Synergy Bank Mortgage Rates, Fees & Info

Houma, LA

LEI: 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

237

Origination Dollar Volume (All Markets)

$42,315,000

Top 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%
Synergy Bank's top markets include Houma, Baton Rouge, New Orleans, Hammond, and Morgan City among others.

Their top states include:
  • Louisiana (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • 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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 140 $25,010,000 $178,643 $0 0.00%
    Home Purchase 87 $16,605,000 $190,862 $0 0.00%
    Home Improvement 7 $445,000 $63,571 $0 0.00%
    Other 3 $255,000 $85,000 $0 0.00%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 108 $6,240,000 $57,778 $0 0.00%
    $100k-200k 70 $9,610,000 $137,286 $0 0.00%
    $200k-400k 39 $11,175,000 $286,538 $0 0.00%
    $600k-1MM 11 $8,865,000 $805,909 $0 0.00%
    $400k-600k 6 $2,700,000 $450,000 $0 0.00%
    $1MM+ 3 $3,725,000 $1,241,667 $0 0.00%

    2023 saw Synergy Bank place emphasis on $100,000 or less loans with 108 originations, totaling $6,240,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 25 $4,495,000 $179,800 $0 0.00%
    $50k-75k 21 $2,065,000 $98,333 $0 0.00%
    $100k-150k 18 $1,890,000 $105,000 $0 0.00%
    $250k+ 14 $2,190,000 $156,429 $0 0.00%
    $50k or less 13 $945,000 $72,692 $0 0.00%
    $75k-100k 11 $1,105,000 $100,455 $0 0.00%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 134 $29,600,000 $220,896 $0 0.00%
    White 90 $11,360,000 $126,222 $0 0.00%
    Black 8 $680,000 $85,000 $0 0.00%
    Asian 4 $550,000 $137,500 $0 0.00%
    Vietnamese 1 $125,000 $125,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.01%

    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 origination
    90.30%

    Synergy Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 237 $42,315,000 $178,544

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    237 $42,315,000 $178,544