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Irvine's DiTech Funding Files for Public Offering; Stocks: Fast-rising mortgage lender wants to raise $110.4 million for expansion by selling a minority stake.
[Orange County Edition]
Los Angeles Times - Los Angeles, Calif.
Author: Strickland, Daryl
Date: Jun 3, 1998
Start Page: 1
Section: Business; PART-D; Financial Desk
Abstract (Document Summary)

The Irvine-based mortgage lender, in documents filed with the Securities and Exchange Commission, did not disclose how many shares it plans to sell or provide an estimated price range for the stock.

Instead of relying on referrals from mortgage brokers to gain new customers--the most common strategy in the industry--DiTech uses cable television, the Internet and other highly visible advertising to snare business.

Last year, the Santa Clara County district attorney's office filed a lawsuit challenging the company's claims that it offered the cheapest rates. The suit, which is pending, seeks more than more than $100,000 in penalties against the company, according to the filing.

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