Ditech.com AKA GMAC Mortgage ripoff stalls loan paperwork until rate locks expire and stonewalls questions, turned into a 5 month ordeal! Costa Mesa California
What should have been a speedy refi has turned into a 5 month ordeal! Ditech.com, through inefficiency, ineptitude, and unsurpassed poor communication has cost me thousands of dollars. Consumers beware! Do not do business with ditech.com! They spend all their money on advertising and hire amateurs to complete the transaction. After they took my $500 rate-lock, the processing department left the paperwork in limbo until the rate-lock expired. A second rate lock is within a few days of expiring and still no loan after months of faxing, phoning, and emailing.
Thomas
*******
U.S.A.
3 Updates & Rebuttals
Bob
Huntington Beach,California,
U.S.A.
John in Redding, CA try to use accurate information
#4UPDATE Employee
Sun, January 25, 2004
Please try to use accurate information regarding a real job. If an individuals loan took 5 months it's because his credit history is very derogatory, or he has liens or judgements on his title report of the property. We don't get up and put on suits and run down to the company. We crawl out of bed at 3:00 AM, put on our Levis & T-Shits, get in our $80,000 cars, drive to work, and work till 8:00 or 9:00 PM, then go home & park our cars in the garage of our $900,000 homes. It's extremely hard work making $250,000 per year. Perhaps you should find a real job and you wouldn't be so bitter.
John
Redding,California,
U.S.A.
all this great information you give
#4Consumer Comment
Fri, January 23, 2004
dennis in newport, But with all this great information you give, you still dress up in your suit and run down to this scumbag company and work there in the effort to screw more people...get a real job.
Dennis
Newpoert Beach,California,
U.S.A.
Yes Thomas, what you say is very true !!
#4UPDATE Employee
Wed, November 19, 2003
Sorry to say Thomas, but what you're saying is all true. I am currently a loan agent at Ditech.com. Until the interest rates spiked up in August we were specifically instructed to ignore all loans in process and our number 1 priority was to take more calls and sell more loans, even though we knew the capacity of the company was grossly overloaded. We were working 14-16 hour days trying to keep up.
At times when individual loan agents logged out of the inbound call system to catch up on paperwork or return voice mails, upper management would e-mail us, announce over PA system to log on and take more calls. It got so bad, even the highest ranking oficial on site, Mike McCarthy, Senior VP would personally call the loan agents and tell them to log on. Selling new loans was priority 1, sending out the paperwork was priority 2, and if you had time, returning voice mails was priority 3. Those were our instructions from the highest level of management. When rate locks expired it didn't matter because rates were still low. The problem when rates spiked up, all of the rate locks were not honored. In fact, they not only didn't honor all the rate locks, they didn't pay the loan agents for all the loans they sold.
The smart customers had their attorney's call or filed lawsuits. The employees filed a class action lawsuit for non payment of commissions earned but not paid, and for non payment of overtime hours worked. This is a matter of public record.
The lawsuit was filed 09/19/03 in the Superior Court of California in the County of Orange. Case # 03CC00423. Ditech.com / GMAC Mortgage is all about greed. They don't care about you, and they don't care about me. So please don't blame the employees, we were only following instructions from the highest levels of management. Like the former employee stated in a previous article, we are not robots.