Synergy One Lending Review: The Modern Mortgage Experience

Posted on October 26th, 2020
Synergy One Lending Review: The Modern Mortgage Experience

Today, we’ll take a look at Synergy One Lending, a company whose mission is to create a modern mortgage experience for its clients.

To achieve this goal, the direct-to-consumer mortgage lender plans to focus on fintech for the next generation of home buyers who expect speed and convenience.

This means being able to apply for a home loan from anywhere, without the usual red tape and headaches we’re all accustomed to when taking out a mortgage.

However, they haven’t forgotten about the power of human touch, which is why Synergy One Lending says it offers the right combination of people and technology.

Synergy One Lending Fast Facts

  • Retail consumer-direct mortgage lender based in San Diego, CA, founded in 2013
  • Currently licensed in 33 states and the District of Columbia
  • Funded more than $5 billion in home loans during 2019
  • A top-100 retail mortgage lender nationwide
  • About a third of their total loan volume came from home state of California

In 2013, Synergy One Lending began as an independent mortgage lender before being acquired by a bigger fish, Mutual of Omaha Bank, just five years later in 2018.

But just two years after that, a management-led asset purchase (“MBO”) of the company’s distributed retail channel took place in mid-2020, so they’re back to being on their own.

During their brief spell under Mutual of Omaha Bank ownership, they acquired certain assets of BBMC Mortgage, a mortgage company that was based in Lombard, Illinois.

At the moment, Synergy One Lending appears to be licensed in 33 states and DC. Those states include:

AL, AR, AZ, CA, CO, DC, DE, FL, GA, IA, ID, IL, KS, KY, LA, MD, MI, MN, MO, MS, MT, NE, NM, OH, OK, OR, SC, SD, TN, TX, UT, WA, WI and WY.

While they’re appear to be big on making the home buying process a lot easier, they also do a lot of refinance business, as evidenced by their HMDA data.

About two-thirds of their loans in 2019 were refis, and about a third of overall loan volume came from their home state of California.

Synergy One Lending Loan Process

  • They offer a so-called Modern Mortgage Experience (digital loan application)
  • Borrowers can apply by phone, online, or via smartphone
  • Their free app called S1 Connect allows you to upload and eSign loan documents and track loan progress with real-time notifications
  • Ability to verify income, assets, and employment without third-party paperwork for a quick, smooth loan process

Synergy One Lending makes it easy to apply for a home loan thanks to their Modern Mortgage Experience.

Instead of faxing in paperwork, or downloading PDFs and uploading them into their underwriting system, you can skip all that and let their digital verification do the heavy lifting.

The company leverages the power of Fannie Mae’s Day 1 Certainty Initiative to reduce paperwork, improve turn times, and make borrowers happier.

This means it might be possible to verify income, assets, and employment without having to track down or scan a single document.

Aside from being easier, it’s also more accurate because underwriters get this key information from the source. That means you get to the finish line faster, while being less burdened with extra loan conditions.

You can also apply for a home loan from anywhere thanks to the free S1 Connect mortgage app, or simply apply directly from their website.

Don't let today's rates get away.

They also have an online branch and loan officer directory for those looking to work with someone specific.

And of course, you can still simply call them up directly to get the ball rolling.

Loan Types Offered by Synergy One Lending

  • Home purchase loans and refinance loans
  • Home renovation loans
  • FHA, VA, and USDA home loans
  • Jumbo loans
  • Reverse mortgages
  • Fixed-rate and adjustable-rate loan options available

Synergy One Lending offers the full suite of home loan programs available, including home purchase financing, mortgage refinances, and home renovation loans via the FHA 203k program.

You can get a mortgage on a primary residence, second home, or an investment property, including multi-unit properties and condos/townhomes.

Additionally, they offer a lock and shop program that lets prospective home buyers lock in a mortgage rate up to 360 days in advance.

You can get a conventional loan backed by Fannie Mae or Freddie Mac, or a government-backed home loan such as an FHA loan, USDA loan, or VA loan.

Those in need of a larger loan amount can take advantage of their jumbo loan offerings, and seniors 62+ can take out a reverse mortgage with the company, including a Retirement Home Equity Line.

Both fixed-rate and adjustable-rate mortgage options are available, including 30-year fixed and 15-year fixed loans, along with 5/1 and 7/1 ARMs.

10-Day Close with Synergy One Lending

While Synergy One Lending does a lot of refinancing business, they’re also well positioned to help home buyers land their dream home.

The “10 Day Close” program from Synergy One allows prospective home buyers to compete with all-cash home buyers thanks to their use of the latest technologies, namely Fannie Mae’s Day 1 Certainty Initiative.

In short, they utilize the digital verification of income, assets, and employment to quickly get a borrower pre-approved for a mortgage both accurately and securely.

Then the buyer can begin their home search, knowing they’ve got a verified pre-approval in hand. From there, it’s just a matter of ordering a home appraisal and doing the title/escrow work.

Knowing today’s real estate market is very competitive, with multiple bidder situations the norm, this could give a home buyer who requires a mortgage the upper-hand.

It may also make the home loan process a lot less painful.

Synergy One Lending Mortgage Rates

One slight negative about Synergy One Lending is the fact that they don’t publicize their mortgage rates.

Some lenders will put their daily rates on their website for all to see, such as Intelliloan, but that’s not the case with S1.

This doesn’t say anything about their mortgage rates either good or bad, it’s just that it leaves us in the dark a bit.

The same goes for lender fees – since they aren’t listed on their website, we don’t know what they do and don’t charge, such as a loan origination fee.

In other words, be sure to shop around with other lenders once you get their pricing to see where they stand relative to the competition.

Customer service is certainly important, but so is securing a low mortgage rate with reasonable closing costs.

Synergy One Lending Reviews

Since July 2017 alone, they say they’ve had more than 12,000 customer reviews, and 94.98% of past customers say they’d recommend Synergy One Lending to a friend or family member.

This might be in reference to their near-13,000 reviews on SocialSurvey where they enjoy a 4.90 rating out of 5.

The company also has a 4.94-star rating out of 5 on Zillow based on a fewer 130 or so reviews.

Additionally, they are an accredited business with the Better Business Bureau and currently have an A+ rating.

So in the review department they appear to be rock-solid and consistent, which falls in line with their commitment to deliver the most satisfying experience for their customers.

Synergy One Lending Pros and Cons

The Good Stuff

  • Digital home loan process
  • Lots of loan programs to choose from
  • Excellent customer reviews
  • Free smartphone mortgage app
  • 10-day close program for home buyers
  • A+ BBB rating

The Maybe Bad Stuff

  • Not licensed in all states
  • Do not publicize their mortgage rates
  • No information regarding lender fees
  • Limited branch locations

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