MortgageIT Holdings, Inc. will hold an investor conference call to discuss its fourth quarter and full-year 2005 financial performance at 10:00 a.m. Eastern Time on Tuesday, March 7, 2006. Interested parties may listen to the live call by dialing 800-865-4415 (U.S.) or 973-935-2402 (International) and referencing the conference ID #6915241, 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, March 14, 2006, at midnight ET. The replay can be accessed by dialing 877-519-4471 (U.S.) or 973-341-3080 (International). The pass code for the replay is 6915241. 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," within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address the Company's 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, among other things, statements relating to the Company's ability to fund a fully-leveraged, self-originated loan portfolio, its anticipated loan funding volume and the Company's ability to pay dividends. These statements are based on the current economic environment and 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. Forward-looking statements are inherently subject to significant economic, competitive, and other contingencies that are beyond the control of management. The Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's 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 the Company's 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 the Company's other SEC reports. Such forward-looking statements speak only as of the date of this press release. The Company 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.

Mortgage IT Holdings and Subsidiaries

Consolidated Balance Sheets
(Dollars in thousands)


	December 31, 2005			December 31, 2004
ASSETS
Cash and cash equivalents	$	36,757		$	70,224
Restricted cash		712			1,679
Marketable securities held to maturity		3,675			7,546
Portfolio ARM Loans
ARM loans collateralizing debt obligations, net		4,681,554			1,432,692
ARM loans held for securitization, net		282			1,166,961
Total Portfolio ARM Loans		4,681,836			2,599,653
Mortgage loans held for sale		3,378,197			784,592

Mortgage backed securities available for sale		23,357			—
Hedging Instruments		54,472			19,526
Receivables, net of allowance		146,043			28,731
Prepaids and other current assets		31,262			11,693
Goodwill – IPI Merger		11,639			11,639
Property and equipment, net		13,941			5,567
Total assets	$	8,381,891		$	3,540,850

LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized debt obligations ("CDOs")	$	4,485,197		$	1,331,986
Warehouse lines payable		3,177,990			1,869,385
Repurchase agreements		87,058			67,674
Hedging Instruments		8,801			1,145

Trust Preferred Securities		77,324			—
Note Payable and other debt		15,000			15,000
Accounts payable, accrued expenses and other liabilities		176,619			63,993
Total liabilities		8,027,989			3,349,183

STOCKHOLDERS' EQUITY (DEFICIT)
Common stock		289			194

Treasury stock		(1,178	)		—
Additional paid-in capital		393,304			238,405
Unearned compensation – restricted stock		(5,889	)		(6,196	)
Other Comprehensive Income		13,225			(387	)
Accumulated Deficit		(45,849	)		(40,349	)
Total stockholders' equity (deficit)		353,902			191,667
Total liabilities and stockholders' equity	$	8,381,891		$	3,540,850

Consolidated Income Statement of Operations (Unaudited)
(Dollars and shares in thousands, except per share data)


	Three Months Ended December 31,						Year Ended December 31,
	2005			2004			2005			2004
Revenues:

Gain on Sale of Mortgage Loans	$	59,813		$	20,763		$	200,517		$	70,397
Brokerage revenues		7,886			6,739			28,065			36,283
Interest income		113,770			32,934			325,806			60,346
Interest expense		(100,282	)		(17,533	)		(256,764	)		(29,459	)
Net Interest Income		13,488			15,401			69,042			30,887
Realized (loss) gain on hedging instruments		(70	)		2,004			9,672			(7,852	)
Other		247			294			962			566
Total revenues		81,364			45,201			308,258			130,281
Operating expenses:
Compensation and employee benefits		36,095			25,155			135,146			82,077
Processing expenses		21,161			7,651			61,225			24,603
General and administrative expenses		7,758			4,707			26,875			12,321
Rent		3,357			2,008			10,614			7,670
Marketing, loan acquisition and business development		1,281			1,076			4,407			4,203
Professional fees		3,377			1,659			10,615			3,510
Depreciation and amortization		1,739			770			4,360			2,726
Total operating expenses		74,768			43,026			253,242			137,110
Income (loss) before income taxes		6,596			2,175			55,016			(6,829	)
Income (Benefit) taxes		(938	)		413			14,669			1,617
Net Income (loss)		7,534			1,762			40,347			(8,446	)
Dividends on convertible redeemablepreferred stock, accrued and unpaid		—			—			—			3,947
Net income (loss) attributable to common stockholders	$	7,534		$	1,762		$	40,347		$	(12,393	)

Earnings per Share:
Basic	$	0.27		$	0.09		$	1.69		$	(1.46	)
Diluted	$	0.26		$	0.09		$	1.66		$	(1.46	)

Number of Shares:
Basic		28,354			19,405			23,887			8,517
Diluted		28,432			19,760			24,258			8,517

Segment Financial Results for the Fourth Quarter of 2005


	Mortgage Banking						Portfolio				Consolidated
($ thousands − except EPS)	Amount			EPS			Amount		EPS		Amount			EPS
After tax (loss) earnings prior to elimination		(696.00	)		(0.02	)		9,020		0.31		8,324.00			0.29
Elimination (1)		(3,075.00	)		(0.11	)		2,285		0.08		(790.00	)		(0.03	)
After tax (loss) earnings net of elimination		(3,771.00	)		(0.13	)		11,305		0.39		7,534.00			0.26
Adjustment for after tax impact relating to FAS133 (2)		0.00			0.00			1,200		0.05		1,200.00			0.05
Adjusted (Loss)/Earnings		(3,771.00	)		(0.13	)		12,505		0.44		8,734.00			0.31

Segment Financial Results for the Year ended December 31, 2005


	Mortgage Banking						Portfolio						Consolidated
($ thousands − except EPS)	Amount			EPS			Amount			EPS			Amount			EPS
After tax (loss) earnings prior to elimination		19,999.00			0.82			34,492.00			1.42			54,491.00			2.24
Elimination (1)		(20,973.00	)		(0.86	)		6,829.00			0.28			(14,144.00	)		(0.58	)
After tax (loss) earnings net of elimination		(974.00	)		(0.04	)		41,321.00			1.70			40,347.00			1.66
Adjustment for after tax impact relating to FAS133 (2)		(629.00	)		(0.03	)		(3,941.00	)		(0.16	)		(4,570.00	)		(0.19	)
Adjusted (Loss)/Earnings		(1,603.00	)		(0.07	)		37,380.00			1.54			35,777.00			1.47


(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	Sept 30	Dec 31
Mortgage Banking Metrics
Loan volume ($ millions)	$4,340	$6,389	$9,249	$9,244
% Purchase	51%	56%	48%	47%
% Refinance	49%	44%	52%	53%
% Funded in MortgageIT name (banked)	92%	93%	95%	96%

Held for sale warehouse balance (avg) ($ millions)	$1,500	$2,139	$3,655	$4,828
Warehouse weighted average coupon	6.33%	5.87%	5.24%	5.59%
Warehouse borrowing cost	3.33%	3.74%	4.36%	4.95%
Warehouse net interest margin	3.00%	2.13%	0.88%	0.64%

Number of production branches	51	53	58	54

Gain on sale on total loans sold to third parties (bps)	105	114	93	71
Gain on sale prime loans sold to third parties (bps)	97	93	80	70
Gain on sale sub-prime loans sold to third parties (bps)	186	227	175	75

Gain on sale on loans transferred to portfolio (bps)	87	70	78	66
Margin on loans brokered (bps)	133	116	128	122

Loan Portfolio Metrics
Average loan assets in portfolio ($ millions)	$2,786	$3,404	$4,197	$4,804

Weighted average coupon of loans	5.12%	5.17%	5.37%	5.41%
Scheduled loan basis amortization	0.21%	0.22%	0.28%	0.26%
Incremental loan basis amortization due to higher prepayment rates	—%	0.05%	0.08%	0.00%
Net weighted average coupon	4.91%	4.90%	5.01%	5.15%

Interest expense (net of hedging)	3.07%	3.62%	3.93%	4.19%
FAS133 adjustment	—%	-0.17%	-0.14%	-0.10%
Adjusted net interest margin	1.84%	1.45%	1.22%	1.05%

General and administrative (includes servicing expense)	0.41%	0.44%	0.34%	0.07%
Credit provision	0.09%	0.09%	0.09%	0.09%

Adjusted loan portfolio return on assets	1.34%	0.92%	0.79%	0.90%
Adjusted loan portfolio return on assets prior to increased prepayments	1.34%	0.97%	0.87%	0.90%

Credit Reserve for HFI Portfolio
Credit reserve balance	0.05%	0.06%	0.07%	0.09%

60 to 89 days past due	0.06%	0.11%	0.26%	0.26%
Over 90 days past due	—%	—%	0.04%	0.12%
Foreclosure	0.04%	0.17%	0.13%	0.09%
Total past due and foreclosure	0.10%	0.28%	0.43%	0.47%


•	Earns GAAP net income of $1.66 per diluted share, or $1.47 on an adjusted basis for 2005


•	Guides to $6.0 to $6.5 billion in first quarter 2006 funding volume


•	For the fourth quarter ended December 31,2005, MortgageIT, Inc., the Company's mortgage banking subsidiary, had a pre-tax loss of $1.6 million. After-tax loss, prior to eliminations, totaled $0.7 million. Net of tax and the elimination of the gain on sale relating to $519.1 million of loans transferred to the REIT portfolio, the mortgage bank lost $3.8 million or $0.13 per share.


•	Gain on sale margins for loans sold to third parties during the quarter ended December 31,2005 was approximately 71 basis points (bps). A review of prime and sub-prime margins can be found in the "Operating Statistics Table" provided later in this press release.


•	During the fourth quarter of 2005, the Company transferred $519.1 million of self-originated ARM loans to its investment portfolio. As of December 31, 2005, the Company had an investment portfolio of approximately $4.7 billion plus approximately $23.4 million of self-originated mortgage backed securities. The portfolio had an average balance of $4.8 billion during the fourth quarter of 2005.


•	The Company's investment portfolio earned $12.5 million or $0.44 per share in adjusted earnings during the fourth quarter of 2005.


•	As previously reported, the significant pressure on sub-prime gain on sale margins and the consolidation of that business unit negatively impacted fourth quarter earnings by approximately $0.15 per diluted share.


•	The Company now expects to fund approximately $150 million to $200 million of sub-prime loan volume during the first quarter of 2006. Also, the Company expects future sub-prime loan volume not to be a material component of its total originations as the Company will have substantially exited the wholesale sub-prime business by the end of the first quarter of 2006.


•	During the first quarter of 2006, the Company continues to reduce its sub-prime staff and operations. These further reductions, along with the disposition of the remaining sub-prime loans, will negatively impact first quarter 2006 earnings by approximately $0.25 to $0.30 per share.


•	The Company expects to report a consolidated net loss for the first quarter of 2006, due to expected losses at our mortgage bank, substantially driven by the sub-prime business.


•	The Company expects to pay a first quarter dividend of $0.25 per share.


•	The Company expects the average balance of its investment portfolio to be approximately $5.0 billion during the first quarter of 2006.


•	The Company expects to report loan funding volume of approximately $6.0 to $6.5 billion in the first quarter of 2006, which would represent an increase of 38% to 50% over the first quarter of 2005.