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Mortgage

Ditech sees strong future in correspondent lending

Recently exited distributed retail lending

Ditech Financial announced it is expanding its correspondent lending division services to a larger number of correspondent clients by focusing on non-delegated lending thanks to strong growth in the space over the last 18 months.

This heightened focus on the correspondent lending space comes after a recent announcement from the company that it is exiting the distributed retail lending channel starting Jan. 8 due to changes in the market.

"Throughout 2015 we moderated our investment in the distributed retail channel given current and expected market conditions, as well as recent regulatory considerations, and subsequently made the decision to exit the channel,” said Denmar Dixon, Walter Investment's vice chairman, CEO and president, at the time of the announcement.

To support the increased growth, Ditech hired two veterans in the non-delegated space to develop its market share across the country.

John Dubisky joins the company as sales director for the eastern region of the U.S., while, Marcy MacDonnell joins as sales director for the western region of the U.S.

When Ditech relaunched back into the industry in March 2014, it faced an unusual legacy of having to shake off the over-the-top "Lost another loan to ditech," ad campaign.

However, the company said that the housing crash did little to impact the brand legacy and unveiled a new plan to redefine the firm.

The new Ditech was formed from the assets of GMACRescap estate, purchased by Walter Investment/Greentree Originations in November 2012. 

Despite exiting the retail channel, lender has made moves in other areas of the industry. In May of last year, the lender announced it expanded its consumer direct channel into the Jacksonville, Florida, area.  

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