Ditech.com Launches $49 Flat Fee for Home Equity Loans

Share Name	Share Symbol	Market	Type
Generali	AQEU:GM	Aquis Europe	Ordinary Share

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	-0.09	-0.38%	23.39	23.40	23.41	23.435	23.07	23.31	202,898	16:50:18

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Ditech.com Launches $49 Flat Fee for Home Equity Loans - First of its Kind - COSTA MESA, Calif., Feb. 1 /PRNewswire/ -- Ditech.com, a direct mortgage lender, today announced the $49 Flat Fee home equity loan. Ditech.com, a leader of flat fee closing cost packages for home purchases and refinancing, is the first mortgage lender to extend the concept to home equity loans with the $49 Flat Fee. The $49 Flat Fee home equity loan allows consumers to quickly and easily borrow up to 100% of the equity they have built in their homes. "The tremendous success of our $395 Flat Fee mortgage product for refinancing and home purchase has proved that there is a strong appetite for guaranteed closing cost products. That's why we've extended the Flat Fee concept to home equity loans with our $49 Flat Fee, allowing the consumer to have greater certainty at the closing table while leveraging the equity in their homes that they have worked so hard to build," said Mike McCarthy, general manager, ditech.com. "As consumers are increasingly looking to access the equity in their homes, ditech.com has made the process simple and affordable, allowing homeowner's to access capital for any needs they may have." The $49 Flat Fee product allows borrowers to come to the closing table prepared, knowing the closing cost on their loan in advance. The average closing costs for other ditech.com home equity loans is approximately $444.81. According to Bankrate.com, home equity loan originations climbed 35% in 2004 to $431.3 billion. Ditech.com's product is designed to meet this growing demand amongst homeowners for a simpler way to leverage their home equity. Common uses of home equity include consolidating debt, funding education, and making home improvements, all at a lower interest rate than is available with credit cards or other unsecured debt. The $49 Flat Fee home equity product applies to home equity loans and owner-occupied single family residential properties. The $49 charge is assessed to cover the cost of the title search. The borrower is responsible for mortgage tax, appraisal fees that exceed $300, new loan interest costs, outstanding property liens, property taxes, property insurance, association fees, seller fees if any, optional owner's title insurance, and certifications. Homeowners interested in taking advantage of the $49 Flat Fee home equity product can visit http://www.ditech.com/ or call 1-800-873-7891. About Ditech.com Founded in 1995, ditech.com is a direct mortgage lender and a business unit of GMAC Mortgage. The company has grown into a full service corporation that provides home loans with competitive rates and the highest level of customer care to consumers nationwide. Headquartered in Costa Mesa, California, ditech.com is part of the General Motors family, offering the strength and stability that comes from one of the world's largest corporations. DATASOURCE: GMAC Mortgage CONTACT: Greg Jawski of Financial Dynamics, +1-212-850-5653, Web site: http://media.gm.com/ http://www.gm.com/ http://www.ditech.com/

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