Deutsche Bank Completes Acquisition Of MortgageIT Holdings
Deutsche Bank has completed its acquisition of MortgageIT Holdings, Inc., a residential mortgage real estate investment trust (REIT), the investment bank said today. The acquisition is the latest in a series of investments Deutsche Bank has made in the US mortgage markets. Last year, the Bank acquired Chapel Funding, a mortgage originator, and entered into a joint venture with the Hispanic National Mortgage Association to provide loans to Hispanic and immigrant borrowers. MortgageIT will become a part of Deutsche Bank's Residential Mortgage Backed Securities group; Doug Naidus, CEO of MortgageIT, will become a Managing Director and Head of Mortgage Origination within the group. The $430 million acquisition is expected to be accretive to earnings in 2007 and will add significant scale and synergies to Deutsche Bank's US residential mortgage business, according to a statement released by the company. "As a leader in the US fixed income markets with a strong and growing residential mortgage business, adding a top mortgage originator like MortgageIT is a compelling strategic fit for our business," said Phil Weingord, Head of Global Markets in the Americas. â€œExpanding our origination platform provides us with access to a steady source of product for distribution into the mortgage capital markets.â€? MortgageIT Holdings owns MortgageIT, Inc., a residential mortgage lender that employs approximately 2,100 people in 47 branches, and is licensed to originate residential mortgage loans in all 50 states. MortgageIT is one of the largest residential mortgage loan originators in the US.