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Gateway Mortgage Group Launches Default Services Division

""Gateway Mortgage Group"":http://www.gatewayloan.com/ is a privately held mortgage bank based in Tulsa, Oklahoma, providing conventional, Federal Housing Administration (FHA), and Veterans Affairs (VA) loans through 50 retail branches nationwide.
[IMAGE] The company announced Thursday that it has developed an in-house subservicing unit focused on the specialty and default servicing of FHA and VA loans and hired Kevin Osuna to direct the new operation.

Due to more stringent government loan requirements and increased oversight by regulators, Gateway says small servicers have experienced problems with traditional subservicers, such as high delinquency ratios under Ginnie Mae, high FHA curtailments, low workout ratios, and challenges with conveying properties to FHA.

Gateway's new division was created to provide small servicers and community institutions with high-touch expertise in specialty and default servicing for FHA and VA loans.

The company says its subservicing unit reduces risk for servicers working with government loans and provides a

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viable servicing solution for community institutions that allows them to retain their customer relationships.

""In 2008 Gateway decided to retain our servicing in house to keep the entire lending relationship from origination through servicing under our roof to ensure quality service for our borrowers,"" said Kevin Stitt, president of Gateway Mortgage Group.

Stitt continued, ""We now want to use our experience to provide smaller companies with an alternative to traditional subservicers, offering the expertise and performance of a large organization with the personal care of a smaller institution.""

To oversee the venture, Gateway tapped Osuna as VP of default services. In this role, he is responsible for enhancing and expanding Gateway's default management division.

Prior to joining Gateway, Osuna spent 15 years in the default management department of a top five FHA servicer. He has managed each of the functions within default management, most recently overseeing collection and loss mitigation strategies while serving as SVP of default and credit risk management.

""In speaking to various industry participants, it became clear that traditional subservicers and small community banks were struggling with FHA default servicing requirements,"" said Osuna.

""Gateway has the knowledge and proven processes to remove this burden from small servicers and mitigate the risks, such as findings and penalties on FHA claims or audits,"" Osuna added. ""I am happy to lead Gateway's default services Division and look forward to the impact it will have on the market.""

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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