MortgageIT Sets Course for National Leadership in Subprime Lending Expansion
30 November 2004 - 12:47AM
PR Newswire (US)
MortgageIT Sets Course for National Leadership in Subprime Lending
Expansion Hires Tim Kosmos and Brad Urquhart as National Production
Managers, Plus Several Regional Managers and Approximately 125 New
Operations and Account Executives NEW YORK, Nov. 29
/PRNewswire-FirstCall/ -- MortgageIT, Inc., a national mortgage
lender headquartered in New York City that is a wholly owned
subsidiary of MortgageIT Holdings, Inc. (NYSE:MHL), a
self-administered REIT, today announced the expansion of its
subprime origination platform, NB Lending, and set the sales
leadership team in several key regions as the company intensifies
its focus on subprime origination. Doug W. Naidus, Chairman and
Chief Executive Officer of MortgageIT Holdings, stated, "MortgageIT
has been focused on a significant national expansion of its
subprime lending business for some time. These hires are an
important part of our growth in the subprime sector, and we hope
that they will help us to expand into other regions where we think
we can be successful. While we do not currently anticipate holding
any of the subprime loans we originate in our REIT portfolio, we do
believe our investment into the subprime sector will increase the
rate of growth and profitability of our lending subsidiary, thereby
creating incremental value for our stock holders." Tim Kosmos,
former regional manager of Finance America, and Brad Urquhart,
former national production manager from Aegis Mortgage Corporation,
join as National Production Managers. "Hiring quality people like
Tim and Brad will help the company to dramatically increase our
subprime production and develop solid local relationships in
regional territories across the country," said Gary Bierfriend,
President of MIT Lending, MortgageIT's Wholesale Division. "Their
combined subprime mortgage banking experience and relationships
will be instrumental to establishing MortgageIT as a national force
in the subprime market. Our subprime expansion follows the same
philosophy upon which we have built our nationwide wholesale
lending platform -- a philosophy of People and Opportunity. We
expect Tim, Brad and all of our new subprime regional managers to
thrive in our people-focused entrepreneurial culture." Throughout
his 17-year subprime career, Tim Kosmos has successfully managed
the origination of residential mortgage loans to subprime
borrowers. Kosmos will be responsible for expanding sales and
operations for NB Lending. In addition to Finance America, he
previously held senior management positions with Novelle Financial
and Ocwen Financial Services. With more than 20 years of subprime
experience, Brad Urquhart has had an impressive track record of
building and increasing subprime production. In his new role,
Urquhart will be working with Mr. Kosmos and Steve Kaplan, Subprime
Divisional Director, to develop NB Lending into a national
origination leader in the subprime market. "Expanding our staff of
seasoned operational and production executives is essential to the
growth of NB Lending," said Kaplan. "We are confident that Tim and
Brad, as well as our new sales managers, will be successful in
cultivating deep relationships with major wholesale customers,
broadening our clientele across the country with the support of
strategically located regional fulfillment centers." Additionally,
NB Lending has hired the following Regional and Sales Managers, and
will be actively hiring more managers in coming months: * Halina
D'Urso - Pacific Northwest Regional Manager; * Robert Conover -
Eastern Regional Manager; * Steve Gregory - Rocky Mountain &
Southwest Regional Manager; * John Ferretti - Southeast Sales
Manager; * Ron Tschida - Southwest Sales Manager; * Kevin Callahan
- Southern California Sales Manager (San Diego County & Inland
Empire); * Scott Backy - Southern California Sales Manager (Los
Angeles County); * Greg Helms - Southern California Sales Manager
(Orange County); and * Bonnie King - Northern Kansas and Missouri
Sales Manager. About MortgageIT MortgageIT, Inc. is a leading New
York City-based mortgage lender, providing retail, wholesale,
subprime and correspondent lending products and services in all 50
states. Founded in 1988, MortgageIT today has approximately 1,500
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 $12 billion in
wholesale and retail loans in 2003, 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. DATASOURCE: MortgageIT, Inc. CONTACT:
Jennifer Gery of Brainerd Communicators, Inc., +1-212-986-6667, for
MortgageIT, Inc. Web site: http://www.mortgageitholdings.com/
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