Today, we’ll dig into the details over at Wyndham Capital Mortgage, or WCM for short, which promises no hidden lender fees and competitive, below market mortgage rates.
What’s not to like about that, especially since they bundle certain third-party services to potentially save you thousands in closing costs.
They say their preferred settlement agents can offer better rates than the competition on things like title insurance, which can often be quite expensive.
On top of all that, Wyndham offer a digital mortgage experience for those who prefer to talk less and type more. Read on for additional details.
Wyndham Capital Mortgage Fast Facts
- Direct-to-consumer retail mortgage lender
- Founded in 2001 by current CEO Jeff Douglas
- Headquartered in Charlotte, North Carolina
- Licensed to lend in 46 states and D.C.
- Funded over $18 billion and served 60,000+ customers since inception
- Offer home purchase loans and mortgage refinance loans
- Acquired by SoFi in April 2023
Wyndham Capital Mortgage was founded around the turn of the 21st century by its current CEO Jeff Douglas.
The company is headquartered in Charlotte, North Carolina where they also happen to do the most mortgage lending.
Last year, Wyndham Capital did about 12% of its total loan volume in NC, with almost the same amount of volume across the U.S. in California.
Overall, they originated more than $2 billion in home loans, with a near equal proportion of home purchase loans, rate and term refis, and cash out refis.
They appear to be licensed in 46 states and the District of Columbia, with Alaska, Hawaii, Massachusetts, and New York the exceptions.
In April 2023, Wyndham Capital Mortgage was acquired by SoFi.
How to Apply with Wyndham Capital Mortgage
- They say it’s so easy you can start and finish your home loan all by yourself
- Offer a digital mortgage application powered by fintech company Blend
- Allows you to link financial accounts, scan/upload paperwork, eSign documents, and close virtually
- You get 24/7 access to your loan status and a dedicated loan team if you have questions along the way
One thing I like about Wyndham Capital Mortgage is the ability to apply for a home loan directly from their website.
You don’t need to search a loan officer directory (although they have one) or wait for someone to call you back after completing an obligatory rate quote request.
Instead, simply cruise over to their website and click on “Apply Now” and you can begin filling out their digital mortgage application powered by Blend.
Lots of mortgage lenders use Blend’s technology, which allows prospective borrowers to complete a home loan application from anywhere on all types of different devices.
Wyndham Capital Mortgage also takes part in Fannie Mae’s Day 1 Certainty, which makes applying for a mortgage even easier and potentially a lot faster too.
This includes things like home appraisal waivers, and automated income, asset, and employment verification thanks to AccountChek by FormFree.
You may even be able to schedule a virtual closing as opposed to having to go anywhere or interacting with someone face-to-face.
Basically, their goal is to make it as quick and painless as possible to obtain a home loan, leveraging the latest technologies available.
Once your loan is approved, you can check status at any time via the loan portal and get in touch with your loan team if you have any questions.
Wyndham Capital Mortgage Loan Programs
- Home purchase financing
- Mortgage refinances: Rate and term, cash out, and streamline
- Conventional home loans backed by Fannie Mae and Freddie Mac
- Government home loans: FHA loans and VA loans
- Fixed-rate and adjustable-rate mortgages in various loan terms
One of their claims to fame is that they offer the “widest array of products and programs” in the industry, so my assumption is you shouldn’t have an issue getting whatever it is you need mortgage-wise.
However, they don’t appear to offer USDA loans, and it’s unclear if they offer renovation loans such as the FHA 203k or Fannie Mae HomeStyle.
But they seem to have all the other, more common stuff, including home purchase financing and all types of refinance loans.
Those purchasing a home can take advantage of their “Priority Purchase Program,” which is an actual underwritten mortgage pre-approval that works similar to a cash offer.
And once you’ve got it, you can generate real-time pre-approval letters for specific properties you’d like to make an offer on.
This shows home sellers and their real estate agents that you mean business, and more importantly, that you actually qualify for a mortgage.
If you’re an existing homeowner looking to refinance, you can take advantage of their low rates by way of rate and term refinance, or tap equity via a cash out refinance.
They also offer streamline refinances for those looking to lower monthly payments, without all the usual hoops to jump through.
In terms of specific loan types, you can get a fixed-rate mortgage in a 15-, 20-, or 30-year term, or an adjustable-rate mortgage in a 5-, 7-, or 10-year term.
Wyndham Capital Mortgage Rates
You can see Wyndham Capital Mortgage rates on their website if you click on “Compare Rates,” which is a nice touch.
They allow you to toggle between conventional rates, FHA rates, and VA rates, with 30-year fixed and 15-year fixed options.
Wyndham also shows you the rates of select competitors, such as Bank of America, Chase, loanDepot, Quicken Loans, Wells Fargo, and others.
As you might expect, their listed rate is the lowest relative to those other lenders, at least on the day I checked them.
What’s more, they list their rates with $0 lender fees, so the APR you see listed is basically the interest rate.
Wyndham Capital Mortgage $10,000 On-Time Closing Guarantee
Those who are purchasing a home can take advantage of their $10,000 On-Time Closing Guarantee, assuming certain conditions are met.
That works out to up to $5,000 for you and $5,000 for the home seller if Wyndham Capital Mortgage is unable to fund the loan by your closing date.
In order to qualify, you must use the Priority Purchase Program along with their digital loan portal, and meet various timelines along the way.
Additionally, you must select Wyndham’s preferred settlement service provider to guarantee title is clear to close by your closing date
If you select a non-preferred settlement agent, it’s still possible to qualify for a $5,000 closing guarantee.
In any event, they seem to believe their “speed team” will be able to meet your closing date. So if anything, it’s added peace of mind and a boost of confidence that they can gets things done quickly.
Wyndham Capital Mortgage Reviews
On Zillow, they have a 4.81-star rating out of 5 based on more than 1,000 customer reviews, which is an excellent score. A lot of the recent reviews said the interest rate was lower than expected.
Over at LendingTree, they’ve got a 4.8-star rating out of 5 from almost 7,000 reviews, which is quite a statement in terms of customer satisfaction. And 99% of customers would recommend them.
They also have a 4.8-star rating out of 5 on Google based on over 1,500 reviews, so it appears they’re consistently making folks happy.
Wyndham Capital Mortgage is Better Business Bureau (BBB) accredited, and has been since 2002. They currently have an ‘A-‘ rating based on customer complaint history.
Somewhat amazingly, they also have a 4.97-star rating out of 5 on the BBB website, which is surprising given customer reviews on the BBB website are typically very negative.
In summary, the combination of low mortgage rates, no lender fees, and a tech-backed mortgage loan process seem to be driving high levels of customer satisfaction.
Wyndham Capital Mortgage Pros and Cons
- They appear to offer low mortgage rates
- You can get a mortgage with no lender fees
- They don’t charge origination fees
- Offer a digital mortgage application powered by Blend
- Can apply directly from their website without human interaction
- Excellent customer reviews
- BBB accredited since 2002 (currently hold ‘A-‘ rating)
- $10,000 On-Time Closing Guarantee
- Free mortgage calculators and mortgage glossary on site
- Not licensed to do business in every state
- May not offer USDA loans or home equity loans
- No physical office branches
I had a great experience with Wyndham capital they we’re great on time great rates