Wyndham Capital Mortgage

Last updated
Wyndham Capital Mortgage Inc.
Company type Subsidiary
Industry Financial services
Founded2001;23 years ago (2001)
FounderJeff Douglas
DefunctApril 3, 2023 (2023-04-03)
FateAcquired
Successor SoFi
Headquarters
Charlotte, North Carolina
,
United States
Area served
United States (28 states) [1]
Key people
Jeff Douglas (CEO)
Ben Cowen (COO)
Jeremy Abig (CFO, CPA)
Products Mortgages
ServicesResidential mortgages
Revenue$44.4 million (2012) [1]
Number of employees
650 (2023)
Parent SoFi
Website wyndhamcapital.com

Wyndham Capital Mortgage Inc. was an American mortgage company based in Charlotte, North Carolina, providing residential mortgage loans through a direct-to-consumer, online lending model. The company was acquired by San Francisco-based personal finance company, SoFi, in April 2023.

Contents

Wyndham Capital’s utilized online technology to serve its customers and loan officers. However, unlike a number of other lenders that used online technology, Wyndham Capital processes, underwrites, closes, and funded all of its loans internally. [2] The loan process was paperless, through a secure loan portal with e-signature technology that helped to streamline the loan process. [3]

Before being acquired in 2023, Wyndham Capital was one of only 11 LendingTree Certified Lenders Nationwide. [4] It was also the only lender on LendingTree's network with 100% of its Professional Mortgage Consultants certified. [5]

The company had Professional Mortgage Consultants licensed in a number of different states, including Alabama, Arizona, California, Colorado, Connecticut, Washington, D.C., Florida, Georgia, Kansas, Illinois, Indiana, Maine, Maryland, Michigan, Minnesota, New Hampshire, New Jersey, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, Washington, and West Virginia. [6]

History

The founder Jeff Douglas had the idea for this company while working as an account manager at LendingTree from May 2000 to March 2001. During that period, the online mortgage business was growing exponentially, and he saw an opportunity in this business to combine industry leading rates and fees with the level of service expected from a neighborhood lender. In launching Wyndham, Douglas adopted an aggressive strategy of offering interest rates below those of other lenders, reasoning that the company could make up the difference by facilitating a higher volume of loans. In 2002, the company became part of LendingTree's network of lenders, [7] where it became one of the Top 20 lenders. [2] In 2004, the company started to invest in an automation process, creating a completely paperless workflow by the year 2005. This helped to minimize its environmental footprint and create a better efficiency for loan transactions. [8]

In 2008, the company changed its business model from a mortgage broker to a fully operational mortgage banking center that would process, underwrite, close, and fund all of its loans internally. [9] The change proved successful and the company managed to grow considerably during a slow market period [10] (429% growth in the years 2009 - 2012, from $8.4 million revenue to $44.4 million). [1] Jeremy Abig, the CFO who redefined the business model, won the 2012 Small Private Company CFO Award with the Charlotte Business Journal. [11]

The company was acquired by San Francisco-based personal finance company, SoFi, in an all-cash deal on April 3, 2023. [12]

Ratings and awards

Wyndham Capital Mortgage was rated A+ (maximum rating) by the Better Business Bureau. [13] In 2013, it ranked #66 in the Inc. 5000 top fastest-growing US financial services companies and #23 in the top fastest growing North Carolina companies. [1]

The company won the 2011, 2012, and 2013 Top Tech Savvy Lender Award and the 2012 Green Lender Award with Mortgage Technology Magazine for the successful adoption of automation and the environmental focus of the company. It also won the 2010, 2012, and 2015 Best Places to Work Award with the Charlotte Business Journal. In 2015, The Charlotte Observer named Wyndham Capital the #1 Top Best Place to Work among midsize companies in the Queen City. [14]

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References

  1. 1 2 3 4 "Wyndham Capital Mortgage". Inc. Retrieved 2013-11-10.
  2. 1 2 Adam O’Daniel (2009-06-01). "Wyndham Capital Mortgage looks to grow while rivals cut back". Charlotte Business Journal . Retrieved 2013-11-10.
  3. ↑ "Wyndham - Free Identity Theft Protection" . Retrieved 2013-11-10.
  4. ↑ "Wyndham Capital Mortgage Ratings & Reviews". LendingTree . Retrieved 2013-11-10.
  5. ↑ "Awards & Accolades".
  6. ↑ "State License Information".
  7. ↑ Fred Tannenbaum (2004-06-07). "Responding to a downturn". Charlotte Business Journal . Retrieved 2013-11-10.
  8. ↑ "Wyndham - Green Focus" . Retrieved 2013-11-10.
  9. ↑ Laura Williams-Tracy (2012-08-16). "Charlotte CFO: Jeremy Abig, Wyndham Capital Mortgage". Charlotte Business Journal . Retrieved 2013-11-10.
  10. ↑ Adam O'Daniel (2012-08-16). "Wyndham Capital plans to add 75 workers this year". Charlotte Business Journal . Retrieved 2011-01-21.
  11. ↑ "Charlotte CFOs of the Year honored". Charlotte Business Journal. 2012-08-16. Retrieved 2013-11-10.
  12. ↑ Shen, Lucinda (2023-04-03). "SoFi buys Wyndham Capital Mortgage". Axios.
  13. ↑ "BBB Business Review - Wyndham Capital Mortgage". Better Business Bureau . Retrieved 2013-11-10.
  14. ↑ "Wyndham - Awards & Accolades" . Retrieved 2013-11-10.
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