2014-131
Rescissions & Disbursements for Christmas Holiday 2014 and New Year's Day 2015

Overview

Ditech Mortgage Corp "ditech" approved clients, please take notice that Christmas Day 2014 and New Year's Day 2015 are federal holidays. As a result, ditech will be closed for business on these days. Have a safe and wonderful Holiday Season!

Wednesday, December 24, 2014

Ditech Mortgage Corp will close at 12:00 PM ET.

Thursday, December 25, 2014

It is important to remember the following:

• Thursday, December 25, 2014, cannot be included in the rescission period for rescindable loans.
• See “Wire Desk" below for important information regarding the ditech Wire Desk on Thursday, December 25, 2014.

Accordingly, the following rescission dates will apply for loans closed on:

REMINDER – Impact on TILA MDIA Requirements

Thursday, December 25, 2014, is a federal holiday; therefore this date cannot be included in counting the seven business day waiting period from when the initial TIL was provided to consummation. When re-disclosure of the TIL is required, this date also cannot be included in counting the three business day period from when a revised TIL was provided to a borrower to consummation.

Wire Desk

Since banks will not operate on Christmas, the ditech Wire Desk will be unable to process wires on Thursday, December 25, 2014.

The Wire Desk will resume normal functions and hours on Friday, December 26, 2014.

Friday, December 26, 2014

ditech Operations, the Commitment and NT Desks, Wire Desk, Client Services and Underwriting will not have extended hours and will close at 5:00 PM ET.

Wednesday, December 31, 2014

ditech Operations, the Commitment and NT Desks, Wire Desk, Client Services and Underwriting will not have extended hours and will close at 5:00 PM ET.

Thursday, January 1, 2015

It is important to remember the following:

• Thursday, January 1, 2015, cannot be included in the rescission period for rescindable loans.
• See “Wire Desk" below for important information regarding the ditech Wire Desk on Thursday, January 1, 2015.

Accordingly, the following rescission dates will apply for loans closed on:

REMINDER – Impact on TILA MDIA Requirements

Thursday, January 1, 2015, is a federal holiday; therefore this date cannot be included in counting the seven business day waiting period from when the initial TIL was provided to consummation. When re-disclosure of the TIL is required, this date also cannot be included in counting the three business day period from when a revised TIL was provided to a borrower to consummation.

Wire Desk

Since banks will not operate on New Year's Day, the ditech Wire Desk will be unable to process wires on Thursday, January 1, 2015.

The Wire Desk will resume normal functions and hours on Friday, January 2, 2015.

Friday, January 2, 2015

ditech Operations, the Commitment and NT Desks, Wire Desk, Client Services and Underwriting will not have extended hours and will close at 5:00 PM ET.

Disclaimer

This information is being provided in order to outline ditech’s requirements and is not to be considered legal advice. Clients should consult with their management and legal resources in order to ensure compliance to applicable state and federal law.

Questions

If you have any questions regarding any information in this announcement, please feel free to contact your sales director or client services.

%%Sales Director%%
Sales Director l Correspondent Funding
%%Sales Director Phone%%
%%Sales Director Email%%

Client Services – 877-700-4622
Registration Desk – 866-396-4622
NT Desk – 866-495-4622

Our web site address is:
correspondent.ditech.com

Visit our training site at:
correspondent-ditech.webex.com

Release Date 12/08/14

© 2014 Ditech Mortgage Corp, All rights reserved. ditech is a registered service mark. Information subject to change without notice. These guidelines may be amended or terminated at any time. Terms and conditions apply. Ditech Mortgage Corp, 1100 Virginia Drive, Suite 100, Fort Washington, PA 19034, 877-700-4622. NMLS Unique Identifier # 98161.