What is Wyndham Capital Mortgage?
Wyndham Capital Mortgage was founded in 2001 in Charlotte, N.C., as an online-focused, direct-to-consumer lender.
Working With Wyndham Capital
Though based in North Carolina, Wyndham Capital Mortgage is licensed to issue mortgages in 46 states, including the District of Columbia. Wyndham is not licensed in Alaska, Hawaii, Massachusetts or New York.
The minimum credit score required for a Wyndham Capital mortgage is 580, and the lender uses both automated and manual underwriting systems.
The Wyndham website prominently lists the different types of loans the company offers. However, it does not provide specifics on how to quality for them, instead prompting potential customers to fill out an online form to contact the company.
Prior to applying for a mortgage, you can obtain a preapproval letter through Wyndham’s website 24/7 if you use the lender’s pre-underwriting option. This means you can share the preapproval letter with your real estate agent or the property owner at any time, allowing you to move swiftly when you find a house you want to buy.
Wyndham Capital Mortgage Products
Purchase
Refinance
- Cash-out refinance
- FHA Streamline
- DU Refi Plus
Home equity
Wyndham Capital Mortgage does not offer home equity products.
Special Mortgage Programs
Wyndham Capital VA Appreciation Loan: These loans are available to U.S. veterans, but it is not clear whether the VA Appreciation Loan is different from government-backed VA loans.
Fannie Mae Day 1 Certainty: This program allows some borrowers to bypass certain appraisals by submitting their tax, employment and income information electronically to obtain faster approvals.
Freddie Mac Loan Advisor: This program is similar to Day 1 Certainty, but can be a better fit for some borrowers. Wyndham Capital Mortgage will attempt to qualify potential borrowers for Loan Advisor if they aren’t accepted through Day 1 Certainty.
The mortgage application process
How to apply. Wyndham Capital offers both digital and over-the-phone application options. If you are local to the Charlotte area, where the lender is headquartered, you may also apply in person.
Prior to applying for the loan, you can request an underwritten preapproval to improve your chances of having your offer accepted. You can also browse current home listings and find key neighborhood details through Wyndham Capital’s partner, HomeScout. The HomeScout app allows you to view properties on the Multiple Listing Service (MLS), data that is typically only available through a licensed real estate agent. The advantage here is that you’ll only see houses that are still on the market, so you don’t need to worry about outdated information.
Once you find a house you’d like to buy, you can create a profile and apply for a loan online through Wyndham Capital Mortgage’s application portal. The web portal is mobile-friendly, so you can apply from your tablet or phone. Although Wyndham Capital does not offer a smartphone app for mortgage applications, the website is designed so you can use it on whichever device you choose. Once you’ve begun the process, you can see a photo and contact information for the mortgage consultant and processor assigned to your account.
As of this writing, Wyndham Capital was planning to introduce text and chat communication options.
Disclosure process and approval. Once you’ve initiated an application online, the remaining steps are largely paperless. Wyndham Capital uses a proprietary digital system, so all account verification and document submission occur online, and the company offers an eSignature option.
If you choose to begin your application over the phone, a loan officer can provide your options, lock your loan, complete the disclosure process, capture your eSignature and have you set up in the online portal within 45 minutes to one hour. This is also when you will order your appraisal.
Should you opt to apply online, you will fill out an initial application digitally and then a loan officer will contact you to review your options, lock your loan and complete the steps noted above.
Closing. Wyndham Capital currently offers both full eClosings and hybrid eClosings, based on the state and local laws in different areas. In a full eClosing, all signatures and notarizations are conducted via digital conferencing, so you can close your loan entirely online. If you live in an area that allows only hybrid eClosings, you’ll be able to sign some documents digitally, though some components (the promissory note, for example) will need to be completed in person. You will be able to choose the time and location for the closing based on your schedule.
Although closing times vary, Wyndham Capital mortgages can close within two weeks. Wyndham Capital Mortgage offers a “closing guarantee” that pays you up to $10,000 if your loan does not close on time and it’s the company’s fault. There are restrictions associated with this program, so you’ll want to make sure your loan complies with the terms.
Communication during the process
During the first portion of the application process, your loan officer will be your primary point of contact. Once the loan is locked, the loan processor takes over the account, and that is whom you will communicate with through the closing. However, the loan officer will remain available to you for any additional questions or support.
You will receive automatic digital updates as your application progresses as well, and you can check the status of your loan 24/7 through the online portal.
Pros and cons of a mortgage with Wyndham Capital
Pros
- Free pre-approval program. Wyndham Capital Mortgage’s “priority purchase” program allows you to apply for a preapproval letter you can use to reassure real estate agents and sellers of your purchasing power. Wyndham Capital Mortgage will pre-underwrite your file, which may be more compelling to sellers than a simple prequalification letter.
- Reduced loan fees. The absence of lender and origination fees could make the mortgage process more affordable upfront.
- Useful articles. Wyndham Capital Mortgage publishes helpful articles borrowers can use to gain general insights into the homebuying and refinance decision-making processes. It also provides an online calculator first-time homebuyers can use to gauge whether buying or renting makes the most financial sense for their current circumstances.
Cons
- Lack of detailed information on loan programs on website. The sparse information associated with different loan programs makes it difficult to evaluate potential options without contacting a loan officer. The vague language may be frustrating for borrowers who want to thoroughly research a lender’s options before applying.
- No special programs for low-credit or high-value borrowers. Although FHA loans can be helpful for borrowers with low credit scores, Wyndham Capital Mortgage does not appear to provide any special programs geared toward these consumers. Someone with a low score or a complicated credit history will likely find more beneficial programs elsewhere.