Business
SoFi Technologies, Inc. Acquires Leading Fintech Mortgage Lender, Wyndham Capital Mortgage
Acquisition of industry-leading, fintech mortgage lender is intended to help SoFi scale mortgage growth, and create sales and operational efficiencies, while
About this update from Sofi Technologies, Inc.
[{"type":"text","content":"\nAcquisition of industry-leading, fintech mortgage lender is intended to help SoFi scale mortgage growth, and create sales and operational efficiencies, while also introducing a broader suite of mortgage product offerings for SoFi members\n\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nToday, SoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric, one-stop shop for digital financial services that helps members borrow, save, spend, invest and protect their money, announced that it has acquired Wyndham Capital Mortgage, a leading fintech mortgage lender in an all cash transaction. While the transaction is not expected to be material to the company’s 2023 financial outlook, it is expected to be accretive within six months. The acquisition – which includes the integration of both talent and technology from Wyndham Capital – will allow SoFi to broaden its suite of mortgage products available to members, enhance unit economics, and take ownership of an intelligent and scalable platform that has set the industry standard for a fully digital mortgage experience. This “full stack” approach is also intended to minimize SoFi’s reliance on third-party partners and processes.\n\n\n“At SoFi, we’re on a mission to help people get their money right and purchasing a home is often one of, if not the, biggest financial decision individuals make in their lives,” said Anthony Noto, CEO of SoFi Technologies, Inc. “Several macro- and socioeconomic factors – high inflation and rising mortgage rates, the new world of work, and others – have ushered in a new era across the U.S. real estate market. These changing conditions mean it's more important than ever that borrowers have a trusted partner they can look to as they go through the process of obtaining a mortgage for a home. Today’s acquisition of Wyndham Capital will not only allow us to scale and keep pace with accelerated growth, but also allow us to foster that growth in a way that brings value to our members through sales and operational efficiencies and helps members get their money right when it comes to one of life’s most significant financial milestones.”\n\n\nWyndham Capital has helped more than 100,000 borrowers – with a 98 percent satisfaction rating – since it launched more than two decades ago.\n\n\nSoFi’s acquisition of Wyndham Capital enables savings for current and prospective homeowners in...