Nick Stamos, CEO of Sindeo.
Four years ago, Ori and I set out to create a new type of mortgage company where technology makes things easier and puts people first. We hired incredible people to help us build this business and we grew rapidly.
But, startups are hard and simplifying the highly regulated, complex business of mortgages is even harder. I believed we had overcome the biggest hurdles, but unfortunately, we didn’t. Today, we made the difficult decision to wind down Sindeo.
I am simultaneously devastated, as well as incredibly proud. While Sindeo as a startup has failed, our people did not. As a matter of fact, we did what everyone said couldn’t be done.
We built a place where people could shop and apply for a mortgage from a robust marketplace of over 1000 loan programs, with one single application and one credit check.
We secured partnerships with some of the top real estate and consumer finance brands.
We helped our clients save millions of dollars on their home loans.
We built a people-centric brand, putting the needs of Sindeo’s clients first.
The accomplishment I am proudest of is our customer satisfaction scores. Sindeo’s Net Promoter Score (NPS) this year is 81, compared to an average of negative three from the top banks. Sindeo achieved Zappos and USAA level service. It was hard, really hard, but Sindeo was delivering on our mission.Unfortunately, it wasn’t enough. The majority of the staff and leadership team have had their jobs eliminated today. A very small team will be kept on for a short period of time to help our clients successfully close their loans that are already in process.
I am devastated for our employees, their families, our partners and our investors who believed in us, and worked so hard to build Sindeo. We have very talented people who need jobs today. Hire them. They are truly innovators and some of the smartest, most dedicated people I’ve ever worked with.
To everyone who has supported us, who believed in us and who stuck with us during the toughest of times, thank you. We are eternally grateful for your support, and I will never forget everything we did together at Sindeo.
Nick Stamos
CEO, Sindeo
Just heartbreaking. They had a bunch of talented people that I’m sure will find new challenges. But its always better to be in the arena than sitting in the stands.
Well said.