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I just lost another loan to ditech, oh wait is ditech still around? barely!

I am sure you already heard, its going thru the financial networks and the blogging world faster than I can keep up with it. I just heard about this from a colleague of mine. GMAC Financial just announced they are laying off 5,000 employees. Here is a post from AR who broke the story on our network: GMAC Mortgage now gone as well.

You see this hits home with me because I spent 2 wonderful years at GMAC Mortgage Retail as a loan originator until the writing on the wall told me it was time to leave dodge. I am glad I made the switch to Cherry Creek Mortgage. A company who has a proven track record of growing its mortgage business in down markets. I feel like I dodged a bullet!

With less competition out there, this can only be good for my business. Maybe it was the business model GMAC thought to preserve or maybe it was the acquisition by an investment company who knows nothing about mortgage banking? Whatever it was, I can tell you that this is big news.

Love those old ditech commercials, but even they might not suvive this mortgage meltdown before it's over.

Posted by Gary Miljour - Mortgage Lending for Tempe Arizona on 09/03/2008 02:10 PM

Comments (17)

mortgage news, tempe mortgage lender, gmac layoffs

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17 Comments on I just lost another loan to ditech, oh wait is ditech still around? barely!

SEP

2008

Hahahaha yeah and GMAC is a division of GMC the car company and there not doing so good either. Hahahahaa. GMC's slogan should be "lost another one to Toyota"

Gary - Yup, gotta love the old ditech commercials. I can't tell you the number of times I 'competed' against them in the heyday. And onward we proceed...

Sounds like you made a great change. Best of luck!

I think we all love those Ditech commercials. What is the rate there advertising now -2%! lol

Are they also a part of GMAC realty in Florida?

Justin- I heard that as well. I am wondering what General Motors will do if GMAC Financial completely fails? Who will finance all those employee pricing vehicles? Thanks for the post.

Jason- This song goes out to you. The Warrior Thanks for the post

Tim- Got out of just in time.

Darin- They do own that branch, I would not be surprised if they sell that and concentrate on their core business which at one time was just GM Car Financing.

Gary, I had a feeling something was up with GMAC Financial. About 4 weeks ago a buyer client put in an offer on one of their bank owned homes (through their Homecomings Financial division I was told) and it sat and sat and sat...now we've been informed that it's been turned over to another asset manager. Quite a shakeup from what I understand.

Kris- I forgot you work the MI market, GM and GMAC are big there. A huge shakeup. Thanks for comment.

SEP

2008

Wasn't Ditech the one that advertise loans up to 125% of the value of your home? Think of the implications of that!

Ditech is awesome for me. Every client that says they received an internet quote...we walk through the Ditech site together and Walla...I have the deal.

OCT

2008

Gary... I actually never lost a loan to Ditech... just a few other different companies because of piss poor good faith estimates. But if you would have a borrower that would listen to you, it would be easy to sell against Ditech... if that borrower would at least take the time to listen. Hey, times are changing and I love it... except for now, because it is just very slow out there. Not because I am losing deals... just because the media is making it terrible out there for us... being very negative and telling the masses that there is no more money to lend, which you and I know is total BS.

jeff belonger

OCT

2008

Jeff-

The Media has made it tough. I cannot believe how many people are so politically charged this year. The false information is rampant. I think once the election is over in 3 weeks, things will calm down. Luckily I have enough loans closing for the rest of the year to keep things afloat. Hang in there, you are one of the good ones. I am working hard right now on my marketing and sales efforts.