MortgageIT formerly MIT Lending is a residential mortgage banking company that was founded in 1988 and is headquartered in

New York City New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the Un ...

. By 2004, the company had become one of the top mortgage lenders in the nation. Also, in 2004, MortgageIT became a wholly owned subsidiary of MortgageIT Holdings, a self-administered

REIT A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping ce ...

trading on the

NYSE The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its liste ...

. As a full-service residential mortgage banking company, MortgageIT’s primary business operations are to originate, sell and broker residential mortgage loans in 50 states and the District of Columbia. Also, MortgageIT is an approved U.S. Department of

Housing and Urban Development The United States Department of Housing and Urban Development (HUD) is one of the executive departments of the U.S. federal government. It administers federal housing and urban development laws. It is headed by the Secretary of Housing and Ur ...

(HUD) delegated mortgagee. At the end of January 3, 2007 the company employed 2,100 and had 47 branches throughout the United States. The settlement, title and related services for mortgage loans were provided by Home Closer LLC, a subsidiary of MortgageIT.

Business segments

There are two primary operation spaces that drive the revenues for the company and they are mortgage investment and mortgage banking operations. The company’s mortgage investment operations are defined as the net interest income generated on the company’s prime mortgage loan investment portfolio. As for the mortgage banking operations, this part of the company’s income is generated from the mortgage loan origination business and include sales, loan process, underwriting, funding, secondary marketing and brokerage activities.

IPO offerings

The close of MortgageIT’s

IPO An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

on August 4, 2004 sold 14.6 million shares of common stock at $12.00 per share. The net proceeds of the IPO were approximately 163.4 million. In June 2005, MortgageIT sold 7,289,428 shares of its common stock in a secondary public offering.

Acquisition

On June 11, 2006, the company agreed to be acquired by

Deutsche Bank Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Sto ...

Structured Products, for $14.75 in cash per share of the company common stock. On January 3, 2007, the acquisition was completed and expected to add to Deutsche Bank’s US residential mortgage business. Deutsche Bank completes acquisition of MortgageIT Holdings

Executives

Chief Executive Officer and Chairman - Doug Naidus
Chief Financial Officer and President - Glenn J. Mouridy

References

External links

MortgageIT
{{Deutsche Bank Mortgage lenders of the United States 1988 establishments in the United States