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, Clarksville, Tullahoma, Crestview, and Shelbyville among others. We have data for 39 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.

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    Originations

    1,459

    Origination Dollar Volume (All Markets)

    $582,845,000

    Awards

    FRANKLIN SYNERGY BANK FHA Loans gold FRANKLIN SYNERGY BANK VA Loans silver 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) 1,326 $549,180,000 $414,163 $4,376 4.49%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 18 $4,030,000 $223,889 $4,747 4.67%
    Tullahoma-Manchester, TN (FHA|USDA|VA) 11 $3,125,000 $284,091 $3,383 4.15%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 8 $2,990,000 $373,750 $5,033 3.98%
    Outside of Metro Areas 14 $2,830,000 $202,143 $4,832 4.14%
    Shelbyville, TN (FHA|USDA|VA) 13 $2,795,000 $215,000 $4,756 4.04%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 12 $2,250,000 $187,500 $3,413 4.26%
    Heber, UT (FHA|USDA|VA) 1 $2,005,000 $2,005,000 $0 5.00%
    Lewisburg, TN (FHA|USDA|VA) 5 $1,555,000 $311,000 $4,682 4.03%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 7 $1,375,000 $196,429 $4,913 4.50%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $965,000 $965,000 $8,034 4.75%
    HUNTSVILLE, AL (FHA|USDA|VA) 8 $920,000 $115,000 $3,616 5.16%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 3 $865,000 $288,333 $3,491 4.54%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $840,000 $420,000 $3,184 3.56%
    Cullman, AL (FHA|USDA|VA) 2 $810,000 $405,000 $3,455 3.69%
    KNOXVILLE, TN (FHA|USDA|VA) 3 $705,000 $235,000 $3,154 4.25%
    McMinnville, TN (FHA|USDA|VA) 2 $500,000 $250,000 $10,680 3.00%
    RICHMOND, VA (FHA|USDA|VA) 1 $475,000 $475,000 $0 0.00%
    CLEVELAND, TN (FHA|USDA|VA) 1 $435,000 $435,000 $3,349 3.50%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 2 $390,000 $195,000 $4,179 4.06%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $375,000 $375,000 $3,856 4.25%
    AMARILLO, TX (FHA|USDA|VA) 1 $375,000 $375,000 $2,907 3.38%
    Cookeville, TN (FHA|USDA|VA) 1 $315,000 $315,000 $2,698 4.63%
    AUBURN-OPELIKA, AL (FHA|USDA|VA) 1 $285,000 $285,000 $3,123 4.38%
    CHEYENNE, WY (FHA|USDA|VA) 1 $265,000 $265,000 $4,080 3.00%
    RALEIGH-CARY, NC (FHA|USDA|VA) 1 $215,000 $215,000 $2,794 4.50%
    Sevierville, TN (FHA|USDA|VA) 1 $205,000 $205,000 $0 5.00%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $205,000 $205,000 $1,909 3.25%
    KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 1 $195,000 $195,000 $3,352 3.25%
    WILMINGTON, NC (FHA|USDA|VA) 1 $195,000 $195,000 $0 4.38%
    JACKSON, TN (FHA|USDA|VA) 1 $185,000 $185,000 $1,848 3.38%
    ANN ARBOR, MI (FHA|USDA|VA) 1 $185,000 $185,000 $2,391 3.63%
    Brownsville, TN (FHA|USDA|VA) 1 $185,000 $185,000 $3,071 4.50%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $185,000 $185,000 $2,691 3.50%
    Enterprise, AL (FHA|USDA|VA) 1 $135,000 $135,000 $2,240 3.63%
    AKRON, OH (FHA|USDA|VA) 1 $125,000 $125,000 $0 5.20%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $105,000 $105,000 $0 5.38%
    Union City, TN (FHA|USDA|VA) 1 $45,000 $45,000 $0 6.28%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $25,000 $25,000 $0 7.50%
    Franklin Synergy Bank's top markets include Nashville, Clarksville, Tullahoma, Crestview, and Shelbyville among others.

    Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Utah (FHA|USDA|VA)
  • South Carolina (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.

    US COMMUNITY
    Similarity Rank: 64
    First Advantage Bank
    Similarity Rank: 650
    THE TENNESSEE CREDIT UNION
    Similarity Rank: 720
    KELLEY MORTGAGE, LLC
    Similarity Rank: 945
    First Farmers and Merchants Bank
    Similarity Rank: 986
    The Farmers Bank
    Similarity Rank: 1120
    InterContinental Capital Group, Inc
    Similarity Rank: 1938
    First Financial Bank
    Similarity Rank: 2352
    RBC Bank, (Georgia)
    Similarity Rank: 2983
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 3132

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,258 $519,300,000 $412,798 $3,494 4.60%
    FHA 118 $36,390,000 $308,390 $8,864 3.75%
    VA 76 $25,790,000 $339,342 $6,851 3.58%
    USDA 7 $1,365,000 $195,000 $4,660 3.59%

    For 2019, Franklin Synergy Bank's most frequently originated type of loan was Conventional, with 1,258 originations. Their 2nd most popular type was FHA, with 118 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,005 $422,995,000 $420,891 $4,616 4.57%
    Refi 291 $104,605,000 $359,467 $3,809 4.27%
    Cash Out Refi 139 $40,215,000 $289,317 $3,973 4.10%
    Home Improvement 20 $13,740,000 $687,000 $3,237 5.12%
    Other 4 $1,290,000 $322,500 $3,393 4.34%

    For 2019, Franklin Synergy Bank's most frequently cited loan purpose was Home Purchase, with 1,005 originations. The 2nd most popular reason was Refi, with 291 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 987 $321,835,000 $326,074 $4,463 4.06%
    Other 148 $149,110,000 $1,007,500 $4,993 6.08%
    15 Year 87 $24,035,000 $276,264 $3,184 3.72%
    5 Year 80 $22,890,000 $286,125 $0 5.67%
    10 Year 71 $33,115,000 $466,408 $6,611 5.25%
    1 Year 56 $22,370,000 $399,464 $3,832 6.10%
    20 Year 24 $7,330,000 $305,417 $2,850 3.82%
    3 Year 6 $2,160,000 $360,000 $0 5.74%

    For 2019, Franklin Synergy Bank's most frequently cited loan duration was 30 Year, with 987 originations. The 2nd most popular length was Other, with 148 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 863 $285,815,000 $331,188
    $1k-2k 74 $22,990,000 $310,676
    $2k-3k 36 $11,490,000 $319,167
    $3k-4k 24 $7,880,000 $328,333
    $4k-5k 15 $6,335,000 $422,333
    $5k+ 14 $9,200,000 $657,143

    Franklin Synergy Bank's average total fees were $4,463, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 863 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 644 $220,690,000 $342,686
    4-5% 442 $146,510,000 $331,471
    5-6% 247 $154,105,000 $623,907
    6-7% 110 $48,230,000 $438,455
    2.5-3% 6 $2,150,000 $358,333
    7-8% 6 $3,160,000 $526,667
    <2.5% 3 $7,525,000 $2,508,333

    During 2019, Franklin Synergy Bank's average interest rate for loans was 4.06%, while their most frequently originated rate bucket for loans was 3-4%, with 644 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 737 $220,875,000 $299,695 $4,321 4.32%
    $400k-600k 329 $153,055,000 $465,213 $4,801 4.28%
    $100k-200k 262 $40,660,000 $155,191 $3,456 4.70%
    $100,000 or less 46 $3,410,000 $74,130 $2,356 5.23%
    $1MM+ 45 $133,455,000 $2,965,667 $8,421 5.57%
    $600k-1MM 40 $31,390,000 $784,750 $6,644 5.28%

    2019 saw Franklin Synergy Bank place emphasis on $200k-400k loans with 737 originations, totaling $220,875,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 301 $101,965,000 $338,754 $4,601 4.25%
    $150k-250k 252 $91,210,000 $361,944 $4,508 4.35%
    $75k-100k 211 $61,415,000 $291,066 $4,209 4.11%
    $250k+ 196 $91,710,000 $467,908 $4,091 4.88%
    $50k-75k 192 $48,050,000 $250,260 $4,487 4.04%
    $50k or less 87 $15,575,000 $179,023 $3,560 4.02%

    Franklin Synergy Bank lent most frequently to those with incomes in the $100k-150k range, with 301 originations. The second most popular income band? $150k-250k, with 252 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 261 $84,845,000 $325,077 $3,799 4.00%
    30-36% 199 $64,715,000 $325,201 $4,134 4.04%
    <20% 115 $37,345,000 $324,739 $3,721 3.97%
    36% 54 $15,690,000 $290,556 $4,772 4.32%
    38% 51 $16,235,000 $318,333 $4,429 4.02%
    43% 44 $14,120,000 $320,909 $4,508 4.17%
    37% 42 $13,640,000 $324,762 $4,119 3.99%
    41% 38 $13,330,000 $350,789 $4,709 4.09%
    45% 36 $12,570,000 $349,167 $4,478 4.20%
    42% 34 $12,500,000 $367,647 $4,297 4.07%
    40% 34 $11,510,000 $338,529 $5,442 4.03%
    44% 34 $10,790,000 $317,353 $4,259 4.08%
    39% 32 $10,060,000 $314,375 $4,304 4.16%
    49% 28 $8,560,000 $305,714 $4,520 3.96%
    47% 28 $9,290,000 $331,786 $4,999 4.21%
    48% 26 $8,670,000 $333,462 $6,155 3.89%
    50-60% 25 $7,705,000 $308,200 $7,589 3.80%
    46% 21 $6,685,000 $318,333 $5,402 3.94%
    >60% 1 $395,000 $395,000 $3,832 5.65%

    Franklin Synergy Bank lent most frequently to those with DTI ratios of 20-30%, with 261 originations. The next most common DTI ratio? 30-36%, with 199 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,061 $346,615,000 $326,687 $4,123 4.23%
    Not applicable 174 $156,750,000 $900,862 $0 5.87%
    Not provided 130 $49,490,000 $380,692 $5,747 4.67%
    Black 50 $15,500,000 $310,000 $5,735 4.41%
    Asian 36 $11,400,000 $316,667 $5,359 4.23%
    American Indian 7 $2,895,000 $413,571 $5,798 3.61%
    Asian Indian 1 $195,000 $195,000 $6,716 3.50%

    Approval Rates

    Total approvals of all applications
    96.23%

    Franklin 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
    77.18%

    Franklin Synergy Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,459 $582,845,000 $399,483

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 2 $470,000 $235,000
    Multifamily:Site-Built 15 $78,665,000 $5,244,333
    Single Family (1-4 Units):Manufactured 3 $515,000 $171,667
    Single Family (1-4 Units):Site-Built 1,439 $503,195,000 $349,684

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 74 $19,360,000 $261,622 $3,079 4.38%
    40-60% 166 $99,720,000 $600,723 $3,214 4.31%
    60-80% 642 $246,420,000 $383,832 $3,527 4.79%
    80-100% 546 $187,670,000 $343,718 $5,225 4.15%
    Over 100% 14 $25,090,000 $1,792,143 $13,611 3.84%
    Under 20% 8 $1,410,000 $176,250 $2,608 4.95%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    FRANKLIN FIRST FINANCIAL, LTD Conventional home mortgage Struggling to pay mortgage 1 100.0%