DiTech.com & GMAC - trouble closing refinance and equity line application

Posted on Wednesday, February 20th, 2002 at 12:00am CST by cb97e8a9

Company: DiTech.com & GMAC - trouble closing refinance and equity line application

Category: Other

# 3 for February 20, 2002

Complaints.com received the following e-message on February 19, 2002:

From: Alice Andrews [COMPLAINTS.COM_FORM_MAIL_21180#]

DiTech.com & GMAC - trouble closing refinance and equity line application We initiated a refinance and equity line application back in October with our current lender, GMAC. The initial phonecon was extremely helpful, courteous and knowledgeable. However, the "processing" was then handed off to a GMAC subsidiary/partner?, Ditech.com.

Working with them has been an escalating nightmare - here it is mid-February and the deal has not yet been signed and no closing appt set.

Sometime after the processing went to Ditech (November) we learned we would need an appraisal even though the initial contact said it wouldn't be necessary. My husband was home for the appraiser’s visit. (I later got a call from a second appraiser trying to make an appt., which we agreed must have been a double-booking on Ditech's part since we had just had one.

Presumably, this second one was cancelled.) We got the appraisal results by phone from the Ditech processor - I noted this information with glee ($248k) since we needed that amount for a 90% equity line for a remodeling project we planned. Then we waited 5-6 weeks for the title search - they said it takes extremely long in Maryland??? Finally in Dec they called to arrange a closing but the rates were high - I had failed to lock in a low rate earlier.

My processor & I agreed to wait to see if the rates went down. She said she would keep tack of them and alert me if they went down - but she couldn't promise they would not go up. They did continue to go up through December but finally touched back below 6.5 in Jan. We called them back Jan 12th or so and we were given a lock at .06135 and they even fedexed us some papers - although these did not have the right info and it was unclear what we were to do with this package. We did give them $500 to lock the rate via a credit card. But several frustrating phone transactions later (Ditech has a horrible phone menu system and their processors don't return phone calls) we learned that we were in the throes of a completely new application process - they had closed our previous case and "the documentation (title)" had lapsed and whatever paper there was had been shipped off to the achives!

Oh, and they never even had an appraisal - the December "closing" was going to be based on an year’s earlier appraisal of $220k or maybe on a computer-generated appraisal which the first contact had told me was $250k. The note in their computer system was that WE had cancelled the original appraisal back in November - I believe this was the double-booking event cancellation. They have no record of logging a $248 appraisal (so where did I get that number????) I tried the fuming consumer routine - because both my husband and I were fuming consumers - but they just didn't get it - continued to tell us "this is what my computer tells me." And even though I insisted on talking to a supervisor - I just got passed off from inept Iman to cheery Sherry who "understands I am angry but won’t be talked to like that and she just wants to move us forward!" this said with a very large implication that her computer is right and we are just making everything else up.

2 weeks ago, in the interest of moving on, we had another appraisal- I was at home for this visit. The appraiser said they didn't even want an appraisal - just a shortened process of saying the house is in decent repair. This they received last Monday. But - ooops - per Sherry he submitted a form 205 and they needed form 207. (And would anyone believe this was NOT because Ditech had given him the wrong information???) This would be in any minute now then they would arrange the closing.

Alas, here we sit - no word for almost another week. I notice Ditech.com advertises equity lines in cheesy late night ads. What have we gotten ourselves into? Perhaps Ditech is a wild and flailing GMAC partnership which should be scrutinized ala Enron and its partners????


2 Comments

189388c9, 2009-06-25, 11:26PM CDT

Dietech GMAC. is horrable, they tell you no problem when you apply, then string you along, they do not return phone calls, one department does not know what the other is doing they cost my daughter to loose her deal on a house telling her evrything was in processing for 6 months.

they should loose their mortgage license.

5471dc16, 2010-02-07, 11:47AM CST

Who in their right mind would not sign for a 90%, 2nd TD at that rate in this market?????? And I', willing to guess that at no time did you spend a dime, and I am also willing to guess that there were no costs at closing, and I am also willing to guess that their offer is now void. Way to go!

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