60 wholesale subprime employees to be added in Q1
By MortgageDaily.com staff
2/14/2005

MortgageIT Holdings Inc. plans to open new wholesale subprime branches and add dozens of employees in the process.

The New York-based lender made the disclosure in its preliminary fourth quarter operating data released today -- which was issued in lieu of delayed financial results that are still being scrutinized for SFAS 133 compliance.

MortgageIT reported record 2004 production of $13.0 billion, up from $11.9 billion in 2003. For just the fourth quarter, originations were reported at $4.4 billion, with refinances accounting for half and adjustable rates representing $2.6 billion.

The REIT said it projects funding $3.5 billion to $4.0 billion during the first quarter of this year -- of which $0.5 is expected to be subprime.

"We expect funding volumes at our lending subsidiary to continue to be solid, especially with the ramp-up of our new subprime origination business, which is performing well," said company Chairman and CEO Doug Naidus in the announcement.

MortgageIT said it expects to open several new wholesale subprime branches across the country and add 60 people during the first quarter.

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