Synergy Mortgage Corp. Mortgage Lending & HMDA Data, 2006
In 2006, Synergy Mortgage Corp. of Waco, TX reported 1,007 mortgage applications totaling $172.8 million, down 74% from 2005. The average application was for $171,595, and applicants reported an average income of $68,370. 10% of its applications resulted in an originated loan and 17% were denied. Its largest markets were Baltimore-Towson, MD (155), Atlanta-Sandy Springs-Marietta, GA (62) and Washington-Arlington-Alexandria, DC-VA-MD-WV (61) (applications in parentheses).
| Mortgage Company & Address | Synergy Mortgage Corp. 510 N. Valley Mills Drive Suite 101 Waco, TX 76710 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 1,007 |
| Total Mortgage Loan Application Amount | $172,797,000 |
| Average Mortgage Loan Application Amount | $171,595 |
| Highest Mortgage Loan Application Amount | $1,015,000 |
| Average Applicant Income | $68,370 |
| Highest Applicant Income | $723,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Synergy Mortgage Corp. filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans. Applications reported at $100 million or more are left out of these totals.
Mortgage Loan Application Detail Totals for Synergy Mortgage Corp. in 2006
Loan Purpose |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Refinancing | 861 | $151,153,000 | $175,000 | $1,015,000 | $67,000 | $723,000 |
| Home Purchase | 143 | $21,156,000 | $147,000 | $712,000 | $76,000 | $279,000 |
| Home Improvement | 3 | $488,000 | $162,000 | $279,000 | $98,000 | $150,000 |
Applicant Race |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Not Provided | 407 | $72,151,000 | $177,000 | $800,000 | $62,000 | $480,000 |
| White | 384 | $67,488,000 | $175,000 | $1,015,000 | $76,000 | $456,000 |
| Black or African American | 168 | $23,802,000 | $141,000 | $488,000 | $60,000 | $279,000 |
| Hispanic | 32 | $5,692,000 | $177,000 | $799,000 | $66,000 | $192,000 |
| Asian | 10 | $2,209,000 | $220,000 | $500,000 | $133,000 | $723,000 |
| American Indian or Alaskan Native | 3 | $712,000 | $237,000 | $305,000 | $63,000 | $80,000 |
| Native Hawaiian or Other Pacific Islander | 3 | $743,000 | $247,000 | $513,000 | $64,000 | $127,000 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
Loan Type |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 1,005 | $172,498,000 | $171,000 | $1,015,000 | $68,000 | $723,000 |
| FHA-insured (Federal Housing Administration) | 1 | $141,000 | $141,000 | $141,000 | $40,000 | $40,000 |
| VA-guaranteed (Veterans Administration) | 1 | $158,000 | $158,000 | $158,000 | $76,000 | $76,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 0 | $0 | $0 | $0 | $0 | $0 |
Outcome |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Application Withdrawn By Applicant | 720 | $125,971,000 | $174,000 | $1,015,000 | $68,000 | $723,000 |
| Application Denied By Financial Institution | 171 | $26,812,000 | $156,000 | $799,000 | $57,000 | $300,000 |
| Loan Originated | 104 | $18,287,000 | $175,000 | $712,000 | $83,000 | $279,000 |
| Preapproval Denied by Financial Institution | 7 | $1,292,000 | $184,000 | $310,000 | $44,000 | $85,000 |
| Application Approved But Not Accepted | 4 | $372,000 | $93,000 | $124,000 | $101,000 | $259,000 |
| File Closed For Incompleteness | 1 | $63,000 | $63,000 | $63,000 | $225,000 | $225,000 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Approved but not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
Denial Reason |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Credit History | 150 | $23,652,000 | $157,000 | $595,000 | $52,000 | $300,000 |
| Unverifiable Information | 10 | $1,497,000 | $149,000 | $283,000 | $105,000 | $150,000 |
| Collateral | 9 | $1,715,000 | $190,000 | $799,000 | $69,000 | $187,000 |
| Other | 6 | $763,000 | $127,000 | $270,000 | $48,000 | $74,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 2 | $407,000 | $203,000 | $253,000 | $89,000 | $144,000 |
| Debt-To-Income Ratio | 1 | $70,000 | $70,000 | $70,000 | $35,000 | $35,000 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Synergy Mortgage Corp.'s 2006 lending activity. By analyzing detailed data on mortgage applications, total loan amounts, applicant incomes, loan purposes, and approval rates, industry professionals, researchers, and analysts can gain a clear understanding of this lender's role in the mortgage market.
This in-depth HMDA data allows real estate experts, financial analysts, and policymakers to track lending trends, evaluate borrower demographics,
and assess Synergy Mortgage Corp.'s mortgage approval patterns.
Utilize this powerful dataset to analyze market performance, compare lending practices, and make data-driven decisions in the ever-changing mortgage industry.
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