TULSA, OK – Gateway Mortgage Group, a privately held mortgage company providing conventional, FHA and VA loans through 50 retail branches nationwide, has launched a correspondent lending division to purchase closed mortgage loans from banks, credit unions and independent mortgage bankers. Gateway brought on Scott Henley, Molly Reed Davis and Linda Garloch to spearhead the new unit.
Gateway’s new division was created to acquire conforming FHA, VA and USDA loans from approved correspondents and retain servicing rights on the loans. Some of the nation’s largest banks have begun to retreat from the correspondent lending channel in response to the implementation of Basel III requirements or as a strategic de-emphasis on the current mortgage market. By selling loans to Gateway, depository institutions are ensured that their primary relationships with the borrower, including deposits, personal loans and credit cards, will not be in jeopardy since Gateway is not a competitor for those products.
“Gateway is entering the correspondent lending space at a time when some major banks have scaled back or exited the channel altogether, which leaves originators with fewer options in the secondary market,” said Scott Henley, vice president of national production for Gateway Mortgage Group. “The limited resources have led to frustrations and delays in getting loans sold to investors. Gateway alleviates this issue by acting as an additional loan sale outlet to financial institutions and mortgage bankers.”
Gateway hired Henley, Molly Reed Davis as chief credit and compliance officer and Linda Garloch as correspondent operations manager to oversee the new division. Henley, Davis and Garloch have more than 50 years of combined industry experience with expertise in correspondent and retail lending. The new correspondent lending team has held a variety of senior level positions at companies such as Bank of America, MetLife, Citi Mortgage, Cornerstone Mortgage, Freddie Mac and Countrywide Financial.
“Our new correspondent division not only enables Gateway to grow its servicing portfolio, but also diversify the geographic areas in which it services loans. We are confident in our new correspondent lending team and sure that Scott, Molly and Linda will bring us success in this new market,” said Kevin Stitt, president of Gateway Mortgage Group.
About Gateway Mortgage Group
Founded in 2000, Tulsa, Okla.-based Gateway Mortgage Group is a complete end-to-end mortgage company that offers conventional, FHA, VA, Section 184 and USDA loans. The company currently services over $1.3 billion in residential mortgages. In addition to its new correspondent lending channel, Gateway has a retail-lending platform across 25 states and a recently launched default servicing group. For more information about Gateway, visit www.gatewaycorrespondent.com.