Canopy Mortgage Rates, Fees & Info

Spokane, WA

LEI: 5493004KGZVI015KO609

Tax ID: 91-0672401

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Mortgage Data

Review & Overview

Canopy is a smaller mortgage company specializing in Cash Out Refi, Home Improvement, and Refi loans. Canopy has a high proportion of conventional loans. Their top markets by origination volume include: Spokane, Sandpoint, and Walla Walla among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Canopy 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.

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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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.81% 12/16/24
30 Year Conventional Refi 6.27% 12/16/24
30 Year Cash-out Refi 6.43% 12/16/24
15 Year Conventional Purchase 6.16% 12/16/24
15 Year Conventional Refi 6.16% 12/16/24
15 Year Cash-out Refi 6.16% 12/16/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Canopy Mortgage Calculator






Your Estimates

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This is not an official calculator from Canopy. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

201

Origination Dollar Volume (All Markets)

$30,245,000

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
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 178 $26,630,000 $149,607 $2,631 3.10%
Outside of Metro Areas 11 $2,035,000 $185,000 $6,779 3.00%
Outside of Metro Areas 7 $585,000 $83,571 $2,278 3.32%
Sandpoint, ID (FHA|USDA|VA) 4 $560,000 $140,000 $2,464 2.88%
WALLA WALLA, WA (FHA|USDA|VA) 1 $435,000 $435,000 $6,555 3.25%
Canopy's top markets include Spokane, Sandpoint, and Walla Walla among others.

Their top states include:
  • Washington (FHA|USDA|VA)
  • Idaho (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 201 $30,245,000 $150,473 $2,864 3.10%

    For 2020, Canopy's most frequently originated type of loan was Conventional, with 201 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 96 $14,080,000 $146,667 $2,672 3.21%
    Home Improvement 53 $7,775,000 $146,698 $2,650 3.07%
    Refi 46 $6,940,000 $150,870 $3,234 2.92%
    Home Purchase 6 $1,450,000 $241,667 $5,368 3.04%

    For 2020, Canopy's most frequently cited loan purpose was Cash Out Refi, with 96 originations. The 2nd most popular reason was Home Improvement, with 53 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 156 $26,000,000 $166,667 $3,151 3.15%
    Other 27 $2,105,000 $77,963 $1,565 2.91%
    10 Year 18 $2,140,000 $118,889 $2,273 2.94%

    For 2020, Canopy's most frequently cited loan duration was 15 Year, with 156 originations. The 2nd most popular length was Other, with 27 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 84 $7,040,000 $83,810
    $1k-2k 65 $9,415,000 $144,846
    $2k-3k 38 $8,900,000 $234,211
    $3k-4k 8 $2,880,000 $360,000
    $4k-5k 3 $1,335,000 $445,000
    $5k+ 1 $545,000 $545,000

    Canopy's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 84 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 106 $18,220,000 $171,887
    3-4% 70 $9,670,000 $138,143
    <2.5% 18 $1,970,000 $109,444
    4-5% 6 $350,000 $58,333
    5-6% 1 $35,000 $35,000

    During 2020, Canopy's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 2.5-3%, with 106 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 74 $4,900,000 $66,216 $1,718 3.24%
    $100k-200k 72 $10,360,000 $143,889 $2,502 3.07%
    $200k-400k 51 $13,105,000 $256,961 $4,651 2.95%
    $400k-600k 4 $1,880,000 $470,000 $7,220 3.06%

    2020 saw Canopy place emphasis on $100,000 or less loans with 74 originations, totaling $4,900,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 48 $6,080,000 $126,667 $2,549 3.12%
    $100k-150k 43 $7,495,000 $174,302 $2,763 3.10%
    $75k-100k 41 $5,735,000 $139,878 $2,545 3.16%
    $50k or less 39 $4,295,000 $110,128 $3,216 3.13%
    $150k-250k 27 $5,955,000 $220,556 $3,454 2.95%
    $250k+ 3 $685,000 $228,333 $3,845 2.83%

    Canopy lent most frequently to those with incomes in the $50k-75k range, with 48 originations. The second most popular income band? $100k-150k, with 43 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 55 $8,275,000 $150,455 $2,466 2.95%
    <20% 41 $5,115,000 $124,756 $2,336 2.98%
    30-36% 29 $4,665,000 $160,862 $2,955 3.12%
    45% 9 $1,285,000 $142,778 $2,714 3.39%
    50-60% 9 $1,915,000 $212,778 $3,631 3.11%
    40% 8 $1,010,000 $126,250 $2,480 3.13%
    36% 7 $1,265,000 $180,714 $3,184 3.11%
    46% 6 $400,000 $66,667 $1,825 3.96%
    42% 5 $505,000 $101,000 $2,167 3.05%
    37% 5 $1,105,000 $221,000 $3,534 2.80%
    43% 4 $980,000 $245,000 $3,790 3.13%
    39% 4 $730,000 $182,500 $3,258 2.88%
    47% 4 $580,000 $145,000 $2,799 2.94%
    49% 4 $590,000 $147,500 $2,642 3.63%
    38% 3 $585,000 $195,000 $3,207 3.00%
    41% 3 $565,000 $188,333 $2,900 3.75%
    44% 2 $190,000 $95,000 $2,143 4.50%
    >60% 2 $230,000 $115,000 $2,561 3.75%
    48% 1 $255,000 $255,000 $41,250 3.50%

    Canopy lent most frequently to those with DTI ratios of 20-30%, with 55 originations. The next most common DTI ratio? <20%, with 41 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 192 $28,360,000 $147,708 $2,833 3.10%
    Asian 3 $745,000 $248,333 $4,256 3.50%
    American Indian 4 $720,000 $180,000 $3,190 3.06%
    Black 2 $420,000 $210,000 $3,089 3.00%

    Approval Rates

    Total approvals of all applications
    98.06%

    Canopy 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
    99.50%

    Canopy has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 201 $30,245,000 $150,473

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 201 $30,245,000 $150,473

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 23 $1,805,000 $78,478 $1,704 3.14%
    40-60% 43 $6,135,000 $142,674 $2,587 2.98%
    60-80% 60 $12,300,000 $205,000 $3,330 2.95%
    80-100% 47 $8,415,000 $179,043 $3,758 3.14%
    Under 20% 28 $1,590,000 $56,786 $1,657 3.52%