their loan approval
decision over the phone in minutes. We send a notary to their home to
finish the process, and they can close in 30 days or less."
For more information about Ditech products, please visit
http://www.ditech.com.
About Ditech (http://www.ditech.com)
Founded in 1995, Ditech is a nationwide provider of mortgage loans and
financial services driven by the belief that people are smart -- and that
they should be treated that way with smart products and services. Through
an innovative online system, Ditech offers customers a variety of mortgage
finance solutions, including first mortgages, refinancing, home equity
loans, and equity lines of credit. As a business unit of real estate
finance company GMAC ResCap (Residential Capital, LLC), Ditech provides
customers with the security of working with one of America's largest
residential lenders. Ditech loan consultants are available by phone 24
hours a day, 7 days a week. This commitment to customer service coupled
with world-class online capabilities enables Ditech customers to enjoy a
superior experience and report the highest levels of satisfaction. Ditech
is based in Costa Mesa, Calif.
About GMAC ResCap
Residential Capital, LLC (GMAC ResCap) is a leading real estate finance
company, focused primarily on the residential real estate market in the
United States, Canada, Europe, Latin America, and Australia. Our
diversified businesses -- GMAC-RFC, GMAC Mortgage, LLC, Ditech, GMAC Bank,
GMAC Real Estate, and Homecomings Financial, LLC -- cover the spectrum of
the U.S. residential finance industry, from origination and servicing of
mortgage loans through their securitization in the secondary market. We
also provide capital to other originators of mortgage loans, residential
real estate developers, resort and timeshare developers and healthcare
companies. Residential Capital, LLC (http://www.rescapholdings.com) is an
indirect wholly owned subsidiary of GMAC LLC. Ditech is a licensed mortgage
lender as well as an Equal Housing lender.
GMAC ResCap (http://www.gmacrescap.com) is an indirect wholly owned
subsidiary of GMAC Financial Services. GMAC Financial Services is a global,
diversified financial services company that operates in approximately 40
countries in automotive finance, real estate finance, insurance and
commercial finance businesses. GMAC was established in 1919 and currently
employs about 31,000 people worldwide. At Dec. 31, 2006, GMAC held more
than $287 billion in assets and earned net income for 2006 of $2.1 billion
on net revenue of $18.2 billion. For more information, please go to
http://www.gmacfs.com.
SOURCE Ditech
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Related links:
http://www.ditech.com
http://www.gmacrfc.com http://www.rescapholdings.com
http://www.prnewswire.com/comp/138832.html /
CONTACT:
Brett Weinberg of Ditech, +1-952-857-6859,
Brett.Weinberg@gmacrescap.com; or Rebecca Wagner of Eiler
Communications, +1-734-761-3399, Rebecca@eilerpr.com
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