MortgageIT

In 1988, a residential mortgage brokerage called IPI was founded in New York City. This company, led by founder Doug Naidus, would later become the foundation for MortgageIT. The playbook was straightforward: originate, sell, and broker residential mortgage loans. By 1999, the company formally incorporated as MortgageIT, Inc. and began expanding its reach across the United States. The company hit a major milestone in August 2004, when its holding company, MortgageIT Holdings, Inc., launched an IPO on the New York Stock Exchange, raising approximately $163.4 million. This event transformed the company into a publicly-traded real estate investment trust (REIT). With significant capital, MortgageIT’s growth accelerated. In 2005, its loan originations soared to $29.2 billion. This scale and momentum caught the attention of a major global player. In June 2006, Deutsche Bank announced it would acquire MortgageIT Holdings for about $429 million. The deal, completed in January 2007, was a strategic move for Deutsche Bank to build a vertically integrated mortgage platform in the U.S. For a cash price of $14.75 per share, MortgageIT, once a standalone broker, was now part of a global financial powerhouse.