Former Wyndham Capital Mortgage VP Launches Cornerstone Home Loan

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Former Wyndham Capital Mortgage VP Launches Cornerstone Home Loan

Apr 12, 2023 | News | 0 comments

After working for over a decade at Wyndham Capital Mortgage as the vice president of national direct-to-consumer sales, Donny Kirby departed to establish his own mortgage broker firm, Cornerstone Home Loans. The Charlotte, North Carolina-based company was his previous employer.

While working at Wyndham, Kirby was responsible for driving the growth of the company’s branches, expanding them from Charlotte, North Carolina, to Arizona, Texas, Utah, and Missouri. As mortgage rates increased and the demand for affordable mortgages surged, Kirby recognized the potential in the wholesale lending channel.

Kirby stated in an interview that the current state of the mortgage industry is challenging. However, with the broker model, there are numerous channels available to direct loans, making it easier to locate a suitable option for most borrowers. He emphasized that the home affordability issue is prevalent across the board, and the added layers in the retail model put a strain on the process.

The technological advancements in the broker sphere, which have now matched the standards of retail lenders, were also instrumental in aiding Kirby’s shift to the mortgage broker sector.

Kirby noted that a few years ago, the mortgage broker industry was lagging behind in terms of technology. However, he emphasized that this gap has now been bridged, and the broker space has caught up to the level of retail lenders. He cited advancements in loan origination systems and point-of-sale systems, particularly in the exchange of information between brokers and wholesale lenders, as the most significant areas of progress.

Cornerstone Home Loans, being a newly established wholesale lender, encounters the obstacle of finding fresh referral partners and acquiring licenses to operate in other states. Kirby’s goal is to onboard a total of 15 Loan Officers and achieve a production volume of $50 million by the end of the year.