Rock Canyon Bank Mortgage Rates, Fees & Info
Provo, UTLEI: 549300GHJNYLYN726391
Tax ID: 87-0489793
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Mortgage Data
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.
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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
142Origination Dollar Volume (All Markets)
$53,420,000Relative 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% |
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
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
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
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
2022 saw Rock Canyon Bank place emphasis on $200k-400k loans with 52 originations, totaling $14,580,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications96.86%
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 origination94.37%
Rock Canyon Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 142 | $53,420,000 | $376,197 |