MortgageIT Holdings Prices IPO at $12.00 Per Share

MortgageIT Holdings Prices IPO at $12.00 Per Share 


NEW YORK, July 29  /PRNewswire-FirstCall/ -- MortgageIT Holdings, Inc.
(NYSE:MHL), a residential mortgage company organized as a real estate
investment trust (REIT), announced the pricing of its initial public offering
of 14.6 million shares of its common stock at $12.00 per share, raising total
gross proceeds of $175.2 million. All the shares being issued in this offering
are primary shares that are being sold by the Company.  The Company will use
the proceeds from the shares sold to fund and retain in portfolio high quality
single-family and hybrid adjustable rate (ARM) loans, and for general corporate
purposes.

The shares will commence trading on Friday, July 30, 2004, on the New York
Stock Exchange under the symbol "MHL."

The offering was led by UBS Investment Bank and Merrill Lynch & Co. Piper
Jaffray & Co., JMP Securities LLC, M.R. Beal & Co., Flagstone Securities, LLC,
and Ryan Beck & Co. served as co-managers. In addition, the underwriters will
have a 30-day option to purchase up to 2,190,000 additional shares of common
stock from the Company solely to cover over-allotments, if any.

A registration statement relating to these securities has been declared
effective by the Securities and Exchange Commission. This press release shall
not constitute an offer to sell or a solicitation of an offer to buy, and there
shall not be any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or jurisdiction.

Copies of the final prospectus related to the stock offering can be obtained
directly from:

The Prospectus Department, UBS Securities LLC, 299 Park Avenue, New York, NY
10171 or from the offices of Merrill Lynch & Co., 4 World Financial Center, New
York, NY 10080.

About MortgageIT Holdings, Inc.

MortgageIT Holdings, Inc. is an internally managed, newly formed real estate
investment trust (REIT) intended to continue and expand the business of
MortgageIT, Inc. (MortgageIT), which the Company has acquired concurrent with
the offering. MortgageIT is headquartered in New York and operates 33 retail
branches and wholesale lending offices.  The Company is licensed to originate
mortgage loans throughout the United States.  The Company originates single-
family mortgage loans of all types with a particular focus on prime adjustable
rate (ARM) loans and fixed rate first lien residential mortgage loans. 

DATASOURCE: MortgageIT Holdings, Inc.



CONTACT:  Anthony Herrling of Brainerd Communicators, Inc.,

[phone], for MortgageIT Holdings, Inc.

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