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Sindeo launches 5-minute digital mortgage

Consumers in general push for more technology

Online mortgage broker Sindeo announced a new all-digital mortgage that it claims can approve mortgages in, get this, no more than 5 minutes.

What's more, the service, called SindeoOne, compares more that 1000 mortgage products for its end-users, the homebuyer.

“We’re removing the anxiety and hassle associated with getting a mortgage," said Sindeo’s co-founder and CEO, Nick Stamos. “By combining technology with a new service model, we’re creating happier, more educated borrowers. Sindeo’s satisfaction scores are 3x higher than industry averages and we’ve saved our customers an estimated $17 million by getting them a better mortgage.”

Through SindeoOne, borrowers are guided through each step of the application process, complete with tips to help them navigate each question and understand how their choices impact their mortgage. From there, Sindeo automatically generates a credit report and initiates the underwriting process, instantly verifying eligibility.

Even with the heightened use of technology however, Sindeo still dedicates a mortgage advisor to each prospective borrowers to answer questions and guide the process to closure.

When it comes to digital innovation, Stamos said in a previous HousingWire interview that the key is to give consumers what they want and how they want it, and technology plays a role in that.

“Consumers in general, not just Millennials, are pushing the home financing industry to go digital because they have already experienced and have come to expect the ease of use and level of service that comes with 24/7 access and a digital experience. Consumer expectations have been elevated because every other part of their lives have been made better through technology,” Stamos said.

Stamos noted during this interview that all of this technology expectation from consumers leads to the mobile phone. “It’s one thing to be online, but it’s another thing to create an experience where a consumer can get done in seconds what they want to get done on their phone,” he said at the time.

Now about half a year later and Sindeo announced the launch of SindeoOne.

The industry is still at the beginning stage of going digital. Steve Hoke, head, lending, retail product management at D+H, recently stated that while banks have been offering mortgages online, a lot of that is really more in the area of marketing than technology.

“A few years ago, most banks made a decision to start the move to digital with account access for depositors, building relationships and providing much-desired transparency for customers,” said Hoke. “Now, many customers are pushing regulated lenders to provide digital mortgage options.” 

Sindeo isn’t the first lender to venture into the fully digital mortgage world. Nearly a year ago, Quicken Loans launched a fully online mortgage through its end-to-end online product Rocket Mortgage.

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