$9.3 billion 3rd quarter production
By MortgageDaily.com staff
11/8/2005

As the pace of Mortgage IT Holdings Inc. quarterly originations soared to another record, it claims to rank among the top 20 originators. But it doesn't expect to maintain the pace for the remainder of the year.

Third quarter loan volume came in at $9.3 billion -- jumping 45% from the second quarter's record and surging 197% from the level a year ago, according to the New York-based company's earnings announcements.

The real estate investment trust said its believes it ranked among the nation's top 20 loan originators in the third quarter.

For the first time this year, refinances accounted for the majority -- 52% -- of quarterly fundings as purchase money loans represented 48%, according to the announcement.

Third quarter subprime volume amounted to 1.3 billion, which MortgageIT noted was the high-end of its prior guidance and that it was not able to surpass it "due to the extraordinary pressure on the gain on sale margins" during the period. Because it expects these conditions will persist in this quarter, the company anticipates subprime fundings of approximately $900 million to $1.2 billion in the fourth quarter.

Moreover, the REIT said it expects overall fourth quarter volume will fall to approximately $8.5 to $9.0 billion.

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