As we begin this New Year with a renewed hope, regrettably, there remains the solemn reality that over the past year market conditions have had a profound impact on our industry and our company.
The support of Deutsche Bank has allowed MortgageIT to weather this turbulent market and pursue a revised business model. We have been working hard to determine how MortgageIT and its products best compliment the needs of Deutsche Bank and the demands of the current market.
We have decided that the best course of action is to continue our commitment to a wholesale mortgage lending platform. We see significant opportunities, particularly in areas such as government loan origination. However, our cost structure and decentralized operating model are no longer sustainable.
Working with Keith Bilodeau, Head of Wholesale Origination, the management team in New York and Deutsche Bank executives, we have developed a plan that attempts to capitalize on our strengths while making the needed revisions to our production and operation platforms. This plan will rely on a modest sized team of account executives, reporting to regional managers, spread throughout the country. We expect to retain a handful of sales offices which will provide a local presence and house operations and support expertise. The sales team will cover key markets in the country where our loan quality has been best, and the prospects for our business model are the strongest.
In order to transition to this revised business model, beginning in the next few weeks, we will be closing most of our production branch offices and migrating production fulfillment to our branch in Madison, Wisconsin. Over the next few days, branch employees will be notified of the specific plans for their office and the timeline for an orderly transfer of any loans in process to Madison.
As part of this plan, we will continue to maintain certain post closing and quality control functions in our Jacksonville, Florida location in the near term and, as the year progresses, determine where best to locate these functions. In addition, as we work through this transition, we will assess the impact of this plan on the administration functions throughout our company.
This was a difficult decision to make, but a necessary one. It is our hope that by taking these actions we will be properly positioned to participate and prevail when current market conditions abate.
Finally! Now you MIT folks know what's going on... kind of.
I don't remember who coined the term "slow-plode" on another thread, but this is indeed a wonderful example. The vast majority of the company is being shut down, and in Madison you will keep your jobs for now, and they'll let you know in Jacksonville sometime over the next year.
_________________ "When you're going through h**l, keep going."
-Winston Churchill
If it stays the way things have been for the last month then I hope I get my walking papers...some people need to be pushed out to find something better....
This is an orderly withdrawal. How much business do you really feel they're going to get if brokers have to send full doc packages with a signed 4506 to Madison, WI? Then have a full QC audit done before approval? DB spent a lot of money to acquire us (yes, I'm a MIT employee), and being a money center bank that just yesterday sent out a chest-thumping email about DB's "exalted" reputation, they wouldn't just say "oops....". Having worked for other money center banks since I started in this business in 84', DB is being damn decent about the whole thing, compared to many other employers. But don't be fooled.
UnderwriterX...Speed's older brother, who left home many years ago....
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