$6.4 billion 2nd quarter originations
By MortgageDaily.com staff
8/11/2005

MortgageIT Holdings Inc. achieved its highest level ever in production during the second quarter as a result of milestone purchase activity.

The New York-based lender announced volume reached a record $6.4 billion for the quarter, climbing 47% above the first quarter's total and 89% higher than the same period a year ago.

"We exceeded the high end of our second quarter loan production guidance by more than 20%, while also posting record purchase money volume during the quarter," commented Doug Naidus, chairman and CEO, in the announcement.

Purchase money fundings, reportedly up 137% from last year, amounted to $3.6 billion, while adjustable-rate loans represented 54% of the latest volume, according to the announcement.

Subprime originations accounted for $1.0 billion of the latest production, MortgageIT said, adding that it expects that figure to slightly improve in the third quarter.

The real estate investment trust said it anticipates its $3.8 billion investment portfolio as of the end of the second quarter will grow more than 30% in size by the end of this quarter.

Noting that its overall volume in the second quarter outpaced annual and quarterly industry growth by 3% and 30%, respectively, MortgageIT said it is "encouraged by the continuation of strong trends in loan originations" and expects total loan fundings in the third quarter of between $7.0 to $7.5 billion -- which would mark an increase of 125% to 141% when compared to the year ago period.

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