DiTech Posts Record Volume for 1998; Mortgage Company Offers Consumer-Friendly Loan Policies

Business Wire, March 8, 1999

IRVINE, Calif.--(BUSINESS WIRE)--March 8, 1999--DiTech Funding Corp. Monday 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 loan volume of $543 million and is charging ahead in 1999 with $489 million in loans in January 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, 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, 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 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.

"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.