Kevin Stitt has a remarkable American story, starting an Oklahoma business – Gateway Mortgage – with limited resources and turning it into an award-winning, nationwide mortgage company that employs 1,200 individuals across 41 states, all by the age of 45. Kevin Stitt is known for his forward-leaning leadership style and his success in problem solving and casting vision that creates long-term stability and growth.
Since 2012, Gateway has been recognized more than 15 times for its success, growth and corporate culture. Gateway Mortgage Group was recently named to the Inc. 5000 list for the 7th time. This prestigious honor solidifies Gateway’s place among the elite successful private companies in the nation. Gateway is also recognized for having a foreclosure rate that is 50 percent below the national average.
Gary Richardson launched a shady effort to deceive and mislead the public with accusations and sensational headlines about Kevin Stitt and Gateway Mortgage. What a typical politician! Gary Richardson is desperately trying to distract from his clear record of abandoning the Republican Party in 2002 and handing the governor’s office to the Democrats. Richardson is misrepresenting facts, treating allegations as statements of fact, and intentionally mischaracterizing situations to deceive the public. Below is a fact check to address his allegations and set the record straight:
Accusation: Kevin Stitt and Gateway were fined and banned in over 10 states.
Truth: Kevin Stitt and Gateway have NOT been fined and banned in over 10 states. Kevin Stitt started Gateway in 2000, building it from the ground up. Today, the company operates in 41 states and continues to grow.
In the state of Georgia, a routine examination by the Georgia Department of Banking in 2008 found violations “by staff in the Georgia office.” Kevin Stitt took immediate action to dismiss the employees involved. Since Georgia, Gateway has grown and received license in 25 additional states and the District of Columbia, and remained licensed in 16 other states, due to the company’s solid reputation with regulators. You can read more about this in an article published by the Tulsa World.
Kevin Stitt requires routine internal reviews at Gateway to maintain efficiency and accountability of his 164 field offices’ operations and budgets. These field offices are the equivalent of small businesses across America, and the audits allow him to catch poor business performance or bad actors in the early stages so that the company can take swift, corrective action. It is time we require this type of transparency, accountably, and efficiency in state government!
Accusation: Gateway Mortgage took federal bailout money.
Truth: Kevin Stitt and Gateway Mortgage have NOT pursued any federal bailouts nor accepted any federal money as part of TARP to sustain the business.
The Troubled Asset Relief Program (“TARP”) was established in 2008 as part of the Emergency Economic Stabilization Act of 2008. Gateway did NOT participate in this program or receive capital infusion funds under this program.
Accusation: Kevin Stitt was involved in the 2008 mortgage crisis.
Truth: Kevin Stitt’s leadership skills to process the issues facing the industry during the mortgage crisis, and implement changes, is what allowed Gateway to grow and thrive while his competitors were closing their doors. The U.S. subprime mortgage crisis that lasted between 2008 and 2010 resulted in regulators, both on the state and federal level, changing and updated requirements to conduct business in the banking sector. Instead of abandoning the mortgage space, like others did or were forced to do during this time, Kevin Stitt expanded the mission of Gateway. One of those significant changes came when the company obtained approval during this time from Fannie Mae and Ginnie Mae to begin servicing mortgage loans and issuing securities in-house.
Accusation: Kevin Stitt and Gateway Mortgage have been sued for sexual discrimination and sexual harassment.
Truth: Kevin Stitt has never been personally accused of sexual discrimination or sexual harassment. Gateway has never had a court issue a judgement with findings of harassment or wrongful behavior. Roughly 62 percent of Gateway’s employees are women.
Accusation: Gateway Mortgage was named one of the “top shadiest mortgage companies” in a Business Insider article.
Truth: Since 2012, Gateway has been recognized 15 times for its success, growth and corporate culture. Gateway Mortgage Group was recently named to the Inc. 5000 list for the 7th time. This prestigious honor solidifies Gateway’s place among the elite successful private companies in the nation. Gateway has received several other recent awards that also promote the company’s culture of growth, family, and purpose: “Inc. 5000” by Inc. Magazine, “Top 100 Mortgage Companies” by Mortgage Executive Magazine, “Top Workplaces” by both National Mortgage Professional Magazine and The Oklahoman. Gateway is also recognized for having a foreclosure rate that is 50 percent below the national average.