Ditech Funding Corp

Unveiling the largest public stock offering this year by an Orange County company, DiTech Funding Corp. filed plans to raise $110.4 million by selling a minority stake in the company. 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. It listed a top estimate of $110.

Under pressure from state regulators, high-profile mortgage lender DiTech Funding Corp. on Tuesday offered to pay a total of $250,000 to about 2,000 customers who allegedly were overbilled for interest. But the offer, which came hours after the state Department of Corporations ordered the Irvine lender to reimburse customers and stop violating state law, falls short of what regulators were seeking.

DiTech Funding Corp. named Scott Carnahan, a former partner at KPMG Peat Marwick LLP, as president, a month after the Irvine lender filed to sell a minority stake in a $110.4-million initial public stock offering. Carnahan was formerly director of asset-backed securitization at KPMG, where he worked for 16 years. In his new position, he will report to Paul Reddam, DiTech's chief executive officer. Carnahan will direct DiTech's operations nationwide.

Run, ride, climb, eat and drink this weekend to celebrate Bastille Day and help the needy of Orange County. The 14th annual DiTech Funding Bastille Day Celebration is scheduled for Saturday at the Sutton Place Hotel, 4500 MacArthur Blvd. in Newport Beach. Proceeds will go to the Second Harvest Food Bank of Orange County, which provides food to 180,000 people a month through a network of 298 nonprofit agencies. The day's events will run from 2 to 8:30 p.m.

For the second consecutive quarter, DiTech Funding Corp. of Irvine recorded double-digit growth in new loans. The mortgage lender, capitalizing on historically low interest rates, said it processed $1.04 billion in loans in the third quarter, an increase of nearly 200% over the same period a year ago. DiTech said third-quarter totals also represent a 26% gain over second-quarter volume of $826 million.

Under pressure from state regulators, high-profile mortgage lender DiTech Funding Corp. on Tuesday offered to pay a total of $250,000 to about 2,000 customers who allegedly were overbilled for interest. But the offer, which came hours after the state Department of Corporations ordered the Irvine lender to reimburse customers and stop violating state law, falls short of what regulators were seeking.