Deutsche Bank Cuts Workers at MortgageIT

Deutsche Bank recently laid off 580 workers at MortgageIT, its New York-based alternative-A/conventional lending affiliate, industry sources have told MortgageWire.A spokeswoman for the bank confirmed that layoffs had occurred but would not comment further. The job cuts reportedly took place Oct. 2. The spokeswoman issued a statement that says, "Deutsche Bank still maintains an active loan origination platform, but is reducing its residential mortgage origination business in line with current market conditions and industry demand." MortgageIT funds loans in multiple states through three production channels: retail, wholesale, and correspondent. All three channels are still open. The company does not service loans. Deutsche Bank can be found online at http://www.db.com.