MortgageIT

MortgageIT was a residential mortgage banking company based in New York City and formerly known as MIT Lending. Founded in 1988, it developed into a national mortgage originator whose activities covered loan origination, processing, underwriting, funding, secondary-market sales, and brokerage. The company operated across all 50 states and the District of Columbia, giving it a broad distribution footprint in the United States residential mortgage market. MortgageIT combined two related businesses. Its mortgage banking operations generated revenue from producing and arranging residential mortgage loans and then selling or brokering those loans. Its mortgage investment operations generated net interest income from a portfolio of prime mortgage loans. This combination gave the company exposure both to transaction-based mortgage production and to the ongoing economics of holding mortgage assets. By 2004, MortgageIT had become one of the larger mortgage lenders in the United States. In that year it became a wholly owned subsidiary of MortgageIT Holdings, a self-administered real estate investment trust whose shares traded on the New York Stock Exchange. MortgageIT subsequently raised public capital through an initial public offering completed on August 4, 2004, followed by a secondary offering in June 2005. The IPO sold 14.6 million common shares at $12 per share and produced approximately $163.4 million in net proceeds, according to the company reference material. The company presented itself as a full-service residential mortgage provider. It was an approved delegated mortgagee of the United States Department of Housing and Urban Development, a status connected with its ability to originate qualifying government-related mortgage business. Settlement, title, and related services were provided through Home Closer LLC, a MortgageIT subsidiary. MortgageIT reached a substantial operating scale before its sale. At the beginning of January 2007, it employed approximately 2,100 people and maintained 47 branches across the United States. Its branch network and centralized mortgage functions supported a national origination platform rather than a purely local lending model. On June 11, 2006, MortgageIT agreed to be acquired by Deutsche Bank Structured Products for $14.75 in cash per common share. The transaction closed on January 3, 2007. Deutsche Bank expected the acquisition to strengthen its United States residential mortgage business. Following the completed acquisition, MortgageIT ceased to operate as an independent publicly traded company and is therefore treated as a defunct standalone brand in this dossier. The available reference material does not establish a later independent brand strategy, product portfolio, or separate corporate existence.

MortgageIT began in 1988 as a United States residential mortgage business operating under the name MIT Lending. It later adopted the MortgageIT identity as it expanded its lending platform and developed a national presence. The company’s core activity was residential mortgage banking: it originated loans, handled processing and underwriting, arranged funding, sold loans into the secondary market, and brokered mortgage transactions. It also maintained mortgage investment operations based on a portfolio of prime mortgage loans, earning net interest income from those assets. The company’s business model therefore combined production and distribution of mortgages with investment in mortgage assets. Its full-service structure covered much of the loan lifecycle, while Home Closer LLC, a subsidiary, supplied settlement, title, and related services. MortgageIT was an approved delegated mortgagee of the United States Department of Housing and Urban Development and operated throughout the 50 states and the District of Columbia. MortgageIT reached national scale by the middle of the 2000s. In 2004, it was described as one of the leading mortgage lenders in the country. That year, MortgageIT became a wholly owned subsidiary of MortgageIT Holdings, a self-administered real estate investment trust traded on the New York Stock Exchange. MortgageIT also completed its own initial public offering on August 4, 2004, selling 14.6 million shares at $12 per share. The offering generated approximately $163.4 million in net proceeds. A secondary offering followed in June 2005, when 7,289,428 shares were sold. The company continued to build a broad physical and operational network. At the beginning of January 2007, it employed about 2,100 people and had 47 branches in the United States. This scale reflected its strategy of serving residential borrowers through a nationwide mortgage platform rather than concentrating on a small number of regional markets. MortgageIT’s independent corporate history ended with its acquisition by Deutsche Bank. On June 11, 2006, Deutsche Bank Structured Products agreed to purchase the company for $14.75 in cash per share. The transaction was completed on January 3, 2007, with Deutsche Bank identifying the acquisition as a way to expand its United States residential mortgage business. After closing, MortgageIT no longer remained an independent publicly traded mortgage company. The available reference material does not provide enough information to document subsequent standalone operations, later products, or a continuing consumer-facing brand.

1. 2007Acquisition completed

   Deutsche Bank completed its acquisition of MortgageIT on January 3, 2007.

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2. 2006Acquisition agreement announced

   MortgageIT agreed to be acquired by Deutsche Bank Structured Products for $14.75 in cash per share.

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3. 2005Secondary offering

   MortgageIT sold 7,289,428 shares in a secondary public offering in June 2005.

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4. 2004MortgageIT becomes part of MortgageIT Holdings

   MortgageIT became a wholly owned subsidiary of MortgageIT Holdings, a self-administered REIT listed on the New York Stock Exchange.

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5. 2004Initial public offering

   The company sold 14.6 million common shares at $12 per share in an IPO completed on August 4, 2004.

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6. 1988Company founded

   MortgageIT was founded as a United States residential mortgage banking company, formerly operating under the name MIT Lending.

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A national, full-service residential mortgage banking platform combining loan origination and brokerage with mortgage investment activities.

• Residential mortgage loansMortgage lending

  MortgageIT's principal offering was residential mortgage lending across the United States. The company originated, processed, underwrote, funded, sold, and brokered home loans, operating through a nationwide branch and mortgage-banking platform.

• Prime mortgage loan investment portfolioMortgage investment

  The company's mortgage investment operations centered on a portfolio of prime mortgage loans. Revenue from this activity was described as net interest income generated by holding those mortgage assets.

• Settlement and title servicesMortgage-related services

  Home Closer LLC, a MortgageIT subsidiary, provided settlement, title, and related services connected with the company's mortgage loans.

• 2006Agreement to sell the company to Deutsche BankM&A

  MortgageIT had built a large United States residential mortgage platform with national distribution and mortgage investment operations.

  What changed. The company agreed to be acquired by Deutsche Bank Structured Products for $14.75 in cash per common share on June 11, 2006.

  Aftermath. The transaction closed on January 3, 2007, and MortgageIT was absorbed into Deutsche Bank's United States residential mortgage business.

  Cash acquisition price per common share. $14.75 per share (Agreement announced June 11, 2006; completed January 3, 2007)

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• 2004Public offering to raise capitalOther

  MortgageIT pursued public-market financing as its national mortgage operation expanded.

  What changed. The company completed an IPO on August 4, 2004, selling 14.6 million common shares at $12 per share.

  Aftermath. The offering produced approximately $163.4 million in net proceeds and was followed by a secondary offering in 2005.

  IPO net proceeds. Approximately $163.4 million (August 4, 2004)

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• 2007Deutsche Bank completes acquisition of MortgageIT

  The acquisition closed on January 3, 2007, adding MortgageIT's United States residential mortgage operations to Deutsche Bank's business.

  M&AOther
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• 2006MortgageIT agrees to Deutsche Bank acquisition

  MortgageIT agreed on June 11, 2006, to be acquired by Deutsche Bank Structured Products for $14.75 in cash per common share.

  M&A
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• 2005MortgageIT conducts secondary public offering

  The company sold 7,289,428 common shares in a secondary public offering in June 2005.

  Other
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• 2004MortgageIT completes initial public offering

  MortgageIT completed an IPO on August 4, 2004, selling 14.6 million common shares at $12 per share and receiving approximately $163.4 million in net proceeds.

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1. MortgageIT