CHARLOTTE, N.C.--(BUSINESS WIRE)--Wyndham Capital Mortgage, a leading digital mortgage lender, has been named a 2021 ICE Mortgage Technology Innovation Award winner. Wyndham Capital was recognized for Operational Excellence based on the efficiencies the company built into its platform, which enabled it to almost double the number of loans per full time production employee (FTE) as well as lowered customer closing costs by nearly 25% last year. This is the second year in a row Wyndham Capital has been named an Innovation Award winner.
ICE Mortgage Technology, a leading cloud-based loan origination platform provider for the mortgage industry, recognized the most creative mortgage lending companies which are pushing the envelope by developing customized solutions to drive efficiencies to achieve their business goals with exceptional results.
“We are on a mission to enhance our operational efficiencies so we can continue to increase our value, convenience and five-star service to borrowers and mortgage consultants,” said Jeff Douglas, CEO of Wyndham Capital Mortgage. “We knew by leveraging Encompass from ICE Mortgage Technologies and other third-party APIs, we were able to automate millions of manual processes creating efficiency for our loan officers and faster, less expensive closings for our customers.”
The new process flow contributed to greater automation for team-to-team loan assignments and general borrower communications, including loan requirements, statuses, and updates. As a result, Wyndham Capital – which increased total dollars loaned by 140% to $5.4 billion last year – produced 4.1 loans per production FTE for the first three quarters of 2020 compared to the Mortgage Banker Association-reported average of 2.5 in the same period. In addition, Wyndham Capital had a 25% lower cost per loan than the MBA average for the first three quarters.
“We’re honored to recognize this year’s Innovation Award winners as some of the most resilient and persistent companies in the mortgage industry,” said Joe Tyrrell, president, ICE Mortgage Technology. “With the unforeseen circumstances that resulted from the pandemic, we’re proud to see that these companies have utilized ICE Mortgage Technology’s automation technologies and data-driven insights to drive them toward success.”
About Wyndham Capital Mortgage
Wyndham Capital Mortgage is a Fintech mortgage lender and digital home lender that gives homeowners competitive rates, lower total costs, and no hidden fees. Founded and based in Charlotte, N.C., Wyndham Capital uses advanced technology and professional guidance to deliver best-in-class value, convenience and service. For more information, visit www.wyndhamcapital.com.