MortgageIT Holdings, Inc. Reports Selected Preliminary 2006 Q1 Operating Data
April 12 2006 - 11:12AM
PR Newswire (US)
* Funds $7.19 billion of loans in the first quarter NEW YORK, April
12 /PRNewswire-FirstCall/ -- MortgageIT Holdings, Inc. (NYSE:MHL),
a residential mortgage real estate investment trust ("REIT"), today
reported selected preliminary operating data for the first quarter
ended March 31, 2006. The Company will report its 2006 first
quarter results after market hours on May 8, 2006. Portfolio
Activity Highlights The Company's 100% self-originated portfolio
totaled approximately $5.0 billion at the end of the first quarter
of 2006. The portfolio included approximately $25.0 million of
self-originated mortgage backed securities that the Company
retained as part of a securitized loan sale. - The Company expects
the adjusted return on assets for the portfolio to be between 60
and 70 basis points for the first quarter of 2006. - During the
first quarter, the Company completed a loan securitization of
approximately $750 million. The funding cost on this deal had the
lowest spread to LIBOR that the Company has received. Mortgage Bank
Loan Funding Activity Highlights During the first quarter of 2006,
the Company funded $7.19 billion of loans, an increase of 66% over
the prior year period and exceeding the Company's guidance of $6.0
to $6.5 billion. - Gain on sale on prime loans sold to third
parties during the first quarter improved significantly from fourth
quarter 2005 levels. - During the first quarter, the Company sold
to third parties substantially all of its inventory of wholesale
sub-prime loans, and completed its planned exit from the national
wholesale sub-prime business. Gain on sale on sub-prime loans sold
to third parties will be negative for the first quarter. First
Quarter Funding Volume ($ Billions) Banked Volume 6.83 Brokered
Volume 0.36 Total Fundings 7.19 Loans Purchased by Third Parties
6.94 Loans Transferred to Portfolio 0.75 Total Loans
Sold/Transferred 7.69 % Refi 56% % Purchase Money 44% First Quarter
2006 Conference Call Information MortgageIT Holdings, Inc. will
release its 2006 first quarter financial results after market hours
on Monday, May 8, 2006. The Company will also hold a conference
call to discuss its first quarter financial results on Tuesday, May
9, 2006 at 10:00 a.m. Eastern Time. Interested parties may listen
to the live call by dialing 888-694-4702 (U.S.) or 973-582-2741
(International) and referencing the conference ID #7263046, or by
visiting the MortgageIT Holdings corporate website,
http://www.mortgageitholdings.com/, to listen to a live conference
call webcast. A replay of the conference call will be available
through Tuesday, May 16, 2006, at midnight ET. The replay can be
accessed by dialing 877-519-4471 (U.S.) and 973-341-3080
(International). The pass code for the replay is 7263046. About
MortgageIT Holdings, Inc. MortgageIT Holdings, Inc. (NYSE:MHL) is a
self-administered mortgage real estate investment trust ("REIT")
focused on the residential lending market. The Company
self-originates its investment portfolio of high quality adjustable
rate mortgage ("ARM") loans through MortgageIT, Inc., its wholly
owned residential mortgage banking subsidiary. MortgageIT, Inc. is
a full- service residential mortgage banking company that is
licensed to originate loans throughout the United States.
MortgageIT Holdings is organized and conducts its operations to
qualify as a REIT for federal income tax purposes. MortgageIT is
organized and operates as MortgageIT Holdings' taxable REIT
subsidiary. For more information, please visit
http://www.mortgageitholdings.com/. Forward-Looking Statements
Certain items in this press release may constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are statements that
relate to future, not past, events. In this context,
forward-looking statements often address the Company's expected
future business and financial performance, and often contain words
such as "expects," "anticipates," "intends," "plans," "believes,"
"will" or other similar words or expressions. Forward-looking
statements, by their nature, address matters that are, to different
degrees, uncertain and include, among other things, statements
relating to the Company's ability to fund a fully-leveraged,
self-originated loan portfolio, its anticipated loan funding volume
and the Company's ability to pay dividends. These statements are
based on the current economic environment and 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.
Forward-looking statements are inherently subject to significant
economic, competitive, and other contingencies that are beyond the
control of management. The Company can give no assurance that its
expectations will be attained. Factors that could cause actual
results to differ materially from the Company's expectations
include, but are not limited to, MortgageIT, Inc.'s continued
ability to originate new loans, including loans that the Company
deems suitable for its securitization portfolio; changes in the
capital markets, including changes in interest rates and/or credit
spreads; and other risks detailed in the Company's Annual Report on
Form 10-K that was filed with the Securities and Exchange
Commission ("SEC") on March 15, 2006 and from time to time in the
Company's other SEC filings. Such forward-looking statements speak
only as of the date of this press release. The Company 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, MortgageIT Holdings, Inc.,
+1-646-346-8700; Joe LoBello, Brainerd Communicators, Inc.,
+1-212-986-6667, for MortgageIT Holdings, Inc. Web site:
http://www.mortgageitholdings.com/
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