Wyndham Capital Mortgage Mortgage Review 2020
By Peter G. Miller
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Bankrate Score
3.5
0.0
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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.”
Nationwide availability
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.
Loan types
Conventional fixed-rate mortgages, adjustable-rate mortgages (ARMs) and home equity loans; refinancing options include rate-and-term refinancing and cash-out refinancing
Pros
- 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
Cons
- Cannot apply for financing in person
- No local brick-and-mortar branches
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Wyndham Capital Mortgage overview
Loan types
- Conventional fixed-rate mortgages
- Adjustable-rate mortgages (ARMs)
- Home equity loans
- Refinancing including rate-and-term refinancing and cash-out refinancing
Lender fees
Not availble.