Clark Galvan
Gateway Mortgage is one of the largest privately-held mortgage companies in the US. Since its founding in 2000, the company has demonstrated consistent industry leadership and has been recognised for overall revenue growth and the creation of new jobs. In 2021, more than half of the mortgage loans Gateway Mortgage originated were for refinances, with the remaining portion (about 41%) for home purchases. The company has accumulated 170 locations nationwide and has closed more than 300,000 home loans.
| Characteristics | Values |
|---|---|
| Year founded | 2000 |
| Headquarters | Jenks, Oklahoma |
| No. of locations | 170 |
| No. of home loans closed | 300,000+ |
| No. of LinkedIn followers | 8,742 |
| Specialties | FHA, VA, Conventional, USDA, Jumbo, Construction, and Rehab loans |
| Services | Home loans, refinancing options, mortgage financing |
What You'll Learn
Gateway Mortgage Group's history and awards
Gateway Mortgage Group is a privately held mortgage company founded by Kevin Stitt in 2000. Headquartered in Jenks, Oklahoma, the company is a full-service mortgage company with licences in 40 states and the District of Columbia. It is a leading financial institution that provides banking and mortgage services for consumers and commercial customers.
Gateway Mortgage Group is a complete end-to-end mortgage banking firm that specialises in originations, servicing, and correspondent lending. The company has been recognised for its success and growth trajectory across the nation. It has received several awards, including "50 Best Places to Work" by Mortgage Executive Magazine, "Top Workplaces" by National Mortgage Professional Magazine, "Top Workplaces" by The Oklahoman, "Inc 5000" by Inc. Magazine, and "Top 100 Mortgage Companies" by Mortgage Executive Magazine.
Gateway has consistently demonstrated industry leadership and has been recognised as a leader based on overall revenue growth and the creation of new jobs. The company has been included in the Inc. 5000 list multiple times (2006, 2007, 2013, 2014, 2015, 2016, and 2017). It has also been recognised as a Top Workplace by The Oklahoman in 2013, 2014, 2015, and 2016.
The company is committed to elevating the employee experience and fostering a culture that aligns with its core values. With a focus on growth, Gateway has expanded its operations across the United States, with over 160 mortgage centres in 42 states and almost 1,600 employees. It services more than $13 billion in residential mortgages, making it one of the largest banking and mortgage operations in the country.
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Home loan and refinancing options
Gateway Mortgage, a division of Gateway First Bank, is one of the largest privately-held mortgage companies in the United States. It was founded in 2000 and has been in business for over 20 years, with 170 locations nationwide and more than 300,000 home loans closed. The company offers a range of home loan and refinancing options, including:
- FHA, VA, and USDA loans: These loans are insured or guaranteed by the government, offering flexible requirements and options for refinancing.
- Conventional loans: These are mortgages that are not backed by a government agency and typically require a higher credit score and down payment.
- Jumbo loans: Mortgages with amounts that exceed the conforming loan limits set by Fannie Mae and Freddie Mac.
- Construction and rehab loans: Financing options for building or renovating a home, including single-close and 203k loans.
- Rate-and-term refinancing: This option allows you to change your mortgage interest rate, loan term, or both. It is a popular choice when interest rates are lower and can help lower monthly payments or pay down the loan faster.
- Cash-out refinancing: This option allows you to borrow against your home equity, providing additional cash that can be used for various purposes, such as home improvements or tuition costs.
- No-cash-out refinancing: This option primarily involves refinancing the remaining unpaid balance on your mortgage to lower your mortgage rate or build equity faster.
- Streamline refinancing: Available with FHA, VA, or USDA loans, this option provides a faster route to a new mortgage with less paperwork and underwriting.
- No-closing-cost refinancing: This option does not require you to pay closing costs upfront, as these fees are bundled into the new loan.
Gateway Mortgage's team of professionals is committed to providing efficient and excellent service, ensuring a positive mortgage experience for their customers.
Online application process
Gateway Mortgage is one of the largest privately-held mortgage companies in the US. It has been in business for over
Gateway Mortgage's online application process is designed to be straightforward and user-friendly. Here is a step-by-step guide to help you navigate the process:
Get Prepared
Before starting your online application, it is advisable to gather all the necessary information and documents. This includes financial information such as income and debt details. Gateway Mortgage's website offers various online resources and tools, including mortgage calculators, to help you understand your financial options and determine how much house you can afford.
Start the Application
Visit the Gateway Mortgage website and navigate to the online application section. Here, you will find detailed instructions and a checklist to guide you through the application process. Carefully review the different loan options offered by Gateway Mortgage, including conventional, FHA, VA, construction, and refinancing loans. Select the loan program that best suits your needs.
Complete the Forms
Fill out the online application forms with your personal and financial information. Gateway Mortgage's website will provide you with a printable application (PDF) that you can use as a reference to prepare all the required information. Take your time to review the forms and ensure that all the information provided is accurate and up-to-date.
Submission and Follow-up
Once you have completed the forms, submit your application online. After submission, a loan officer will contact you to finalise your application and answer any questions. They will work with you to determine the best loan option for your financial situation. Within three business days of receiving your application, Gateway Mortgage should provide you with a Loan Estimate, giving you an idea of your closing costs.
Pre-qualification Decision
After your application is complete and reviewed, you can expect to receive a pre-qualification decision within as little as one business day. This decision will give you a preliminary indication of your loan eligibility based on the information provided.
By following these steps, you can confidently navigate Gateway Mortgage's online application process. Their experienced team and range of resources are dedicated to ensuring a positive mortgage experience and helping you find the best loan option for your needs.
Loan Estimate and Closing Disclosure
When applying for a mortgage, you will receive two standardised documents: the Loan Estimate and the Closing Disclosure. These documents are designed to help you compare options when applying for a mortgage and understand the loan that you are applying for.
Loan Estimate
The Loan Estimate is a three-page document that provides important information about the mortgage loan you are considering. Your lender must provide the Loan Estimate within three business days of receiving the following information: your name, income, Social Security Number, the address and value of the property you are considering, and the loan amount you are seeking. The Loan Estimate provides the estimated costs associated with the loan you have applied for, including the total loan amount, interest rate, monthly principal and interest payment, and estimated closing costs. It is important to review the Loan Estimate carefully to understand the loan and the fees involved.
Closing Disclosure
The Closing Disclosure is a five-page form that provides final details about the mortgage loan you have selected. Lenders must provide the Closing Disclosure to borrowers at least three business days before the scheduled closing date. The Closing Disclosure outlines the loan terms, fees, and costs to ensure transparency. It includes information such as the purchase price, loan fees, interest rate, estimated real estate taxes, insurance, closing costs, and other expenses. It is important to review the Closing Disclosure thoroughly and compare it to the Loan Estimate to ensure that you understand all the terms of your loan before signing.
Comparing the Loan Estimate and Closing Disclosure
It is common for some of the numbers to change between the Loan Estimate and the Closing Disclosure. However, your total closing costs listed on the Closing Disclosure should not increase by more than 10% compared to the Loan Estimate. If there are any discrepancies or errors, it is important to contact your lender or settlement agent immediately to have them corrected.
Customer reviews
Gateway Mortgage Group, a division of Gateway First Bank, has been in business for over 20 years. It has accumulated 170 locations nationwide and closed more than 300,000 home loans. The company has a 3.7-star rating on WalletHub, while its Trustpilot rating stands at 4 stars.
However, other customers express disappointment and frustration with their experiences. Several reviews mention issues with the company's processes, including difficulties with insurance claims and problems related to credit scores and PMI removal. One customer warns that Gateway's goal is to keep borrowers in massive debt with no way out, claiming that the company engages in predatory lending practices. Another reviewer echoes this sentiment, advising others to avoid Gateway Mortgage like "the plague."
> I have done business with Gateway for over 4 years. My loan is and always has been in good standing, no late payments... I was notified tonight that they sold my loan off to a company called LoanCare, LLC... If this is how Gateway treats their customers, they need to be put out of business.
> Awesome customer service. They are with you every step of the way. Very friendly and knowledgeable. Such a pleasure to do business with... Our interest rate is higher than what we wanted... We would like to refinance sooner rather than later...
> After 2 years, I had enough. I refinanced my home and did not use Gateway. My escrow refund was substantially less than what I had paid in, and there was no clear answer on where the funds went... Run the other way.
> We were all ready to buy our new house. Lender Brad stated the credit would not be run again... However, we were deceived. The credit was run, our score dropped, and our funding fell through.
Frequently asked questions
Gateway Mortgage is one of the largest privately-held mortgage companies in the US. It has been in business for over 20 years, accumulating 170 locations nationwide and more than 300,000 home loans closed.
Gateway Mortgage has an online application process that allows you to start an application from any state. You can also make secure payments and manage your account digitally.
Once you've submitted your application, Gateway Mortgage should provide a Loan Estimate within three business days, giving you an idea of your closing costs. A loan officer will then contact you to finalise your application and help determine the best loan option for you.
Gateway Mortgage offers a range of home loan and refinancing options, including FHA, VA, Conventional, USDA Rural Development loans, and First Time Homebuyer Grants.
