MIT Lending Moves Into Subprime Market with New Beginnings Lending

NEW YORK--()--Feb. 3, 2004--MIT Lending, the Wholesale Lending Division of MortgageIT, officially announced the launch of its new subprime program offering, New Beginnings Lending.

Led by subprime mortgage industry veteran, Steve Kaplan, New Beginnings Lending offers an aggressive array of subprime loan products. The wholesale subprime lending division promotes its products through a team of experienced subprime account executives and industry savvy MIT Lending staff.

"Already leaders in the prime wholesale lending market, MIT Lending is well prepared for the post refinance era to capitalize on emerging markets through New Beginnings Lending," said Steve Kaplan, senior vice president of MIT Lending and director of New Beginnings Lending. "Since the subprime industry is not affected as much by interest rates as the prime market, this is the perfect time for MIT Lending to move definitively into subprime with New Beginnings Lending."

New Beginnings Lending focuses on competitively priced, risk-based, subprime loan products with core products consisting of adjustable rate mortgages (ARMs) and traditional fixed rate products. In addition to aggressive lending tools, the division now offers a host of niche and hybrid loans and will soon offer interest-only loans as well.

"New Beginnings Lending will follow MIT Lending's successful business model of building on people and opportunity," continued Kaplan. "Our aggressive, risk-based approach looks at loans differently than most subprime lenders in the industry and will enable New Beginnings Lending to experience the same tremendous growth within the wholesale mortgage industry as MIT Lending."

Prior to joining MIT Lending and heading New Beginnings Lending, Kaplan was president of Irvine, Calif.-based Home America Lending, Inc., where he built a prime, subprime, retail, wholesale and net branches platform for the company. Kaplan has also served as president of West Palm Beach, Fla.-based Ocwen Financial Services and as vice president and director of Sales and Marketing at Woodland Hills, Calif.-based Weyerhaeuser Mortgage Company (WMC Mortgage), where he created and co-founded subprime wholesale operations.

"Steve Kaplan is a knowledgeable and well-respected subprime expert in the mortgage industry," said Gary Bierfriend, Esq., president of MIT Lending. "MIT Lending and New Beginnings Lending will benefit greatly from his experience and established relationships. The speed in which we planned, tested products and moved into the subprime industry clearly demonstrates the agility and entrepreneurial nature of our company - reasons behind our exponential and continued growth."

About MIT Lending

MIT Lending, a growing Top 30 lender, is the New York City-based Wholesale Lending Division of MortgageIT, Inc. The company continues to build a network of established offices across the United States with management that averages more than 20 years of industry experience and seasoned account executives both backed by knowledgeable support staff. As a result of working closely with brokers and incorporating next-generation technology, the company continues to build on its already extensive loan products and New Beginnings Lending, the company's subprime program offering.

For more information about MIT Lending and New Beginnings Lending, visit the company's Web site at www.mitlending.com and www.nblending.com.

Contacts

For MIT Lending, New York
Elizabeth Salter, 678-781-7224
or
J. Blair Logan, 678-781-7218

Contacts

For MIT Lending, New York
Elizabeth Salter, 678-781-7224
or
J. Blair Logan, 678-781-7218