Rock Canyon Bank Mortgage Rates, Fees & Info

Provo, UT

LEI: 549300GHJNYLYN726391

Tax ID: 87-0489793

5 stars - out of 5 stars, based on 12 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Rock Canyon Bank is a smaller bank specializing in Home Purchase, Cash Out Refi, and Refi loans. Rock Canyon Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Provo, St. George, Ocala, Salt Lake City, and Elko among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Rock Canyon Bank 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. Rock Canyon Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

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    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.57% 3/23/23
    30 Year Conventional Refi 6.13% 3/23/23
    30 Year Cash-out Refi 6.62% 3/23/23
    30 Year USDA Refi 6.27% 3/23/23
    15 Year Conventional Purchase 5.68% 3/23/23
    15 Year Conventional Refi 4.83% 3/23/23
    15 Year Cash-out Refi 4.83% 3/23/23
    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.


    Originations

    142

    Origination Dollar Volume (All Markets)

    $53,420,000

    Relative Rate

    Rock Canyon Bank's average 30 year fixed mortgage rate was 4.75%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.01%.

    Relative Fees (Closing Costs)

    Rock Canyon Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,584.

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

    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
    PROVO-OREM, UT (FHA|USDA|VA) 46 $21,670,000 $471,087 $4,812 4.52%
    ST. GEORGE, UT (FHA|USDA|VA) 21 $13,615,000 $648,333 $4,307 4.88%
    Outside of Metro Areas 23 $4,715,000 $205,000 $3,949 4.67%
    OCALA, FL (FHA|USDA|VA) 13 $2,645,000 $203,462 $0 4.94%
    SALT LAKE CITY, UT (FHA|USDA|VA) 7 $2,515,000 $359,286 $3,684 4.25%
    Elko, NV (FHA|USDA|VA) 2 $1,620,000 $810,000 $0 6.50%
    NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 1 $1,285,000 $1,285,000 $24,544 5.25%
    OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 1 $845,000 $845,000 $4,977 4.38%
    Hilo, HI (FHA|USDA|VA) 1 $695,000 $695,000 $7,144 3.13%
    Gardnerville Ranchos, NV (FHA|USDA|VA) 1 $565,000 $565,000 $5,890 3.25%
    JOPLIN, MO (FHA|USDA|VA) 8 $510,000 $63,750 $0 5.02%
    SPRINGFIELD, MO (FHA|USDA|VA) 1 $475,000 $475,000 $7,149 5.00%
    OKLAHOMA CITY, OK (FHA|USDA|VA) 2 $430,000 $215,000 $0 6.00%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $305,000 $305,000 $4,892 4.50%
    GAINESVILLE, FL (FHA|USDA|VA) 1 $255,000 $255,000 $0 5.63%
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 1 $215,000 $215,000 $0 5.75%
    RICHMOND, VA (FHA|USDA|VA) 1 $165,000 $165,000 $3,396 5.25%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 4 $160,000 $40,000 $0 5.00%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $135,000 $135,000 $2,617 2.88%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $125,000 $125,000 $0 3.88%
    Evanston, WY (FHA|USDA|VA) 1 $125,000 $125,000 $0 6.00%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $115,000 $115,000 $0 5.50%
    TWIN FALLS, ID (FHA|USDA|VA) 1 $115,000 $115,000 $0 4.88%
    Ashland, OH (FHA|USDA|VA) 1 $85,000 $85,000 $2,837 4.13%
    MACON-BIBB COUNTY, GA (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.88%
    Rock Canyon Bank's top markets include Provo, St. George, Ocala, Salt Lake City, and Elko among others.

    Their top states include:
  • Utah (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • Louisiana (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 140 $51,800,000 $370,000 $4,662 4.70%
    USDA 2 $1,620,000 $810,000 $0 6.50%

    For 2022, Rock Canyon Bank's most frequently originated type of loan was Conventional, with 140 originations. Their 2nd most popular type was USDA, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 67 $22,205,000 $331,418 $4,808 4.85%
    Cash Out Refi 40 $11,410,000 $285,250 $4,074 4.47%
    Refi 32 $19,320,000 $603,750 $5,232 4.74%
    Home Improvement 3 $485,000 $161,667 $5,601 4.71%

    For 2022, Rock Canyon Bank's most frequently cited loan purpose was Home Purchase, with 67 originations. The 2nd most popular reason was Cash Out Refi, with 40 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 126 $45,730,000 $362,937 $4,584 4.75%
    15 Year 6 $1,210,000 $201,667 $5,394 3.63%
    10 Year 5 $4,925,000 $985,000 $7,132 5.10%
    20 Year 3 $475,000 $158,333 $4,221 3.79%
    3 Year 1 $25,000 $25,000 $0 6.75%
    Other 1 $1,055,000 $1,055,000 $0 5.50%

    For 2022, Rock Canyon Bank's most frequently cited loan duration was 30 Year, with 126 originations. The 2nd most popular length was 15 Year, with 6 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 45 $17,835,000 $396,333
    $2k-3k 14 $6,100,000 $435,714
    $5k+ 9 $4,935,000 $548,333
    $3k-4k 8 $2,550,000 $318,750
    $<1k 6 $2,390,000 $398,333
    $4k-5k 3 $1,795,000 $598,333

    Rock Canyon Bank's average total fees were $4,584, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 45 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 51 $20,045,000 $393,039
    5-6% 43 $16,895,000 $392,907
    3-4% 32 $11,060,000 $345,625
    6-7% 9 $1,875,000 $208,333
    2.5-3% 6 $1,930,000 $321,667

    During 2022, Rock Canyon Bank's average interest rate for loans was 4.75%, while their most frequently originated rate bucket for loans was 4-5%, with 51 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 52 $14,580,000 $280,385 $3,848 4.71%
    $400k-600k 29 $14,425,000 $497,414 $5,115 4.59%
    $100k-200k 25 $3,795,000 $151,800 $3,149 4.60%
    $100,000 or less 17 $865,000 $50,882 $2,568 5.15%
    $600k-1MM 14 $9,290,000 $663,571 $5,928 4.46%
    $1MM+ 5 $10,465,000 $2,093,000 $15,806 5.34%

    2022 saw Rock Canyon Bank place emphasis on $200k-400k loans with 52 originations, totaling $14,580,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 30 $14,060,000 $468,667 $5,713 4.83%
    $100k-150k 28 $10,380,000 $370,714 $4,492 4.50%
    $150k-250k 26 $10,440,000 $401,538 $4,916 5.10%
    $75k-100k 24 $6,160,000 $256,667 $4,781 4.41%
    $50k-75k 14 $3,350,000 $239,286 $4,887 4.34%
    $50k or less 10 $1,800,000 $180,000 $3,474 4.61%

    Rock Canyon Bank lent most frequently to those with incomes in the $250k+ range, with 30 originations. The second most popular income band? $100k-150k, with 28 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 27 $8,595,000 $318,333 $5,524 4.63%
    20-30% 23 $6,845,000 $297,609 $3,482 4.58%
    <20% 14 $4,480,000 $320,000 $3,976 4.81%
    42% 10 $4,530,000 $453,000 $5,692 4.30%
    43% 9 $5,325,000 $591,667 $6,209 4.74%
    37% 9 $3,175,000 $352,778 $3,850 4.94%
    41% 8 $2,250,000 $281,250 $4,435 3.89%
    49% 6 $2,620,000 $436,667 $7,479 4.60%
    45% 6 $1,730,000 $288,333 $3,156 4.52%
    44% 5 $1,835,000 $367,000 $4,394 4.60%
    38% 4 $1,290,000 $322,500 $3,749 5.41%
    46% 3 $1,335,000 $445,000 $5,148 4.75%
    40% 3 $985,000 $328,333 $7,149 4.79%
    48% 3 $605,000 $201,667 $4,392 5.21%
    47% 2 $820,000 $410,000 $3,391 5.56%
    39% 2 $860,000 $430,000 $5,147 5.75%
    36% 2 $400,000 $200,000 $2,689 4.63%

    Rock Canyon Bank lent most frequently to those with DTI ratios of 30-36%, with 27 originations. The next most common DTI ratio? 20-30%, with 23 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 126 $43,250,000 $343,254 $4,724 4.70%
    Not applicable 6 $5,740,000 $956,667 $0 5.75%
    Not provided 8 $3,430,000 $428,750 $2,745 4.38%
    Asian 2 $1,000,000 $500,000 $6,018 3.81%

    Approval Rates

    Total approvals of all applications
    96.86%

    Rock Canyon Bank 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
    94.37%

    Rock Canyon Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 142 $53,420,000 $376,197

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    142 $53,420,000 $376,197

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 15 $3,655,000 $243,667 $4,797 4.44%
    40-60% 28 $11,470,000 $409,643 $4,323 4.53%
    60-80% 67 $24,485,000 $365,448 $5,411 4.83%
    80-100% 30 $12,280,000 $409,333 $3,826 4.72%
    Over 100% 2 $1,530,000 $765,000 $7,149 5.25%