Gateway Mortgage Group Review
About Gateway Mortgage Group LLC
Founded in February 2000, Gateway Mortgage Group has become one of the largest privately held mortgage companies in the country with offices in more than 23 states. As a national, industry leading mortgage banker, Gateway serves the needs of thousands of customers and their billions of dollars’ worth of mortgage loans. Gateway Mortgage Group believes strongly in its obligation to demonstrate leadership at a local, national and global level. It’s about Communities, Families and Homes.
What they're saying about Gateway Mortgage Group LLC
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The entire process was quick. John was there to answer any question and concerns I had. Thank you John
Quick and painless
Quick and painless
Loved working with Victor. He was always quick to respond and help when needed. We are very pleased with the whole process and look forward to our relationship with Gateway.
I opened a mortgage with Gateway in 2014 and had great experience with the up until this year. When I opened the loan, I was told it would not be sold and they would maintain my loan for the duration. This year I have been working to refinance my loan as many homomers are right now. The agent I am working with is extremely unresponsive to all forms of communication. Multiple unreturned calls, unanswered emails, unanswered text messages. I am very disappointed in how my refinance is being handled. After I requested a refinance, I learned that my loan was sold off to another servicing company. I have lost confidence with Gateway Mortgage.
Victor provided exemplary service. We most appreciated Victor’s honesty and his commitment to our loan. Victor was upfront and honest and would respond to our communications quickly and thoroughly. Victor was very responsive and never procrastinated in any step of our loan process. We were able to upload all requested documents securely online. The loan process was extremely smooth. Victor was able to close our loan in an unheard of 28 days without any hiccups. We were very pleased with Victor’s services.
Working with Victor was a pleasure. Communication was quick and reliable. When we had questions, Victor answered them in a timely way. And most importantly, we closed on schedule and without and hiccups.
Excellent - highly recommended.
Excellent - highly recommended.
What is Gateway Mortgage Group?
Gateway Mortgage Group touts itself as one of the nation’s largest private mortgage companies. In 2018, it funded more than 29,000 mortgage loans totaling $6.1 billion.
The company was founded in 2000 and has more than 1,100 employees across 160 offices nationwide. Gateway’s headquarters are in Jenks, Oklahoma.
Working with Gateway Mortgage Group
Gateway offers its mortgage products in 40 states and Washington, D.C.:
- New Jersey
- New Mexico
- North Carolina
- North Dakota
- South Carolina
- South Dakota
- West Virginia
The company specializes in mortgage products and does not issue other types of loans. Gateway provides financing for the following types of properties:
- Single-family homes
- Multi-family homes
- Manufactured double-wide homes
- Planned-unit developments (PUDs)
- Approved condominium projects
- Second homes
- Investment properties
Gateway offers multiple loans for buyers with varying credit needs; however, its website does not indicate the minimum credit score required for the company’s products.
Gateway mortgage products
According to the company’s website, most loans can be refinanced. So borrowers should contact the company directly to explore additional refinance options.
The company’s website does not mention home equity loans or home equity lines of credit (HELOCs). There was no lender representative available for comment at the time of publication.
Gateway special mortgage programs
- Bonds and down payment assistance programs: Gateway addresses the challenge of coming up with a down payment by connecting buyers with the down payment assistance programs available in their state or city.
- Doctor Loan program: Borrowers in the medical profession can take advantage of flexible loan terms, including low down payments, high loan amounts and lenient debt-to-income (DTI) ratios.
- Alternative documentation loans: The company accepts non-traditional income and asset documentation under this program.
- Expanded Ratio program: Buyers with high DTI ratios but strong credit scores and down payments can qualify under this program.
- Jumbo Buster program: Gateway offers an alternative to the higher interest rates of jumbo loans by combining a first and second mortgage to finance homes above conventional loan limits.
- Non-qualifying mortgages: Gateway provides loan options to borrowers with high DTI ratios, non-traditional income or other unique situations.
- Lock & Shop program: Borrowers can lock in their rate for up to 30 days while shopping for a home.
- Down Payment Protection program: In this program, Gateway partners with PVI Agency to provide borrowers protection against losing their down payment should they need to sell their home within seven years.
The mortgage application process
- How to apply: Borrowers begin the process by contacting a local loan officer to discuss loan options. Next, you submit an application online using Gateway’s digital loan tool, LinkStep. Alternatively, customers can apply online without contacting a loan officer. You may also choose to pre-qualify for your loan as a first step and can elect to lock in your interest rate before you shop for a property.
- Disclosure process: Gateway’s digital tool, LinkStep, will be the primary way you’ll submit your information and receive loan disclosures. The platform integrates with financial institutions and major payroll providers to simplify the process of providing your documents.
- Submitting loan for approval: Once your information has been uploaded to LinkStep, the underwriting team will process your loan and request any additional information needed. The bank will also have your home appraised during this time. The underwriter typically provides a decision within one business day.
- Final approval: If approved, the bank will provide you a final closing disclosure with the final terms of your loan and the amounts you will need for closing.
- Closing: Gateway will work with you and your closing agent or attorney to schedule a loan closing.
Communication during the process
Your initial contact during the mortgage process will be your local loan officer. They will help you identify the best loan for your situation and guide you through the next steps of applying.
As your loan progresses towards closing, other team members, including the underwriting process team, will reach out to you. Much of the communication will be through the company’s digital platform, LinkStep, which will provide status updates and action steps along the way.
Pros and cons of a Gateway mortgage
- Extensive product offering. Gateway has a wide range of new purchase and refinance options.
- Special programs. The company offers multiple solutions to address borrowers’ needs.
- Low down payment options. Among its offerings, Gateway has many low- and no-down-payment loans.
- Fast loan approval. Gateway typically provides a decision within one day of receiving a complete application.
- Website and mobile app are easy to navigate.
- Not available in all states. Gateway is only licensed in 40 states and Washington, D.C.
- Loan officers not available in all licensed states. Customers in some states may have to rely on the online application.
- Not good for those who prefer a traditional mortgage process. The digital platform may be great for some but less so for borrowers who are not as tech-savvy.
- Limited home equity products. Gateway does not advertise any offerings of home equity loans or HELOCs.
Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.
The information in this article is accurate as of the date of publishing.