FREQUENTLY ASKED QUESTIONS

What does Sindeo do?

Sindeo gives you the tools, information, and guidance to find the right mortgage and lender for you through our mortgage marketplace. We work with our clients from the very beginning of their home search or refinance to help them research and plan for their mortgage. Then we prepare their application and work with the lender to get them through closing.

Who can work with Sindeo?

No matter what stage you’re at in the home purchasing or mortgage refinancing process, we are here to answer any questions and help you plan for your home financing. We believe that everyone should begin by thinking about affordability long before they start looking at homes.

Sindeo is currently available for residential home loans in Arizona, California, Colorado, District of Columbia, Florida, Michigan, New Jersey, Oregon, Tennessee, Texas, and Washington. We’re working on getting licensed in other states and we’ll be expanding into new areas in 2016.

How does Sindeo make money? How much does Sindeo get paid?

We’re a lender-paid mortgage originator. That means that we prepare your loan application for the lender and send it to them for approval. In return for providing that service, the lenders pay us a percentage of the value of the loan.

You’ll be issued a Loan Estimate within three business days of completing your loan application. This document, which is required by law from every lender, tells you what closing fees you can expect when you close your loan. Your Mortgage Advisor will walk you through your Loan Estimate, so you understand all fees and costs associated with the loan.

Am I paying a higher rate to work with Sindeo? Should I just get my loan directly from one of the banks?

When you go to a bank, there are a few things to consider. First, your loan choices will be limited to the loan products that that particular bank offers. Sindeo doesn’t have the same restrictions because we’ve built relationships with many lenders and can show you real rates based on your situation across all the lenders we work with. Second, banks show you their retail rates, which can be higher than the rates Sindeo offers, since we have access to wholesale rates.

How do Sindeo Mortgage Advisors get paid?

We’ve structured our Mortgage Advisors’ compensation to remove the commission bias that you’ll encounter when working with loan officers at most banks and brokerages. Most mortgage brokers and loan officers receive a percentage of the total loan amount from the banks, giving them an incentive to pay more attention to customers with bigger loans. But our commission structure is unique in that our Mortgage Advisors receive a salary, benefits, and a flat fee for each loan they close, as well as quarterly bonuses that are strictly based on customer satisfaction, not the size of the loan.

Here’s how the quarterly bonuses are awarded: While the surveys only take a few minutes to complete, they tell us how well your Sindeo team followed our values of providing: a simple mortgage experience, open access to information and choice, and outstanding personal care and service. We use the scores on these surveys to reward our Mortgage team members with a quarterly bonus of between 6% and 10% of their annual salary. Our Mortgage Advisors are NEVER paid based on the terms of the transaction.

How does getting a mortgage with Sindeo work?

When you work with Sindeo, you’re assigned a dedicated team of three professionals: a Mortgage Advisor, a Mortgage Specialist, and a Mortgage Coordinator. Our team structure is designed to provide you with the best customer service possible, make sure things don’t slip through the cracks, and keep your loan application on track from approval to closing.

Your Mortgage Advisor is your guide and main point of contact, working closely with you at every step. Your Mortgage Advisor will help you find the loan that best meets your home ownership goals and financial situation, explaining your options so you can feel confident in your home financing decisions.

Your Mortgage Specialist is a mortgage loan process expert and the main interface between Sindeo and the lender. Your Specialist will work closely with you and your Mortgage Advisor to help you understand the requirements for your application. Your Specialist is a lender expert, gathering your information and documents to make sure your application moves as smoothly and efficiently as possible from start to close.

Your Mortgage Coordinator is the administrative expert supporting your Mortgage Advisor and Specialist. The Coordinator manages third-party reports like credit and appraisal and makes sure the lender has everything it needs to expedite the closing of the loan.

Your Client Service Team will guide you through our three-step process (Plan, Qualify, Close).

How do I know that my personal and financial information is safe?

We put in place many safeguards to make sure that your information is secure, including bank-level encryption for your data. We do share your data with third party companies such as credit bureaus and title companies for the sole purpose of evaluating and approving your application for a loan. We never share or sell your information to third parties for the purpose of marketing their products or services to you.

How can Sindeo save me $20,000 on average?

We’ve carefully picked the lenders for our marketplace so that we can offer a broad range of products at competitive rates. Compared to the market average, our clients can get lower interest rates and save $31,257 over the life of their loan.

The loan scenario above assumes a conforming 30 year fixed loan in the amount of $417,000, secured by owner-occupied, single family, primary residence in the state of California. The loan assumes a loan-to-value (LTV) of 80% and a FICO credit score of 740 or higher and a 30% DTI ratio. The interest rates for the scenario above reflect the average of the lowest rates available with pricing closest to zero points, over the course of 10 weeks with interest rates pulled on the following dates 10/24/2016, 10/31/2016, 11/7/2016, 11/14/2016, 11/21/2016, 11/28/2016, 12/6/2016, 12/12/2016, 12/19/2016, 12/28/2016. Average rates over the time period were 3.763% [APR 3.799%] for Sindeo and 4.125% [APR 4.167%] for the Market Average. The Market Average interest rate is defined as the average rate across this set of competitors: Bank of America, Chase, CitiMortgage, First Republic Bank, Guaranteed Rate, Opes Advisors, Prospect Mortgage, Quicken Loans, RPM, and Wells Fargo. The savings assume equal monthly payments over the lifetime of the loan. Source: Informa Research Services, Calabasas, CA. www.informars.com. Although the information has been obtained from the various financial institutions, the accuracy cannot be guaranteed.

How does Sindeo offer mortgage options that others can’t?

Because we work with many lenders, some of which have retail locations and some of which only work through originators, we’re able to offer loan products that retail banks don’t. We specifically choose our lenders so that our mortgage marketplace can meet a broad range of financial situations and goals. Our Advisors can guide you through all of your options.

How does Sindeo close loans in as few as 15 days?

We’ve built internal technology that helps our mortgage team process your loan faster and with fewer errors. We’ve also restructured the typical mortgage team, bringing local processors together with our Mortgage Advisors to make sure that communication can happen when it needs to and your loan can move through the approval and closing process as smoothly as possible.