Gateway Mortgage Group’s Servicing Portfolio Surpasses $1 Billion
- 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.”
About Gateway Mortgage Group
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. For more information about Gateway, visit www.GatewayLoan.com.
