MortgageIT-DB (Retail) - Retail

We've been tracking the progress of Patchet the Hatchet and his group as they criss-cross the U.S. closing branch-after-branch. There is a very good discussion of this on the forum, here and also here. We reported on Deutsche Bank in August on the closure of their correspondent division. We have also received information that management decisions have been moved to London.

Now we have word of the closure of Retail Operations. From an email today:

"Unfortunately Mortgageit has opted to close the retail division. All loan officers will be paid in full for any loans in their pipeline. The last day to originate loans will be Wednesday and the office will close. All email and phones will be disconnected. Monday at 9:00 there will be a meeting in our conference room and you will be able to ask questions.

Please attend.

If you have a loan that is closing in January mortgageit will close the loan unless the borrower writes a letter and requests that the loan be withdrawn. All appraisals can be assigned over to another broker."

Emails we've received suggest Wholesale operations will either be down to 6 offices by January 1, 2008, or closed completely.

If you can provide additional information regarding MortgageIT operations (peak loan volume, number of employees affected, typical loan mix), please let us know. If you are an ex-employee or AE, please join our forum and add to the information and exit experiences.