Canvas Credit Union Mortgage Rates, Fees & Info

Lone Tree, CO

LEI: 549300E3QJQLKVB40W93

Tax ID: 84-6023137

5 stars - out of 5 stars, based on 75 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Canvas Credit Union is a smaller credit union specializing in Home Improvement, Refi, and Home Purchase loans. Canvas Credit Union has a high proportion of conventional loans. Their top markets include Denver, Fort Collins, Greeley, Boulder, and Colorado Springs among others. Canvas Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Canvas Credit Union is typically a low fee lendor.


Originations

5,656

Origination Dollar Volume (All Markets)

$925,080,000
Show all (5) awards

Relative Rate

Canvas Credit Union's average 30 year fixed rate mortgage of loans were 3.34%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.19%.

Relative Fees

Canvas Credit Union's average total fees for a 30 year fixed rate mortgage are $2,984.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 3,682 $587,950,000 $159,682 $3,043 4.39%
FORT COLLINS, CO (FHA|USDA|VA) 1,007 $169,675,000 $168,496 $2,482 3.99%
GREELEY, CO (FHA|USDA|VA) 526 $75,960,000 $144,411 $2,804 4.46%
BOULDER, CO (FHA|USDA|VA) 112 $24,620,000 $219,821 $3,140 4.33%
COLORADO SPRINGS, CO (FHA|USDA|VA) 73 $9,285,000 $127,192 $3,027 4.42%
Outside of Metro Areas 35 $9,045,000 $258,429 $3,058 3.91%
Breckenridge, CO (FHA|USDA|VA) 19 $8,625,000 $453,947 $3,677 4.03%
PUEBLO, CO (FHA|USDA|VA) 13 $6,055,000 $465,769 $2,738 4.00%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 19 $4,525,000 $238,158 $0 5.28%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 22 $3,940,000 $179,091 $0 4.62%
Edwards, CO (FHA|USDA|VA) 14 $3,610,000 $257,857 $2,991 4.04%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 11 $2,585,000 $235,000 $0 4.42%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 11 $2,355,000 $214,091 $0 5.17%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 10 $2,190,000 $219,000 $0 5.22%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 9 $1,745,000 $193,889 $0 5.21%
Fort Morgan, CO (FHA|USDA|VA) 9 $1,285,000 $142,778 $2,897 4.70%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 7 $1,205,000 $172,143 $0 5.42%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 12 $1,150,000 $95,833 $0 5.82%
GRAND JUNCTION, CO (FHA|USDA|VA) 9 $1,055,000 $117,222 $2,942 3.73%
Steamboat Springs, CO (FHA|USDA|VA) 3 $1,045,000 $348,333 $0 4.80%
Glenwood Springs, CO (FHA|USDA|VA) 8 $1,010,000 $126,250 $0 4.30%
Durango, CO (FHA|USDA|VA) 3 $785,000 $261,667 $2,933 3.46%
VALLEJO, CA (FHA|USDA|VA) 2 $630,000 $315,000 $0 5.99%
Cañon City, CO (FHA|USDA|VA) 3 $465,000 $155,000 $2,564 2.75%
Montrose, CO (FHA|USDA|VA) 5 $465,000 $93,000 $2,371 3.71%
WENATCHEE, WA (FHA|USDA|VA) 2 $460,000 $230,000 $0 3.99%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 2 $410,000 $205,000 $0 4.24%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 2 $360,000 $180,000 $7,320 2.69%
STOCKTON, CA (FHA|USDA|VA) 4 $330,000 $82,500 $0 5.37%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 2 $300,000 $150,000 $0 4.74%
BEND, OR (FHA|USDA|VA) 2 $250,000 $125,000 $0 4.74%
RENO, NV (FHA|USDA|VA) 1 $245,000 $245,000 $0 4.24%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 2 $220,000 $110,000 $0 5.37%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 2 $190,000 $95,000 $0 4.99%
EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 1 $175,000 $175,000 $0 3.99%
Sterling, CO (FHA|USDA|VA) 2 $160,000 $80,000 $0 4.39%
BELLINGHAM, WA (FHA|USDA|VA) 1 $125,000 $125,000 $0 4.74%
NAPA, CA (FHA|USDA|VA) 1 $105,000 $105,000 $0 5.74%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $85,000 $85,000 $0 4.74%
MEDFORD, OR (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.99%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $65,000 $65,000 $0 6.49%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.49%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.99%
SALINAS, CA (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.99%
Shelton, WA (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.99%
Craig, CO (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.14%

Canvas Credit Union's top markets include Denver, Fort Collins, Greeley, Boulder, and Colorado Springs among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 5,656 $925,080,000 $163,557 $2,896 4.33%

For the 2021 period, Canvas Credit Union's most frequently originated loan type of loans were Conventional, with 5,656 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 2,266 $227,220,000 $100,274 $6,540 4.74%
Refi 1,454 $349,860,000 $240,619 $2,787 3.36%
Other 1,358 $140,150,000 $103,203 $0 4.95%
Home Purchase 556 $200,710,000 $360,989 $3,199 3.64%
Cash Out Refi 22 $7,140,000 $324,545 $0 4.78%

For the 2021, Canvas Credit Union's most frequently cited loan purpose of loans were Home Improvement, with 2,266 originations. The 2nd most popular reason of loans were Refi, with 1,454 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
20 Year 4,095 $439,865,000 $107,415 $2,821 4.76%
30 Year 1,259 $407,845,000 $323,944 $2,984 3.34%
15 Year 243 $51,875,000 $213,477 $2,614 2.45%
10 Year 34 $13,980,000 $411,176 $2,237 2.56%
Other 23 $7,505,000 $326,304 $2,786 3.18%
3 Year 1 $2,005,000 $2,005,000 $0 3.75%
5 Year 1 $2,005,000 $2,005,000 $0 3.38%

For the 2021, Canvas Credit Union's most frequently cited loan length of loans were 20 Year, with 4,095 originations. The 2nd most popular length of loans were 30 Year, with 1,259 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,001 $317,675,000 $317,358
$1k-2k 153 $40,335,000 $263,627
$3k-4k 114 $38,890,000 $341,140
$2k-3k 107 $28,595,000 $267,243
$5k+ 20 $10,170,000 $508,500

$2,984 of loans were Canvas Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,001 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
4-5% 1,790 $208,340,000 $116,391
3-4% 1,495 $327,285,000 $218,920
5-6% 850 $78,040,000 $91,812
2.5-3% 722 $221,440,000 $306,704
6-7% 311 $24,165,000 $77,701
<2.5% 216 $47,170,000 $218,380
7-8% 139 $10,555,000 $75,935
Over 8% 133 $8,085,000 $60,789

During 2021, Canvas Credit Union's average interest rate of loans were 3.34%, while their most frequently originated rate bucket of loans were 4-5%, with 1,790 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 2,263 $125,515,000 $55,464 $2,324 5.02%
$100k-200k 1,884 $257,230,000 $136,534 $2,429 4.27%
$200k-400k 1,113 $314,205,000 $282,305 $2,935 3.37%
$400k-600k 311 $148,925,000 $478,859 $3,131 3.27%
$600k-1MM 67 $47,795,000 $713,358 $4,164 3.29%
$1MM+ 18 $31,410,000 $1,745,000 $4,269 3.39%

2021 saw Canvas Credit Union place emphasis on $100,000 or less loans with 2,263 originations, totaling $125,515,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 1,448 $219,550,000 $151,623 $2,933 4.47%
$150k-250k 1,205 $205,965,000 $170,925 $3,409 4.49%
$50k-75k 983 $138,425,000 $140,819 $2,851 4.16%
$75k-100k 879 $131,355,000 $149,437 $2,927 4.30%
$250k+ 517 $111,255,000 $215,193 $4,097 4.48%
$50k or less 481 $56,845,000 $118,181 $2,587 4.04%

Canvas Credit Union lent most frequently to those with incomes in the $100k-150k range, with 1,448 originations. The second most popular income band? $150k-250k, with 1,205 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,375 $205,915,000 $149,756 $2,897 4.25%
<20% 1,079 $150,495,000 $139,476 $2,553 4.12%
30-36% 970 $156,030,000 $160,856 $2,905 4.35%
50-60% 234 $26,630,000 $113,803 $3,305 5.01%
44% 180 $38,240,000 $212,444 $3,176 4.39%
43% 177 $33,495,000 $189,237 $2,805 4.38%
36% 173 $30,435,000 $175,925 $2,992 4.41%
42% 170 $31,090,000 $182,882 $2,863 4.46%
41% 159 $27,655,000 $173,931 $3,075 4.54%
39% 158 $30,920,000 $195,696 $2,746 4.60%
40% 145 $26,885,000 $185,414 $3,014 4.29%
38% 145 $24,875,000 $171,552 $2,672 4.46%
37% 136 $24,260,000 $178,382 $2,968 4.24%
45% 122 $21,950,000 $179,918 $3,057 4.38%
46% 111 $16,905,000 $152,297 $2,816 4.32%
47% 98 $18,950,000 $193,367 $3,013 4.27%
48% 89 $20,875,000 $234,551 $3,055 4.29%
49% 76 $13,390,000 $176,184 $2,763 4.28%
>60% 43 $9,165,000 $213,140 $3,107 4.49%

Canvas Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,375 originations. The next most common DTI ratio? <20%, with 1,079 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 4,968 $766,790,000 $154,346 $2,892 4.37%
Not provided 255 $69,095,000 $270,961 $2,952 3.38%
Asian 127 $29,545,000 $232,638 $2,701 4.23%
Black 166 $25,650,000 $154,518 $3,050 4.57%
Not applicable 18 $17,180,000 $954,444 $0 4.77%
American Indian 61 $8,865,000 $145,328 $2,461 4.20%
Asian Indian 18 $3,220,000 $178,889 $8,749 4.95%
Filipino 13 $1,585,000 $121,923 $3,074 4.99%
Chinese 8 $960,000 $120,000 $0 4.20%
Other Asian 7 $895,000 $127,857 $0 4.21%
Japanese 5 $375,000 $75,000 $3,389 4.44%
Vietnamese 3 $355,000 $118,333 $0 4.39%
Native Hawaiian 2 $260,000 $130,000 $1,991 3.57%
Korean 2 $160,000 $80,000 $0 6.14%
Other Pacific Islander 2 $100,000 $50,000 $0 4.52%
Samoan 1 $45,000 $45,000 $0 5.14%

Approval Rates

Total approvals of all applications
88.03%

Canvas Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
53.55%

Canvas Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
NA 5,656 $925,080,000 $163,557

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
5,656 $925,080,000 $163,557

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 1,553 $235,305,000 $151,516 $2,355 4.31%
40-60% 587 $147,375,000 $251,065 $2,733 3.37%
60-80% 605 $225,535,000 $372,785 $3,116 3.21%
80-100% 315 $135,735,000 $430,905 $3,140 3.12%
Under 20% 2,596 $181,130,000 $69,773 $2,375 4.96%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
COMPASS MORTGAGE, INC. Conventional home mortgage Closing on a mortgage 1 100.0%