Consumer mortgage lender lays off 35 LO

Pink slips arrived for nearly three dozen loan officers at Wyndham Capital Mortgage Wednesday, HousingWire learned.

The direct-to-consumer mortgage lender, headquartered in Charlotte, North Carolina, said it has laid off 35 OL at its offices in Dallas, Charlotte, Salt Lake City, Kansas City and Phoenix.

In a statement, Jeff Douglas, CEO of Wyndham Capital Mortgage, said the company is “well positioned and continues to make investments to compete in a buying market and is poised to gain market share to meet the needs of customers. today’s borrowers “.

Last year, Wyndham actively expanded, opening two hubs in Dallas and Phoenix, bringing its number of offices to five.

He also expanded his management team. In January 2021, Wyndham hired Mike Ciambotti, a former Wells fargo executive, to serve as chief information officer. In November, the company hired Melissa Smith, a former compliance manager at Key bank, to serve as senior vice president of risk and compliance.

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The company has also made a recent effort to expand its retail business. Wyndham announced a plan in July 2021 to launch a retail division, and in August, hired a former Citi executive Karen mayfield lead the national effort.

Adding retail loan officers was a “natural progression,” Douglas said at the time.

According to a company spokesperson, the company launched the division in the fourth quarter of 2021.

In recent months, two more lenders with direct consumption models— and Interfirst Mortgage– also announced layoffs of loan officers.

Analysts say lenders with direct consumption models, who tend to be refi-heavy and rely on call centers for admission, may struggle to find their place in a buying market as rates go up and margins start to squeeze.

However, despite the layoffs, the company has 17 active job postings that were posted on LinkedIn over the past week. Most of the vacancies advertised are for initiator positions, with more than four years of experience.

In the job postings, Wyndham notes that they are looking for mortgage professionals to “create mortgages by telephone contact” and to make “outgoing calls to warm leads provided by the company.”

Wyndham, founded in 2001, has positioned itself as a financial technology-focused mortgage lender. It highlighted its proprietary software system and its use of augmented intelligence as a differentiator from its competitors. The lender also claimed that its closing times are 15% faster than the national average.

The company provides loans in 47 states and Washington, DC, and provides both conventional loans and loans guaranteed by Ginnie Mae.

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