TULSA, OK – Gateway Mortgage Group, a privately held mortgage company offering originations, servicing and correspondent lending, has grown its correspondent lending services among community financial institutions. Gateway launched the division in March to acquire Conforming, FHA, VA, Section 184 and USDA loans from approved correspondents and retain servicing rights on these loans.
Financial institutions can partner with and sell loans to Gateway with the reassurance that banks and credit unions’ primary relationships with borrowers are not jeopardized since Gateway is not a competitor for deposits, personal loans and credit cards. The expansion of services gives community financial institutions an additional choice for correspondent lending, a market many big banks no longer serve.
Little Rock, Ark. – based Bank of the Ozarks, with $3.76 billion in assets, signed on in March as Gateway’s first correspondent client and has since sold more than 70 loans to Gateway. Bank of the Ozarks was in need of a new correspondent investor once some of the major banks exited the space leaving its depth of investors weakened.
“When vetting other correspondent groups to work with, the personal nature of relationships was almost non-existent, and the speed and execution of files was unacceptable,” said D.J. Wells, executive vice president of Mortgage Lending at Bank of the Ozarks. “We found Gateway brought a personal relationship and a level of service that enabled us to provide a quicker response and more competitive pricing to our borrowers. We know a deal will be taken care of when we sell to Gateway – it’s a win-win for both sides.”
Texas Tech Federal Credit Union, headquartered in Lubbock, Texas, was another one of Gateway’s earliest correspondent clients. The credit union has more than 18,000 members, $75 million in assets and has sold 26 loans to Gateway since the partnership began in April. TTFCU started its mortgage division in 2011 and was in need of an additional sales outlet as the customer base and loan portfolio grew.
“When looking for investors, our goal was to find one that could focus on an institution our size,“ said Jay Herrin, mortgage team manager of TTFCU. “Gateway fit our needs and the partnership was everything we anticipated, which in turn has resulted in a more personal relationship and higher service level for our members. When given the option between multiple investors, Texas Tech locks in loans with Gateway since their pricing is better, the purchase process is streamlined and their service levels are very high.”
“Our increased focus on correspondent lending for community financial institutions has provided us the opportunity to build successful, lasting relationships that enable us to grow our servicing portfolio and continue our success within the correspondent division,” said Kevin Stitt, president of Gateway Mortgage Group.
About Gateway Mortgage Group
Founded in 2000, Tulsa, Okla.-based Gateway Mortgage Group LLC is a complete end-to-end mortgage banking firm that specializes in originations, servicing and correspondent lending. The company services more than $1.8 billion in residential mortgages through its in-house servicing, subservicing and default servicing channels. For more information about Gateway Correspondent Lending, visit www.GatewayCorrespondent.com.