Synergy Bank Mortgage Rates, Fees & Info
Houma, LALEI: 549300QAJ2SD5X8T7X10
Tax ID: 72-1433422
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Mortgage Data
Review & Overview
Synergy Bank is a smaller bank specializing in Refi and Home Purchase loans. Synergy Bank has a high proportion of conventional loans. Their top markets by origination volume include: Houma, Baton Rouge, New Orleans, Hammond, and Morgan City among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)Synergy Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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Originations
237Origination Dollar Volume (All Markets)
$42,315,000Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| HOUMA-THIBODAUX, LA (FHA|USDA|VA) | 176 | $29,690,000 | $168,693 | $0 | 0.00% |
| BATON ROUGE, LA (FHA|USDA|VA) | 42 | $6,340,000 | $150,952 | $0 | 0.00% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 9 | $4,405,000 | $489,444 | $0 | 0.00% |
| Outside of Metro Areas | 3 | $555,000 | $185,000 | $0 | 0.00% |
| HAMMOND, LA (FHA|USDA|VA) | 3 | $515,000 | $171,667 | $0 | 0.00% |
| Morgan City, LA (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $0 | 0.00% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 0.00% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| GULFPORT-BILOXI, MS (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 237 | $42,315,000 | $178,544 | $0 | 0.00% |
For 2023, Synergy Bank's most frequently originated type of loan was Conventional, with 237 originations.
Loan Reason
For 2023, Synergy Bank's most frequently cited loan purpose was Refi, with 140 originations. The 2nd most popular reason was Home Purchase, with 87 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 237 | $42,315,000 | $178,544 | $0 | 0.00% |
For 2023, Synergy Bank's most frequently cited loan duration was Other, with 237 originations.
Loan Sizing
2023 saw Synergy Bank place emphasis on $100,000 or less loans with 108 originations, totaling $6,240,000 in origination value.
Applicant Income
Synergy Bank lent most frequently to those with incomes in the $150k-250k range, with 25 originations. The second most popular income band? $50k-75k, with 21 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 237 | $42,315,000 | $178,544 | $0 | 0.00% |
Synergy Bank lent most frequently to those with DTI ratios of Exempt%, with 237 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.01%
Synergy Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination90.30%
Synergy Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 237 | $42,315,000 | $178,544 |