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Ditech to Continue Advertising

GMAC issues statement on commitment to unit

Feb. 8, 2010 (updated 11:01 a.m.)

By MortgageDaily.com staff


Ditech has robust advertising plans despite news that it has stopped advertising. But the online lender has changed its operating model.

Last week, GMAC Financial Services said it would eliminate 269 Costa Mesa, Calif., positions with Ditech. Work performed at the operation is being re-directed to Fort Washington, Pa.

The layoffs were part of cost-cutting measures, and GMAC noted that it would continue to lend under the Ditech brand.

Then, on Friday, the New York Post reported that Ditech had not advertised for almost two months.

"I have been there for over 10 years, and I have never seen this before," an unnamed Ditech employee was quoted as saying.

But today, the financial services giant issued a new statement re-affirming its commitment to the Ditech business -- apparently in response to the Post story.

"The Ditech operation was not performing up to expectation in its previous configuration; therefore, the company took steps to leverage the capability and capacity in its Fort Washington mortgage facility to improve the performance of this business," today's statement said. "GMAC is committed to the Ditech brand, and its lending activities and service to its customers continue uninterrupted."

GMAC said it plans "a dynamic mix of marketing and advertising" for Ditech including direct marketing, digital advertising and television commercials.

The outlook for sister company Residential Capital LLC remains unclear.

A spokeswoman said in a statement to MortgageDaily.com that GMAC's position on further support for ResCap in unchanged and that it previously "said that a bankruptcy filing for ResCap is very unlikely, and that it continues to explore strategic alternatives for ResCap."

She noted that the ResCap unit is not a consumer-facing brand. But it is a GMAC subsidiary out of which operate Ditech's retail lending business, GMAC Mortgage's direct origination unit and GMAC Mortgage's servicing
operation -- which handles all mortgage servicing.

Correspondent lending and warehouse lending, however, are operated out of Ally Bank.

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