MHL Mortgageit Hldgs

MortgageIT Holdings Continues to Expand Management Team with Key Mortgage Banking and REIT Hires * Names Larry Schiavi as Senior Vice President and National Retail Production Manager NEW YORK, April 20 /PRNewswire-FirstCall/ -- MortgageIT Holdings, Inc. (NYSE:MHL), a residential mortgage company organized as a real estate investment trust (REIT), today announced the appointment of Larry Schiavi as Senior Vice President and National Retail Production Manager for MortgageIT's Retail Lending Division, and Doug Kerr as Chief Investment Officer of the REIT. Larry Schiavi Named Senior Vice President and National Retail Production Manager Schiavi, a 17 year veteran in mortgage banking, will be responsible for MortgageIT's branch office retail loan production. Schiavi joins MortgageIT from HSBC Mortgage Corporation, where for the last 10 years he served as Senior Vice President and National Production Manager, and before that, Senior Vice President and Retail Sales Manager. In his most recent position at HSBC, Schiavi managed a sales organization of 400 employees, and supervised a group that accounted for mortgage fundings in excess of $36 billion in 2003. Schiavi will report to directly to Gary Bierfriend, President of MortgageIT, Inc. "Larry is a welcome addition to our team of successful mortgage sales executives, and will be a terrific leader for our growing retail sales force," said Bierfriend. "He exemplifies and embraces MortgageIT's people-focused entrepreneurial culture, and we expect his experience and successes to have a significant near term impact on our retail loan production volume." "MortgageIT is a rapidly growing organization with an extraordinary team and culture," said Schiavi. "I am looking forward to applying my experience and background to continue the national expansion of the retail side of the business, and working closely with Gary on a range of subjects that will support the ongoing goals and objectives of MortgageIT." Doug Kerr Named Chief Investment Officer Kerr, a Chartered Financial Analyst, joins from NetBank, Inc., a $5 billion online financial institution, where he was Director of Treasury Risk Management. With more than 14 years of experience in banking and financial services, Kerr will assume lead responsibility for managing MortgageIT Holdings' $3.0 billion REIT residential mortgage loan portfolio, including selection of mortgage assets with the most favorable risk/return profiles to the Company, determination of the Company's liability funding approach, and risk management. He will report to Glenn Mouridy, the Company's President and Chief Financial Officer. "Doug is a seasoned veteran who has played executive level treasury, investment, and risk management roles at a number of prominent financial services companies," said Mouridy. "His in-depth understanding of the capital markets, mortgage industry, and experience in asset and liability management will provide us with additional insight, expertise and depth at the REIT. Doug is a great fit with our team of mortgage and banking executives, and I look forward to working with him." Kerr's responsibilities at NetBank consisted of directing the corporate Treasury function, including bank asset / liability management, and mortgage servicing risk management. He was also charged with managing the ALCO process. Kerr led the initial and ongoing development of the core infrastructure to support balance sheet, interest rate risk, and liquidity-related activities including execution of investment and derivatives strategies. About MortgageIT Holdings, Inc. MortgageIT Holdings, Inc. (NYSE:MHL) was formed to act as the holding company of MortgageIT, Inc. (MortgageIT), its wholly owned residential mortgage lending subsidiary. MortgageIT Holdings is organized and conducts its operations to qualify as a real estate investment trust (REIT) for federal income tax purposes. MortgageIT is organized and operates as MortgageIT Holdings' taxable REIT subsidiary. About MortgageIT, Inc. MortgageIT, Inc. is a leading New York City-based mortgage lender, providing retail, wholesale and correspondent lending products and services in all 50 states. Founded in 1988, MortgageIT today has more than 1,600 employees operating from offices nationwide, and is the wholly owned residential mortgage lending subsidiary of MortgageIT Holdings, Inc (NYSE:MHL). The company originates single-family residential mortgage loans of all types, with particular focus on prime adjustable-rate (ARM) and fixed-rate, first-lien residential mortgage loans. MortgageIT originated approximately $13 billion in wholesale and retail loans in 2004, and is a major supplier of mortgage loans to banks, thrifts and traditional finance companies throughout the United States. A growing Top 30 lender, MortgageIT continues to build a network of established offices across the United States with seasoned management that averages more than 20 years of industry experience. Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to our ability to fund a fully- leveraged, self-originated loan portfolio, our anticipated loan funding volume and our ability to pay dividends. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. MortgageIT Holdings can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from MortgageIT Holdings' expectations include, but are not limited to, MortgageIT's continued ability to originate new loans, including loans that we deem suitable for our securitization portfolio; changes in the capital markets, including changes in interest rates and/or credit spreads; and other risks detailed in MortgageIT Holdings' Annual Report on Form 10-K that was filed with Securities and Exchange Commission (SEC) on March 31, 2005 and from time to time in MortgageIT Holdings' other SEC Reports. Such forward-looking statements speak only as of the date of this press release. MortgageIT Holdings expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. DATASOURCE: MortgageIT Holdings, Inc. CONTACT: Investors - Sean McGrath, +1-646-346-8700; Media - Ted J. Stacer, +1-212-651-7653, both of MortgageIT Holdings, Inc., Ron Magas, Magas Media Consultants, +1-203-382-0818, Joe LoBello, Brainerd Communicators, Inc., +1-212-986-6667, both for MortgageIT Holdings, Inc. Web site: http://www.mortgageitholdings.com/

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