Deutsche Bank Consolidates Correspondent Ops

Deutsche Bank is closing one of its correspondent lending units, choosing to consolidate it into an existing division at its MortgageIT subsidiary, sources have confirmed to MortgageWire.Deutsche Bank declined to comment, but a source close to the situation called it a "streamlining measure" by the bank. As part of the move, Deutsche will close an office in Boca Raton, Fla. The bank operated two separate units involved in correspondent loan purchases. One unit focused on mortgage bankers with a net worth of $400,000 or greater, the other on firms with a net worth below that amount. Deutsche launched its correspondent business in 2004. Last year it bought MortgageIT, a fast-growing mortgage banking firm that funds through different production channels.