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|  | Mortgage IT Press Release 29th November 2004 Mortgage ITNEW YORK, Nov. 29 Mortgage IT, Inc., a national mortgage lender headquartered in New York City that is a wholly owned subsidiary of Mortgage IT Holdings, Inc., a self-administered REIT, today announced the expansion of its sub prime origination platform, NB Lending, and set the sales leadership team in several key regions as the company intensifies its focus on sub prime origination. Doug W. Naidus, Chairman and Chief Executive Officer of Mortgage IT Holdings, stated, "Mortgage IT has been focused on a significant national expansion of its sub prime lending business for some time. These hires are an important part of our growth in the sub prime 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 sub prime loans we originate in our REIT portfolio, we do believe our investment into the sub prime 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 sub prime production and develop solid local relationships in regional territories across the country," said Gary Bierfriend, President of MIT Lending, Mortgage IT's Wholesale Division. "Their combined sub prime mortgage banking experience and relationships will be instrumental to establishing Mortgage IT as a national force in the sub prime market. Our sub prime 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 sub prime regional managers to thrive in our people-focused entrepreneurial culture." Throughout his 17-year sub prime career, Tim Kosmos has successfully managed the origination of residential mortgage loans to sub prime 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 sub prime experience, Brad Urquhart has had an impressive track record of building and increasing sub prime production. In his new role, Urquhart will be working with Mr. Kosmos and Steve Kaplan, Sub prime Divisional Director, to develop NB Lending into a national origination leader in the sub prime 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 fulfilment centres." 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 Mortgage IT Mortgage IT, Inc. is a leading New York City-based "mortgage lender", providing retail, wholesale, sub prime and correspondent lending products and services in all 50 states. Founded in 1988, Mortgage IT today has approximately 1,500 employees operating from offices nationwide, and is the wholly owned residential mortgage lending subsidiary of Mortgage IT Holdings, Inc. 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. Mortgage IT 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, Mortgage IT continues to build a network of established offices across the United States with seasoned management that averages more than 20 years of industry experience. Mortgage IT, Inc.
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