::: Pro-Business :::
Thursday, August 28, 2008
You are here: Branch Info
   
CURRENT TURN TIMES - NEW SUBMISSIONS 48 HOURS - CONDITIONS 72 HOURS
BECOME A BRANCH
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All you need to do is fill out this APPLICATION, and send it in.  One of our representatives will contact you!
PAYROLL
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We do the entire back end bookkeeping and accounting for each of our branch partners.  Our staff of professional accountants and HR personnel have years of knowledge and experience to help you run your branch. This allows our branch managers to spend their time on revenue producing activities. 

     Each loan is deposited into your branch account.  We pay all your rent, utilities, phone bills, credit reports, etc. out of your account.  We handle all payroll, end of the year accounting, 941 quarterly returns, W-2’s, and business expenses all broken down on easy to read profit and loss reports.

     We allow all our branch partners to expense all business related items pretax.  This allows you to use pretax dollars to pay for office supplies, rent, telephone, credit reports, office equipment etc.  A lot of companies force you to pay for these items with after tax dollars costing you thousands of dollars every year.

Payroll is done every other Friday. Commissions are paid on loans that have been received by accounting and cleared by compliance department at least 5 business days prior to pay day.
 
MISSION STATEMENT

Core Ideology

  • "We exist to provide value to our loan officers"
  • Treat each employee with dignity and respect
  • Honesty, Integrity, and Ethics is all aspects of business
  • Work Hard, yet Keep it Fun
  • To make their lives better;  Via more products, smoother systems, and easier work flows.  All else is secondary
    

Purpose

  • To give our employees the greatest opportunity to grow professionally, personally, and spiritually.
  • Create a fun work environment where we continually exceed our customer's expectations.

Hedgehog Concept

  • To give experienced loan officers more money, more fun, and more control.
IN-HOUSE PRODUCTS
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  • Government FHA & VA (manual underwrites accepted)
  • Conventional Fannie Mae & Freddie Mac 
  • Conventional Expanded Levels
  • Lender Paid Mortgage Insurance
  • Jumbos

 
COMPENSATION
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Gateway Mortgage Group extends 100% commissions on Banked as well as Brokered loans. Our Branch Partners are charged a per loan fee based on schedule below.


NEED TO INSERT THE IN NETWORK/OUT OF NETWORK FEE SCHEDULE HERE

In Network Lenders are:
Gateway Mortgage Group LLC

Out of Network Lenders are:
Any other of the 200 plus wholesale companies we currently have set up.

There are no other hidden charges or additional fees. Here is an example.

Based on funding  a total of 1 loan for the month on the In Network

You Collect:

Origination/Mortgage Broker Fee         = $1400.00
Processing Fee                                  = $350.00
Application Fee                                  = $250.00
Yield Spread Premium                        = $2800.00

The total fees that you collected are $4,800.00. Gateway would assess a transaction fee of $399.00.  You keep the rest.  That means that on a loan where you made $4,800.00; we paid you $4,800.00 and deducted a transaction fee of $399.00, which leaves you with $4,401.00.

This $399.00 covers our overhead costs such as accounting, monthly audits for compliance, licensing, etc.  We are able to keep our fees low because of the large amount of volume our branch partners produce.

If this deal was your 11th funded loan for the month on In Network you would only pay 199.00 per loan which means this deal would have paid you 4631.00!

Based on funding  a total of 1 loan for the month on the Out of Network

You Collect:

Origination/Mortgage Broker Fee         = $1400.00
Processing Fee                                  = $350.00
Application Fee                                  = $250.00
Yield Spread Premium                        = $2800.00

The total fees that you collected are $4,800.00.  Gateway would assess a transaction fee of $699.00. You keep the rest. That means that on a loan where you made $4,800.00; we paid you $4,830.00 and deducted a transaction fee of $699.00, which leaves you with $4,101.00.

This $699.00 covers our overhead costs such as accounting, monthly audits for compliance, licensing, etc. We are able to keep our fees low because of the large amount of volume our branch partners produce.

If this deal was your 11th funded loan for the month on Out of Network you would only pay $399.00 per loan which means this deal would have paid you $4431.00!
 
 


 
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