conference ID #6569111, or by visiting the MortgageIT Holdings corporate website, http://www.mortgageitholdings.com, to listen to a live conference call webcast. A replay of the conference call will be available through Tuesday, November 15, 2005, at midnight ET. The replay can be accessed by dialing 877-519-4471 (U.S.), and 973-341-3080 (International). The pass code for the replay is 6569111. An archived replay of the webcast will also be available on the Company's corporate website.

MortgageIT Holdings, Inc. (NYSE: MHL) is a self-administered mortgage real estate investment trust ("REIT") focused on the residential lending market. The Company self-originates its investment portfolio of high quality adjustable rate mortgage ("ARM") loans through MortgageIT, Inc., its wholly owned residential mortgage banking subsidiary. MortgageIT, Inc. is a full-service residential mortgage banking company that is licensed to originate loans throughout the United States. MortgageIT Holdings is organized and conducts its operations to qualify as a REIT for federal income tax purposes. MortgageIT is organized and operates as MortgageIT Holdings' taxable REIT subsidiary. For more information, please visit http://www.mortgageitholdings.com.

In this press release, 2005 results are unaudited. Also, this press release contains certain "forward-looking statements," which are statements that relate to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "will" or other similar words or expressions. Forward-looking statements, by their nature, address matters that are, to different degrees, uncertain and include statements relating to our ability to fund a fully-leveraged, self-originated loan portfolio, our anticipated loan funding volume and our ability to pay dividends. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. MortgageIT Holdings can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from MortgageIT Holdings' expectations include, but are not limited to, MortgageIT's continued ability to originate new loans, including loans that we deem suitable for our securitization portfolio; changes in the capital markets, including changes in interest rates and/or credit spreads; and other risks detailed in MortgageIT Holdings' Annual Report on Form 10-K that was filed with the Securities and Exchange Commission ("SEC") on March 31, 2005 and from time to time in MortgageIT Holdings' other SEC reports. Such forward-looking statements speak only as of the date of this press release. MortgageIT Holdings expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

MortgageIT Holdings, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)


	September 30, 2005			December 31, 2004
	(Unaudited)
ASSETS
Cash and cash equivalents	$	58,999		$	70,224
Restricted cash		1,691			1,679
Marketable securities held to maturity		3,684			7,546
Portfolio ARM Loans
ARM loans collateralizing debt obligations, net		4,083,127			1,432,692
ARM loans held for securitization, net		588,252			1,166,961
Total Portfolio ARM Loans		4,671,379			2,599,653
Mortgage loans held for sale		3,293,729			784,592
Hedging instruments		48,644			19,526
Accounts receivable, net of allowance		114,515			28,731
Prepaids and other assets		19,920			11,693
Goodwill		11,639			11,639
Property and equipment, net		8,490			5,567
Total assets	$	8,232,690		$	3,540,850
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Collateralized debt obligations	$	3,899,237		$	1,331,986
Warehouse lines payable		3,673,365			1,869,385
Repurchase agreements		75,897			67,674
Hedging instruments		4,340			1,145
Junior subordinated debentures		77,324			—
Notes payable and other debt		15,000			15,000
Accounts payable, accrued expenses and other liabilities		130,088			63,993
Total liabilities		7,875,251			3,349,183
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value: 125,000,000 shares authorized; 28,884,868 and 19,405,473 issued and outstanding		289			194
Additional paid-in capital		393,038			238,405
Unearned compensation — restricted stock		(6,657	)		(6,196	)
Accumulated other comprehensive income (loss)		10,556			(387	)
Accumulated deficit		(39,787	)		(40,349	)
Total stockholders' equity		357,439			191,667
Total liabilities and stockholders' equity	$	8,232,690		$	3,540,850

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollars and shares in thousands, except per share data)


	Three months ended September 30,						Nine months ended September 30,
	2005			2004			2005			2004
				(As restated)						(As restated)
Revenues:
Gain on sale of mortgage loans	$	61,612		$	14,405		$	140,704		$	49,634
Brokerage revenues		7,506			8,955			20,179			29,544
Interest income		90,384			15,804			212,036			27,412
Interest expense		(75,741	)		(6,925	)		(156,482	)		(11,926	)
Net interest income		14,643			8,879			55,554			15,486
Realized and unrealized gain on hedging instruments		—			(9,856	)		9,742			(9,856	)
Other		209			248			715			272
Total revenues		83,970			22,631			226,894			85,080
Operating expenses:
Compensation and employee benefits		39,037			20,492			99,051			56,922
Processing expenses		16,014			7,165			40,064			16,952
General and administrative expenses		6,112			2,811			19,117			7,614
Rent		2,700			1,990			7,257			5,662
Marketing, loan acquisition and business development		1,206			902			3,126			3,127
Professional fees		2,411			792			7,238			1,851
Depreciation and amortization		984			686			2,621			1,956
Total operating expenses		68,464			34,838			178,474			94,084
Income (loss) before income taxes		15,506			(12,207	)		48,420			(9,004	)
Income taxes		6,841			(242	)		15,607			1,204
Net income (loss)		8,665			(11,965	)		32,813			(10,208	)
Dividends on convertible redeemable preferred stock		—			587			—			3,947
Net income (loss) attributable to common stockholders	$	8,665		$	(12,552	)	$	32,813		$	(14,155	)
Per share data:
Basic	$	0.31		$	(0.93	)	$	1.47		$	(2.91	)
Diluted	$	0.30		$	(0.93	)	$	1.44		$	(2.91	)
Weighted average number of shares — basic		28,077			13,451			22,381			4,861
Weighted average number of shares — diluted		28,427			13,451			22,788			4,861

Segment Financial Results for the Third Quarter of 2005


($ thousands – except EPS)	Mortgage Banking						Portfolio				Consolidated
	Amount			EPS			Amount		EPS		Amount			EPS
After tax GAAP earnings prior to elimination		8,872			0.31			4,837		0.17		13,709			0.48
Elimination⁽¹⁾		(7,310	)		(0.26	)		2,266		0.08		(5,044	)		(0.18	)
After tax GAAP earnings net of elimination		1,562			0.06			7,103		0.25		8,665			0.30
Adjustment for after tax impact relating to FAS133⁽²⁾		0			0.00			1,511		0.06		1,511			0.06
Adjusted Earnings		1,562			0.06			8,614		0.30		10,176			0.36

Segment Financial Results for the Nine Months ended September 30th of 2005


($ thousands – except EPS)	Mortgage Banking						Portfolio						Consolidated
	Amount			EPS			Amount			EPS			Amount			EPS

After tax GAAP earnings prior to elimination		20,489			0.90			25,678			1.13			46,167			2.03
Elimination⁽¹⁾		(17,898	)		(0.79	)		4,544			0.20			(13,354	)		(0.59	)
After tax GAAP earnings net of elimination		2,591			0.11			30,222			1.33			32,813			1.44
Adjustment for after tax impact relating to FAS133⁽²⁾		(629	)		(0.03	)		(5,140	)		(0.23	)		(5,769	)		(0.25	)
Adjusted Earnings		1,962			0.09			25,082			1.10			27,044			1.19


(1)	Eliminates the economic impact of inter-company loan sales from the mortgage bank to the portfolio.


(2)	Adjusts previous gains and losses on derivative hedges reported by the Company (as a result of not qualifying under FAS 133) and the corresponding amortization associated with those gains and losses.

Operating Statistics Table


	Quarter Ended 2005
	March 31			June 30			September 30
Mortgage Banking Metrics

Loan volume ($ millions)	$	4,340		$	6,389		$	9,249
% Purchase		51	%		56	%		48	%
% Refinance		49	%		44	%		52	%
% Funded in MortgageIT name (banked)		92	%		93	%		95	%

Held for sale warehouse balance (avg) ($ millions)	$	1,500		$	2,139		$	3,655
Warehouse weighted average coupon		6.33	%		5.87	%		5.24	%
Warehouse borrowing cost		3.33	%		3.74	%		4.36	%
Warehouse net interest margin		3.00	%		2.13	%		0.88	%

Number of production branches		51			53			58

Gain on sale on total loans sold to third parties (Bps)		105			114			93
Gain on sale prime loans sold to third parties (Bps)		97			93			80
Gain on sale sub-prime loans sold to third parties (Bps)		186			227			175

Gain on sale on loans transferred to portfolio (Bps)		87			70			78
Margin on loans brokered (Bps)		133			116			128


Loan Portfolio Metrics

Average loan assets in portfolio ($ millions)	$	2,786		$	3,404		$	4,197

Weighted average coupon of loans		5.12	%		5.17	%		5.37	%
Scheduled loan basis amortization		0.21	%		0.22	%		0.28	%
Incremental loan basis amortization due to higher prepayment rates		—	%		0.05	%		0.08	%
Net weighted average coupon		4.91	%		4.90	%		5.01	%

Interest expense (net of hedging)		3.07	%		3.62	%		3.93	%
FAS133 adjustment		—	%		−0.17	%		−0.14	%
Adjusted net interest margin		1.84	%		1.45	%		1.22	%

General and administrative (includes servicing expense)		0.41	%		0.44	%		0.34	%
Credit provision		0.09	%		0.09	%		0.09	%

Adjusted loan portfolio return on assets		1.34	%		0.92	%		0.79	%
Adjusted loan portfolio return on assets prior to increased prepayments		1.34	%		0.97	%		0.87	%

Credit Reserve for HFI Portfolio
Credit reserve balance		0.05	%		0.06	%		0.07	%

60 to 89 days past due		0.06	%		0.11	%		0.26	%
Over 90 days past due		—	%		—	%		0.04	%
Foreclosure		0.04	%		0.17	%		0.13	%
Total past due and foreclosure		0.10	%		0.28	%		0.43	%


	•	Earns adjusted net income of $0.36 per diluted share, or $0.30 on GAAP basis


	•	Guides to $8.5 to $9.0 billion in fourth quarter funding volume


	•	For the third quarter ended September 30,2005, MortgageIT, Inc., the Company's mortgage banking subsidiary, had pre-tax income of $16.0 million. After-tax income, prior to eliminations, totaled $8.9 million. Net of tax and the elimination of the gain on sale relating to $977 million of loans transferred to the REIT portfolio, the mortgage bank earned $1.6 million or $0.06 per share.


	•	Third quarter sub-prime volume was $1.3 billion, within the Company's prior guidance of $1.1 billion to $1.3 billion.


	•	Gain on sale margin for loans sold to third parties during the quarter ended September 30,2005 was approximately 93 basis points (Bps). A breakdown between prime and sub-prime margins can be found in the "Operating Statistics Table" provided later in this press release.


	•	During the third quarter of 2005, the Company transferred $977 million of self-originated ARM loans to its investment portfolio. As of September 30, 2005, the Company had an investment portfolio of $4.7 billion, of which $4.1 billion was securitized. The portfolio had an average balance of $4.2 billion during the third quarter. On October 25,2005, the Company closed a $905 million securitization, bringing the securitized portfolio to approximately $5.0 billion. The portfolio continues to consist entirely of 6 month traditional ARMs and hybrid 3 year and 5 year ARMs which do not carry a negative amortization feature.


	•	Adjusted net interest margin on the loan portfolio was 122 Bps during the third quarter, down from 145 Bps in the second quarter. Adjusted return on assets ("ROA") on the portfolio was 79 Bps in the third quarter, down from 92 Bps in the second quarter. Third quarter adjusted net interest margin and ROA were negatively impacted by increased loan basis amortization due to faster prepayment speeds.


	•	The portfolio earned $8.6 million, or $0.30 per share in adjusted earnings.


	•	As previously disclosed, the Company expects to maintain the size of its investment portfolio at approximately $5.0 billion during the fourth quarter.


	•	As previously announced, the Company expects to pay a fourth quarter dividend of $0.48 per share, unchanged from dividends paid for the first three quarters of 2005.


	•	The Company has fully assessed the impact of Hurricane Katrina on the Company's assets and, given its minimal exposure in the affected areas, it anticipates no material financial effect on the Company's business.


	•	The Company expects to report loan funding volume of approximately $8.5 to $9.0 billion in the fourth quarter of 2005, which would represent an increase of 94% to 105% over the fourth quarter of 2004.


	•	The Company expects to report sub-prime loan funding volume of approximately $900 million to $1.2 billion in the fourth quarter.