ITT Mortgage Corp. has shut down its...

ITT Mortgage Corp. has shut down its residential mortgage lending business as a result of intense competition in the industry. The subsidiary of ITT Diversified Financial Corp. employed 70 people at its headquarters in Sherman Oaks and branches in Sherman Oaks; Irvine; Walnut Creek, Calif., and Washington. The company provided residential mortgages through loan brokers. Peter J. Levasseur, the company president, said ITT will continue to service its outstanding loans.