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Wyndham Capital Mortgage is a digital lender based in Charlotte, North Carolina. The company was established in 2001 and now provides mortgage financing in 46 states and the District of Columbia. Wyndham says it has funded mortgages worth more than $18 billion and provided services for more than 60,000 customers.
Wyndham emphasizes several features:
Customers who use Wyndham’s preferred settlement agents can “save the origination fee others charge.” The company estimates that the national average origination fee is $995.
The company offers a $10,000 limited guarantee to assure that loans close on time.
Wyndham is an online lender without a traditional branch network. The company says, “we've cut waste from the traditional mortgage process and passed the savings on to you.”
The company describes itself as “a digital home lender that gives homeowners more buying power than high-cost, outdated mortgage lenders. With advanced technology and expert guidance, we deliver a fast, painless experience from application to close.”Wyndham has unusually high ratings on several major review sites. Additionally, it has a B+ rating with the Better Business Bureau of Charlotte, North Carolina. The company has been registered with the BBB since 2002 and as of this rating, has had 358 reviews with a five-star average. It has also had 16 complaints in the last three years, seven of which have been closed in the past 12 months.
Available in 46 U.S. states and the District of Columbia; not available in Hawaii, Massachusetts, New York and North Dakota
Minimum credit score
Specific credit requirements were not available.
Wyndham says lenders typically focus on four areas.
Income and debts. Lenders will check monthly income and recurring debts to determine the borrower’s debt-to-income (DTI) ratio. Recurring debts can include such costs as required payments for credit cards, auto loans, student debt and housing costs.
Assets. A borrower’s assets include cash on hand, mutual fund balances, retirement account balances, stocks, bonds, etc.
Credit score and credit record. Lenders want to verify that the borrower has the financial ability to repay the debt and actually make full and timely payments.
Loan-to-value (LTV) ratio. Lenders want borrowers to have skin in the game in the form of a down payment, equity if refinancing, or backing by a strong third party, such as the FHA, VA or a private mortgage insurance company. They will want an appraisal or automated valuation.
Conventional fixed-rate mortgages, adjustable-rate mortgages (ARMs) and home equity loans; refinancing options include rate-and-term refinancing and cash-out refinancing
Because it does not have a traditional branch banking system, it has lower operating costs
Can apply for mortgage financing online
Has a live follow-up system — once an application is started online, borrowers are connected with a licensed mortgage loan officer to discuss any questions regarding the application
Cannot apply for financing in person
No local brick-and-mortar branches
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