Subject: Gateway Mortgage Group LLC Official Press Release:
CONTACT: Sarah
Lewis
Media Contact for Gateway Mortgage Group
- Experiences
heavy growth after one year of in-house
portfolio management
TULSA,
Okla., Dec. 14, 2011 – Gateway Mortgage Group, a privately held mortgage bank
providing conventional, FHA and VA loans through 50 retail branches nationwide,
announced today that its servicing portfolio has grown to $1.2 billion in
volume.
In 2010, Gateway
executives decided to build the infrastructure to retain servicing in-house and
end its reliance on the five large aggregators in order to provide borrowers
with high service levels throughout the lending relationship. The company
developed thorough policies and processes, brought on staff with extensive
experience in areas such as collection, loss mitigation, and escrow analysis
and worked with GCC Servicing Systems to create the internal platform. Within a
year, the company had grown its portfolio to more than $1 billion, which was
managed by 19 employees.
“We wanted to originate, fund, close
and maintain loans for our borrowers instead of selling them off to a big box
lender. Keeping it in-house was the only way to ensure great service,” said
Kevin Stitt, president of Gateway. “As Basel III changes the role of large
depository institutions in the servicing arena, lenders will be forced to
either build in-house departments or select a sub-servicer. We were ahead
of the curve in this move. With 90 percent of the country’s loans being serviced
by five organizations, we felt it was important to bring diversity to the
landscape while offering better service to our customer base.”
In addition, since bringing servicing
in-house the company’s delinquency ratios have decreased year over year by
three percent.
“Relying on larger
lenders to service our loans, we had no control of the process and couldn’t
ensure a great experience for our customer. Handling the servicing ourselves
enables us to implement new, innovative ideas for working with borrowers,” said
Stitt. “Not only is this good for our business, but for the industry and
economy as a whole.”
Founded in 2000, Tulsa, Okla.-based Gateway Mortgage Group is a complete
end-to-end mortgage banking firm that offers conventional, FHA, VA, Section 184
and USDA loans through a network of more than 50 retail branches across 25
states. Through Gateway’s personal approach and strong dedication to its
borrowers and local communities, the company helps customers make sound
financial decisions with the right loan product to meet their needs.
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