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MortgageIT Shuts Down Retail

Unit employed only 50 people

November 14, 2007

By PATRICK CROWLEY


photo of Patrick Crowley

Deutsche Bank is closing the retail side of its MortgageIT unit -- though the company will continue to operate its wholesale lending division, MortgageDaily.com has learned.

Deutsche Bank spokeswoman Michele Agostinho Allison declined to comment in phone calls and e-mails when asked about MortgageIT's situation.

But MortgageDaily.com has confirmed that the 50-employee retail business of MortgageIT is no longer operating. The company's retail operation, which included just three offices in New York and New Jersey, is relatively small when compared to MortgageIT's workforce of about 1,500.

And the retail side of MortgageIT has not grown to more than 50 people.

But this is the second cutback from Deutsche Bank purchased the company in January.

In early October, Deutsche announced 580 job cuts at MortgageIT, which had about 2,100 employees in 50 branch offices when it was acquired by Deutsche on Jan. 3 for $430 million.

MortgageIT reported $29 billion in 2005 originations -- though no breakdown is available by channel. Production for the third quarter 2006, the last available, was $7.5 billion, while net income was $1.4 million. The company noted at the time that an annual decline primarily resulted from exiting the wholesale subprime mortgage market in the first quarter of 2006.

Deutsche Bank does not reveal loan origination numbers. MortgageIT is not a servicer, only an originator.

"MortgageIT is one of the fastest-growing and largest residential mortgage loan originators in the US and continues to expand its product offerings to clients across the country," Deutsche said in a statement announcing the acquisition.

In August, Deutsche consolidated the correspondent lending group into MortgageIT's wholesale lending division. The correspondent group, launched in 2004 to purchased closed nonprime loans from originators on a bulk and loan-by-loan basis, had lost investor interest for its products, MortgageDaily.com reported at the time.


Patrick Crowley is a feature journalist and blogger for MortgageDaily.com. He is also a reporter, blogger and columnist for The Cincinnati Enquirer.
e-mail Patrick at: [email protected]

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