Canopy Mortgage Rates, Fees & Info
Spokane, WALEI: 5493004KGZVI015KO609
Tax ID: 91-0672401
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
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.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.81% | 4/28/24 |
| 30 Year Conventional Refi | 6.27% | 4/28/24 |
| 30 Year Cash-out Refi | 6.43% | 4/28/24 |
| 15 Year Conventional Purchase | 6.16% | 4/28/24 |
| 15 Year Conventional Refi | 6.16% | 4/28/24 |
| 15 Year Cash-out Refi | 6.16% | 4/28/24 |
| 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
Estimated Loan Payment: Update the calculator values and click calculate payment!
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
201Origination Dollar Volume (All Markets)
$30,245,000Top 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% |
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
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
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
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
2020 saw Canopy place emphasis on $100,000 or less loans with 74 originations, totaling $4,900,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications98.06%
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 origination99.50%
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 |