Press Release

DITECH.COM ENHANCES PAPERLESS MORTGAGE EXPERIENCE FOR CUSTOMERS. eWelcome Provides Speed and Convenience to Mortgage Application Process.

Costa Mesa, CA - May 31, 2006 - Mortgage consumers are now another step closer to a completely paperless mortgage experience with new enhancements offered by ditech.com, a leading direct mortgage lender.  With its eWelcome service, mortgage consumers throughout the United States can securely review, verify and approve mortgage documents via the Internet right up to closing – all from the comfort of their home or office.   These enhancements move ditech.com consumers closer to a completely paperless mortgage experience.

eWelcome, an eLynx-powered service, adds a new element of speed and convenience to the mortgage application and approval process by allowing customers to receive and review mortgage documents at any time and from any location where they have an Internet connection.  eWelcome speeds the mortgage process for consumers by avoiding the traditional delays of several days incurred in sending documents via mail or delivery service from borrower to lender. 

Through eWelcome, ditech.com customers can opt to eliminate the need to receive paper statements, disclosures and similar documents, and instead receive a personalized email with a secure, password-protected link that allows them to access, download and eSign their application paperwork instantly via the Internet. 

Customers can then utilize eWelcome’s e-delivery service to review and return proof of acceptance of disclosure documents such as the application, Good Faith Estimate and Truth-in-Lending.   Since its inception in April 1, 2005, 56,000 ditech.com customers have opted to use an aspect of the eWelcome service. Based on this response, the company expects that more than half of its mortgage applications will be processed using eWelcome by June 30, 2006.

“We are excited to provide a paperless mortgage experience to our customers,” said Mike McCarthy, general manager, ditech.com.  “Our customers tell us that they value the speed, ease and convenience in the mortgage process, and value certainty at the closing table.  We are proud to lead the industry by bringing our customers innovative products and services such as eWelcome that give them the control, speed and convenience throughout the mortgage process they demand.  We look forward to continuing our drive towards a 100% paperless mortgage process, for both consumers and lenders.”

In addition to simplifying the lending process, eWelcome provides customers with the added confidence of knowing that they are getting the rates they were promised with no hidden costs or fees.  The final step toward a completely paperless mortgage process will be the implementation of compliance measures for the acceptance of electronic documentation across the mortgage industry. The traditional paper process will continue to be available to those consumers who prefer it. 

Consumers can choose to receive, approve and return all documents electronically; to receive documents electronically, and print, approve and return paper copies; or to receive, approve and return all documents in paper format.  Homeowners interested in learning more about how ditech.com uses the electronic signature process can visit their website at www.ditech.com. 

About eLynx
eLynx, based in Cincinnati, Ohio, enables businesses to improve workflow and deliver dramatic cost savings by automating paper-intensive processes that quickly integrate with your existing business systems. The company’s innovative solutions ensure compliance with evolving industry regulations and standards, while maintaining data electronically throughout the document lifecycle. The nation’s top financial services enterprises rely on eLynx to communicate with customers and collaborate with business partners quickly, securely and reliably. For more information, about eLynx visit www.elynx.com. It’s time to Enter the World of e. 

About ditech.com
Founded in 1995, ditech.com®, based in Costa Mesa, Calif., a business unit of Residential Capital Corporation, a leading real estate finance company, which is an indirectly owned subsidiary of General Motors Acceptance Corporation (GMAC).  ditech.com delivers excellent customer service along with the security of being part of one of the largest mortgage companies in America.  Ditech.com offers the consumer a variety of products, including first mortgages, variable equity lines of credit and no closing cost equity seconds. The online capabilities allow the customer to communicate with knowledgeable loan agents from home, work or on the road. Residential Capital Corporation is a leading real estate finance company, focused primarily on the residential real estate market in the United States, Canada, Europe and Latin America. Our diversified businesses -- GMAC-RFC, GMAC Mortgage, ditech.com, GMAC Bank, GMAC Real Estate GMAC-RFC Securities and Homecomings Financial -- cover the spectrum of the U.S. residential finance industry, from origination and servicing of mortgage loans through their securitization in the secondary market. We also provide capital to other originators of mortgage loans, residential real estate developers, resort and timeshare developers and healthcare companies. Residential Capital Corporation is an indirect wholly owned subsidiary of General Motors Acceptance Corporation (GMAC). For more information about our company, visit https://www.rescapholdings.com.

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