About Sindeo

When shopping for a mortgage, you generally have three options: contact banks individually, with the hope they offer something good; get in touch with a broker, who could charge steep fees; or send your personal information into the abyss by signing up for a mortgage comparison website.

By allowing you to choose from more than 40 lenders and 1,000+ loan programs, close in as little as 15 days, and save an average of $20K over the life of your mortgage, Sindeo claims to offer the best of all worlds. Or, as they put it, “a better way to get a mortgage.” How do they do this?

Sindeo promises to use technology to reduce paperwork, hassle, and confusion, while eliminating surprises and hidden costs. They’ll also provide you with a licensed, experienced, and full-service mortgage advisor, who can help you understand what you can afford and which loan is best for you—even if it’s not with them!

And unlike most lenders, they get paid based on your satisfaction, not on your loan amount.

Instead of a bank or a traditional broker, Sindeo calls themselves a “modern mortgage marketplace.” What does this mean? Compared to your other options, will you have a meaningfully different experience with Sindeo? Are there any important factors you should keep in mind?

Let’s start answering your questions by taking a look at Sindeo’s details.

How Does Sindeo Work?

Sindeo is not a direct lender. Instead, they only collect your application (known as originating) and submit it to one of their 40+ lenders, based on your specific needs and preferences. This group of lenders is what Sindeo calls their “mortgage marketplace.”

To help you obtain the right mortgage, Sindeo focuses on providing you with the tools, information, and guidance you need. This involves a team of three professionals:

  • Mortgage Advisor (Plan) – This is the first person you’ll speak with at Sindeo, who will remain your point of contact throughout the process. They’ll start off by learning about your home ownership goals and finances, in order to help you find the loan that best meets your needs.
  • Mortgage Specialist (Qualify) – After your application is received, your Mortgage Specialist works as the main point of contact between Sindeo and the lender. They’ll also walk you through any additional information or paperwork that’s required, in order to ensure the process proceeds smoothly and efficiently.
  • Mortgage Coordinator (Close) – During the application process, your Mortgage Coordinator will focus on managing credit reports, appraisals, and other third-party documents required by the lender. Their goal is to expedite closing.

In addition to their three-part support team, Sindeo claims to have built “internal technology that helps our mortgage team process your loan faster and with fewer errors,” although no additional information is provided.

As of this writing, Sindeo is only available in AZ, CA, CO, DC, FL, MI, NJ, OR, TN, TX, and WA. The company claims they’re actively working on expanding into new areas.

What Are Sindeo’s Rates & Fees?

According to Sindeo’s FAQ, they’re defined as a “lender-paid mortgage originator.” In other words, they receive a commission for preparing your loan application and sending it over to the lender. This commission can be up to 1.25% of the loan amount, although it might be less depending on the lender or loan program.

We had the opportunity to speak with Sindeo’s Co-founder Ori Zohar, who let us know that when you obtain a quote, the company takes pride in showing all rates and fees upfront. Complete transparency and no hidden fees.

All mortgage providers are required to present borrowers with a Loan Estimate, “which also clearly shows the breakdown for the loan, lender fees, and any other costs, including appraisals and credit reports.” This is something your Sindeo Mortgage Advisor will walk you through.

Pro tip: Were you impressed by Sindeo’s $20K savings claims? While the exact details can be found in their FAQ, keep in mind that this is based on very specific criteria (state, loan amount, interest rate, down payment amount, etc.), so this won’t apply to everyone.

Do you have other questions about Sindeo’s rates and fees? Customer service can be reached at 866-733-7571.

Given their different way of doing business, are Sindeo’s clients pleased with their experience?

What Can We Learn from Sindeo Reviews?

Sindeo has received a fair amount of press attention from popular websites like the New York Times, Bloomberg, The Huffington Post, TIME, and many others.

However, this is largely because Sindeo is part of a quickly evolving market segment focused on using technology to provide quick, hassle-free loans, cut out the middlemen, and pass the savings along to customers. In a marketplace that’s quickly becoming crowded, this includes the likes of Lenda, Rocket Mortgage, SoFi, Better Mortgage, Clara Lending… the list goes on.

We found some more in-depth customer feedback on websites like LendingTree.com and Yelp, where Sindeo appeared to have a mostly positive reputation. Common compliments referenced great service, knowledgeable advisors, and ease of doing business.

On the other hand, what few complaints there were seemed to reference inattentive advisors, poor communication, long closing times (with frequent document requests), and higher rates than expected.

From a company perspective, Sindeo Inc., based out of San Francisco, CA, had an A+ Better Business Bureau rating at the time of our research, with no closed complaints (as of 3/16/17).

With a seemingly solid reputation, how does Sindeo stack up against the stiff competition?

Is Sindeo Better than Other Online Mortgage Providers?

As we mentioned above, Sindeo is part of a quickly growing segment of the mortgage industry that uses proprietary technology to provide accurate, upfront rates with no hidden fees; streamline the application process, and pass the savings along to customers in the form of lower interest rates.

The good—and bad—news is that, unlike most of these other companies, who work as direct lenders (they fund the loans themselves), Sindeo only originates the loan and then sends your application off to the lender for approval. This is good, because it could feasibly provide you with far more options than going through a lender directly, including non-traditional financing.

Sindeo also seems to be meaningfully different in that they provide a technology-focused approach, while providing personalized support to their clients throughout the process. This is in stark contrast to some other online lenders who provide you with little more than an email address.

During our conversation with Ori, he also told us that Sindeo doesn’t charge additional fees to cover the company’s expenses. He pointed out that, “Any lender or broker, big or small, gets paid an origination fee for their work. Ours is well below industry standards,” which he noted “may even be lower than going directly to the lender.”

Of course, like all mortgage providers, Sindeo passes along standard industry fees for appraisals and credit reports. But these fees—along with any others—will be clearly listed in the Loan Estimate and again on your Closing Disclosure.

Just keep in mind that since Sindeo is a “mortgage marketplace," they deal with many different lenders, each of which has their own underwriting criteria and fee structures. Ori emphasized that Sindeo’s Mortgage Advisors work on your behalf, so be sure to ask them to explain which lender they chose for your loan and why if you have questions regarding these aspects.

Before wrapping up, let’s talk more about the movers and shakers behind Sindeo.

Who Founded Sindeo?

Sindeo was co-founded by Nick Stamos and Ori Zohar.

After graduating with a degree from MIT, Nick spent eight years as a strategic consultant, eventually forming the mobile analytics firm Telephia. Telephia was acquired by Nielsen, which then gave Nick the opportunity to “solve a big, important problem” with Sindeo. Sindeo means “to connect” in Greek, which is a nod to Nick’s heritage.

Ori graduated from the University of Maryland, College Park, after which he spent his time developing marketing strategies for big ad agencies, getting the opportunity to work with clients like MasterCard, ExxonMobil, and Intel.

Does Sindeo Represent a “New Path Home”?

After you clear away all the marketing, Sindeo is basically an online mortgage broker. However, based on their use of technology, combined with their hands-on, client-centered approach, you might be able to get a quote much faster, and have a more enjoyable overall experience than with traditional brokers.

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9 Customer Reviews for Sindeo

Average Customer Rating: 4.1
Rating Snapshot:
5 stars: 7 4 stars: 0 3 stars: 0 2 stars: 0 1 stars: 2
Bottom Line: 78% would recommend it to a friend
Showing 1-9 of 9
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  • 1 out 1 people found this review helpful

    Pre-approval

    I contacted Sindeo through a link in Zillow and received a call back from Jimmy Nguyen. With Jimmy's assistance, I was able to acquire a pre-approval letter and good explanation regarding our loan options. His communication was very good, the service was well above my expectations, and I look forward to our continued business.

    Bottom Line: Yes, I would recommend this to a friend

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  • 1 out 1 people found this review helpful

    Very easy and responsive

    Very quick and awesome to work with. Our guy, Daniel Kwon, was so informative and quick to respond to questions. We move around a lot, and I have to say, this was definitely the easiest mortgage we have ever applied for! Thank you.

    Bottom Line: Yes, I would recommend this to a friend

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  • 2 out 2 people found this review helpful

    Charity Frazee was very nice, knows her stuff

    She was very knowledgeable, was always on top of the loan, answered questions quickly and really seemed to care. We closed before the estimated date.

    Bottom Line: Yes, I would recommend this to a friend

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  • 3 out 3 people found this review helpful

    Charity was great!

    Working with Charity Frazee of Sindeo was a breeze. She answered all my questions and responded quickly. I would easily work with her again.

    Bottom Line: Yes, I would recommend this to a friend

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  • 3 out 3 people found this review helpful

    Thank you Pov Oum

    I want to say big thank you to Pov Oum, whom I found using Sindeo. She is one of the best loan officers I have ever worked with and is knowledgeable and professional. She understands different cultures and finds time even during evenings and weekends to address my client's need. I would highly recommend Pov.

    Bottom Line: Yes, I would recommend this to a friend

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  • 3 out 3 people found this review helpful

    Charity Frazee is awesome!

    Charity Frazee helped us through the refinance process. She took excellent care of us and handled all of the details, and there were many for us! I would highly recommend her; she is excellent.

    Bottom Line: Yes, I would recommend this to a friend

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  • 4 out 4 people found this review helpful

    Excellent service, great people to work with.

    Jason Le and his team worked very hard to get our loan approved on time. They did an excellent job in getting us into our first home. They explained everything to us, and the process of getting a loan was a breeze. They laid out all our options for us and even explained the pros and cons of each option. They are able to get competitive rates from multiple lenders. I highly recommend them.

    Bottom Line: Yes, I would recommend this to a friend

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  • 0 out 3 people found this review helpful

    Incompetent team

    • Orlando, FL,
    • Feb 16, 2017

    Like so many others, I used this service hoping that it would be fast and save me money. Not only was our mortgage application riddled with spelling errors, but the mortgage contract didn't even seem to be able to spell our name. Not only that, he didn't understand the documentation well enough and cost us a significant amount of money due to having to refile paperwork he didn't know how to organize.

    In the end, he messed up the paperwork so bad our lawyer said just to walk away. Think twice before you use this service, it's cheap, and you get what you pay for.

    Bottom Line: No, I would not recommend this to a friend

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    • Mar 16, 2017

      Ori Zohar, Co-founder

      Hi Chris. We appreciate your feedback and just wanted you to know that it will be helpful as we continue to train and develop our Mortgage Advisors. We strive to provide a better consumer experience when it comes to home financing, with as few setbacks as yours as possible.

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  • 1 out 4 people found this review helpful

    Do not use Sindeo

    • Pleasanton, CA,
    • Jan 24, 2017

    If I could give -10, I would. They (Evan Scungio) first told me that my loan would be no problem and would take two weeks. I had 90 days to refinance and buy out wife in the divorce.

    They continued to lead me on for over two months, telling me it was about to close and everything looked good, and I was locked in at a great rate with no closing costs. Now ten days before I have to pay off ex-wife or lose the house, they tell me they can't seem to get the loan. Now interest rates have gone up, and I lost my house.

    This company is full of liars and used car salesmen. I am surprised to see any good reviews at all. Try a more reputable company. If you choose to use them, good luck, and I told you so!

    Bottom Line: No, I would not recommend this to a friend

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    • Mar 16, 2017

      Ori Zohar, Co-founder

      Adam, we are truly sorry for the unfortunate events that led to the undesired outcome of your situation. We are aware of your circumstances and want you to know that we are taking the situation seriously – putting procedures in place so something like this will not happen again.

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