Franklin Synergy Bank Mortgage Rates, Fees & Info

FRANKLIN, TN

LEI: 549300Y1K11HHIO8K335

Tax ID: 26-0334600

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Franklin Synergy Bank is a smaller bank specializing in Home Purchase loans. Franklin Synergy Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Nashville, Los Angeles, Spartanburg, Miami, and Tullahoma among others. We have data for 38 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Franklin Synergy Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Franklin Synergy Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    1,265

    Origination Dollar Volume (All Markets)

    $463,435,000

    Awards

    FRANKLIN SYNERGY BANK FHA Loans gold FRANKLIN SYNERGY BANK VA Loans gold FRANKLIN SYNERGY BANK FHA Loans gold FRANKLIN SYNERGY BANK VA Loans silver
    Show all (4) awards

    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
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1,149 $421,895,000 $367,185 $4,623 4.91%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 8 $6,920,000 $865,000 $4,942 4.27%
    SPARTANBURG, SC (FHA|USDA|VA) 3 $4,155,000 $1,385,000 $0 5.22%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 4 $3,570,000 $892,500 $8,640 4.73%
    Tullahoma-Manchester, TN (FHA|USDA|VA) 11 $3,375,000 $306,818 $5,012 4.65%
    Outside of Metro Areas 12 $3,310,000 $275,833 $3,785 4.70%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 11 $2,245,000 $204,091 $4,238 4.99%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 3 $1,855,000 $618,333 $6,028 5.24%
    Shelbyville, TN (FHA|USDA|VA) 8 $1,700,000 $212,500 $3,797 4.67%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 6 $1,470,000 $245,000 $3,459 4.98%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $1,310,000 $655,000 $8,094 4.31%
    Lewisburg, TN (FHA|USDA|VA) 6 $1,240,000 $206,667 $3,889 4.33%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 3 $1,085,000 $361,667 $3,319 4.92%
    Lawrenceburg, TN (FHA|USDA|VA) 6 $980,000 $163,333 $4,554 4.54%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 4 $830,000 $207,500 $4,664 4.88%
    Cookeville, TN (FHA|USDA|VA) 3 $705,000 $235,000 $2,920 4.38%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $615,000 $615,000 $6,365 4.75%
    KNOXVILLE, TN (FHA|USDA|VA) 2 $600,000 $300,000 $3,361 4.50%
    Brevard, NC (FHA|USDA|VA) 2 $510,000 $255,000 $5,434 5.08%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $480,000 $240,000 $4,085 4.44%
    Cullman, AL (FHA|USDA|VA) 1 $425,000 $425,000 $3,259 4.63%
    AMARILLO, TX (FHA|USDA|VA) 1 $425,000 $425,000 $2,140 4.88%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $415,000 $415,000 $3,945 4.00%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $405,000 $405,000 $4,683 4.13%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $375,000 $375,000 $4,661 4.88%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $325,000 $325,000 $4,532 3.88%
    SAVANNAH, GA (FHA|USDA|VA) 1 $305,000 $305,000 $3,755 4.50%
    Sevierville, TN (FHA|USDA|VA) 1 $265,000 $265,000 $0 5.75%
    McMinnville, TN (FHA|USDA|VA) 2 $250,000 $125,000 $4,243 4.00%
    Tupelo, MS (FHA|USDA|VA) 1 $245,000 $245,000 $10,703 4.13%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $215,000 $215,000 $2,533 4.50%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $205,000 $205,000 $3,303 4.75%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $185,000 $185,000 $3,369 4.25%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $165,000 $165,000 $3,361 4.63%
    Dayton, TN (FHA|USDA|VA) 1 $145,000 $145,000 $6,374 4.50%
    HUNTSVILLE, AL (FHA|USDA|VA) 1 $95,000 $95,000 $2,238 4.75%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $85,000 $85,000 $2,488 4.50%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $55,000 $55,000 $0 5.25%
    Franklin Synergy Bank's top markets include Nashville, Los Angeles, Spartanburg, Miami, and Tullahoma among others.

    Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against FRANKLIN SYNERGY BANK based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    KELLEY MORTGAGE, LLC
    Similarity Rank: 412
    US COMMUNITY
    Similarity Rank: 555
    Southeast Financial Credit Union
    Similarity Rank: 742
    THE TENNESSEE CREDIT UNION
    Similarity Rank: 750
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 1228
    Volunteer State Bank
    Similarity Rank: 1728
    Listerhill Credit Union
    Similarity Rank: 1824
    The Farmers Bank
    Similarity Rank: 2013
    First Farmers and Merchants Bank
    Similarity Rank: 2338
    FIRST EQUITY MORTGAGE INCORPORATED
    Similarity Rank: 2548

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,117 $421,325,000 $377,193 $3,951 4.97%
    FHA 95 $26,975,000 $283,947 $8,314 4.33%
    VA 43 $13,175,000 $306,395 $7,372 4.19%
    USDA 10 $1,960,000 $196,000 $4,686 4.24%

    For 2018, Franklin Synergy Bank's most frequently originated type of loan was Conventional, with 1,117 originations. Their 2nd most popular type was FHA, with 95 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,011 $377,845,000 $373,734 $4,827 4.89%
    Refi 133 $51,565,000 $387,707 $3,721 5.07%
    Cash Out Refi 91 $24,445,000 $268,626 $3,681 4.62%
    Home Improvement 17 $5,485,000 $322,647 $2,797 5.38%
    Other 13 $4,095,000 $315,000 $3,521 4.53%

    For 2018, Franklin Synergy Bank's most frequently cited loan purpose was Home Purchase, with 1,011 originations. The 2nd most popular reason was Refi, with 133 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 786 $251,710,000 $320,242 $4,484 4.61%
    Other 165 $87,255,000 $528,818 $6,769 5.64%
    10 Year 90 $45,280,000 $503,111 $7,771 5.24%
    5 Year 79 $34,585,000 $437,785 $1,073 5.64%
    15 Year 56 $13,770,000 $245,893 $3,352 4.17%
    1 Year 55 $19,875,000 $361,364 $9,348 5.88%
    20 Year 25 $8,385,000 $335,400 $3,097 4.42%
    3 Year 9 $2,575,000 $286,111 $2,385 5.31%

    For 2018, Franklin Synergy Bank's most frequently cited loan duration was 30 Year, with 786 originations. The 2nd most popular length was Other, with 165 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 600 $186,860,000 $311,433
    $1k-2k 93 $26,275,000 $282,527
    $5k+ 52 $43,180,000 $830,385
    $2k-3k 51 $15,365,000 $301,275
    $3k-4k 49 $18,385,000 $375,204
    $4k-5k 26 $11,490,000 $441,923

    Franklin Synergy Bank's average total fees were $4,484, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 600 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 709 $239,255,000 $337,454
    5-6% 368 $154,550,000 $419,973
    3-4% 121 $37,085,000 $306,488
    6-7% 67 $32,545,000 $485,746

    During 2018, Franklin Synergy Bank's average interest rate for loans was 4.61%, while their most frequently originated rate bucket for loans was 4-5%, with 709 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 622 $183,420,000 $294,887 $4,420 4.80%
    $100k-200k 249 $38,355,000 $154,036 $3,311 4.95%
    $400k-600k 238 $109,300,000 $459,244 $4,774 4.83%
    $600k-1MM 68 $52,460,000 $771,471 $8,376 5.19%
    $1MM+ 53 $77,345,000 $1,459,340 $10,258 5.38%
    $100,000 or less 35 $2,555,000 $73,000 $2,596 5.10%

    2018 saw Franklin Synergy Bank place emphasis on $200k-400k loans with 622 originations, totaling $183,420,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 250 $81,470,000 $325,880 $4,491 4.69%
    $150k-250k 220 $80,510,000 $365,955 $4,602 4.81%
    $250k+ 195 $106,015,000 $543,667 $6,019 5.08%
    $50k-75k 179 $41,075,000 $229,469 $4,448 4.60%
    $75k-100k 154 $45,260,000 $293,896 $4,492 4.66%
    $50k or less 88 $15,640,000 $177,727 $3,495 4.57%

    Franklin Synergy Bank lent most frequently to those with incomes in the $100k-150k range, with 250 originations. The second most popular income band? $150k-250k, with 220 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 209 $73,095,000 $349,737 $4,325 4.60%
    30-36% 169 $53,935,000 $319,142 $4,621 4.50%
    <20% 92 $33,380,000 $362,826 $4,098 4.56%
    42% 45 $14,985,000 $333,000 $5,059 4.63%
    43% 38 $11,910,000 $313,421 $4,713 4.73%
    39% 38 $11,260,000 $296,316 $4,349 4.59%
    41% 35 $11,035,000 $315,286 $4,365 4.58%
    44% 35 $12,525,000 $357,857 $5,035 4.72%
    37% 34 $10,030,000 $295,000 $4,346 4.54%
    40% 34 $9,840,000 $289,412 $4,133 4.65%
    50-60% 32 $10,500,000 $328,125 $7,136 4.44%
    36% 30 $11,010,000 $367,000 $4,431 4.67%
    48% 30 $9,360,000 $312,000 $5,080 4.51%
    47% 24 $9,500,000 $395,833 $5,308 4.60%
    45% 22 $6,910,000 $314,091 $4,151 4.77%
    49% 21 $6,395,000 $304,524 $4,835 4.50%
    38% 21 $6,965,000 $331,667 $4,849 4.74%
    46% 20 $5,930,000 $296,500 $3,145 4.60%
    >60% 4 $2,850,000 $712,500 $7,492 4.49%

    Franklin Synergy Bank lent most frequently to those with DTI ratios of 20-30%, with 209 originations. The next most common DTI ratio? 30-36%, with 169 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 906 $311,460,000 $343,775 $4,452 4.75%
    Not applicable 172 $89,130,000 $518,198 $0 5.73%
    Not provided 120 $41,720,000 $347,667 $5,848 4.89%
    Black 31 $10,395,000 $335,323 $5,510 4.66%
    Asian 30 $8,880,000 $296,000 $4,276 4.63%
    American Indian 3 $795,000 $265,000 $2,924 4.67%
    Japanese 1 $435,000 $435,000 $2,631 4.50%
    Other Asian 1 $385,000 $385,000 $4,220 4.38%
    Vietnamese 1 $235,000 $235,000 $0 5.76%

    Approval Rates

    Total approvals of all applications
    94.66%

    Franklin Synergy Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.34%

    Franklin Synergy Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,265 $463,435,000 $366,352

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 16 $20,280,000 $1,267,500
    Single Family (1-4 Units):Manufactured 1 $255,000 $255,000
    Single Family (1-4 Units):Site-Built 1,248 $442,900,000 $354,888

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 71 $20,625,000 $290,493 $3,007 4.63%
    40-60% 130 $44,200,000 $340,000 $3,606 4.80%
    60-80% 566 $214,140,000 $378,339 $3,965 5.07%
    80-100% 476 $179,130,000 $376,324 $5,494 4.74%
    Over 100% 8 $2,040,000 $255,000 $9,309 4.14%
    Under 20% 11 $2,785,000 $253,182 $3,260 4.95%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    FRANKLIN LOAN CORPORATION FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    FRANKLIN LOAN CORPORATION Conventional home mortgage Struggling to pay mortgage 1 50.0%