Gateway Mortgage Group

Gateway Mortgage Group Review

Reviews: 1


Total views: 4029

Published: 10 December 2017

Posted by: Anonymously

We contracted to sell our house with a Buyer that was using Rick McCreadie (the local branch manager) of Gateway Mortgage Group (“”GMG””). The Buyer gave us a prequalification letter that clearly stated the Buyers financial capacity to qualify for this loan. The contract was signed on May 29, 2013 and set to close on June 28, 2013. We were very excited and signed a contract on a new house that would close about the same time. Two weeks into the process, we started to worry why an appraiser had not showed up yet. We were told it was a “”drive-by”” appraisal and it was already completed. My lender for my new house was immediately concerned as this was a government sponsored program which required less than 5% down. Suddenly, once he started making phone calls, an apprasier was scheduled. It took over two weeks to “”get the final appraisal completed and approved”” by GMG’s appraisal managment company. If you are counting, now we are already past the first closing date and the Buyer still hasn’t been approved by Gateway Mortgage Group’s underwriters. Then it still has to be approved by the government program which takes 24-48 hours. During this process, it takes a week to get insurance verified. Not to mention, this is the Buyer’s first home purchase; someone should have been managing this process for him. So, we are still being told by Rick McCreadie that it will close no later than July 5, 2013. Rick McCreadie decides to take a vacation for the 4th and go to the beach for the weekend (as any good American should have a right to do so). The problem is that now my contract on the new house is expiring. I’m sure that Rick, being all rested up, will have my Buyer ready to close on the 8th. Oh, wait, my Buyer’s credit report expired and now needs to be refreshed which will take a few more days, and Rick needs to gather some additional information for the government program, and closing will be delayed another week. Keep in mind that my realtor and lender were trying to stay in constant contact with Rick McCreadie throughout this process (though he often failed to return calls). “”Everything was fine”” – “”Just need a couple more days”” – “”No problem with the Buyer”” – these statements were heard often.

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