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Wyndham Capital Mortgage has expanded into Dallas, establishing its fifth market presence in the U.S.
The Charlotte-based digital mortgage lender selected a 26,000-square-foot space in the Cypress Waters area, with access to talent in Plano and the rest of North Texas. Wyndham’s new operation has 40 loan officers and moved into the new office earlier this month. The firm plans to double the number of loan officers over the next five months and then triple it by the end of 2022, said Josh Hankins, chief operating officer at Wyndham.
Hankins said it took about a year and a half for Wyndham to find the right leaders to establish the Dallas office. The city’s appeal includes a high-growth area, diverse talent pool and business-friendly environment.
He said Wyndham is open to expanding into similar markets but declined to give further details. Its most recent market expansion was in Phoenix. The firm is also launching a retail division with a more boots-on-the-ground approach, as compared to its nationwide direct-to-consumer model.
“We do expect Dallas to be a big retail market for us as well,” Hankins said. “With retail, Dallas, Phoenix, Charlotte, some of those cities that we already have a presence in, we’ll want to build off of that and really focus and develop more of a local presence in those markets.”
Despite the expansion, Charlotte will continue to be Wyndham’s largest market for the foreseeable future, Hankins said. There are about 500 local employees. He said the firm plans to add nearly 200 loans officers here in the next year, plus support staff in operations, marketing and technology roles.
Wyndham hires more experienced loan officers, but it also has opportunities for those newer to the industry. It hosts mortgage associate classes once a quarter that train 40 to 50 people in a six-month program, Hankins said. Most of Wyndham’s employees have been working remotely during the pandemic. The company offers a flexible work environment as long as employees remain productive, he said.
Refinances are bringing in lower margins, Hankins said, but the purchase side is robust if the inventory is available.
Wyndham has more than tripled its total headcount in the last couple of years. It originated a record $5.4 billion in mortgages in 2020, compared to $2.3 billion originations in 2019. As of last year, Wyndham was among the Charlotte area’s top-20 conventional mortgage lenders.