MIT Lending Opens Subprime Unit

Wholesale and correspondent originator MIT Lending has opened a subprime division headed by former Home America Lending Inc. executive Steven W. Kaplan.Mr. Kaplan, who has been named a senior vice president at MIT and director of the new division, previously was president of Home America. New Beginnings' main focus will be "aggressive risk management and aggressive lending with a variety of core and niche products from traditional subprime products to mortgage-only programs," the company said. MIT Lending is the wholesale division of MortgageIT Inc.