Canopy Mortgage Rates, Fees & Info
LINDON, UTLEI: 549300ZWNETGFXTBBY03
Tax ID: 47-3632618
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Mortgage Data
Review & Overview
Canopy Mortgage is a smaller mortgage company specializing in Home Purchase, Refi, and Cash Out Refi loans. Canopy Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans.Canopy Mortgage has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. 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 | 6.54% | 4/22/24 |
| 30 Year Conventional Refi | 6.25% | 4/22/24 |
| 30 Year Cash-out Refi | 6.42% | 4/22/24 |
| 30 Year FHA Purchase | 7.28% | 4/22/24 |
| 30 Year FHA Refi | 7.11% | 4/22/24 |
| 30 Year VA Purchase | 6.15% | 4/22/24 |
| 30 Year VA Refi | 5.26% | 4/22/24 |
| 30 Year USDA Purchase | 6.37% | 4/22/24 |
| 30 Year USDA Refi | 6.27% | 4/22/24 |
| 15 Year Conventional Purchase | 6.41% | 4/22/24 |
| 15 Year Conventional Refi | 5.67% | 4/22/24 |
| 15 Year Cash-out Refi | 5.67% | 4/22/24 |
| 15 Year FHA Purchase | 5.68% | 4/22/24 |
| 15 Year FHA Refi | 5.68% | 4/22/24 |
| 15 Year VA Purchase | 5.68% | 4/22/24 |
| 15 Year VA Refi | 5.88% | 4/22/24 |
| 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 Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
3,229Origination Dollar Volume (All Markets)
$856,165,000Top 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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 3,229 | $856,165,000 | $265,149 | $0 | 3.95% |
Similar Lenders
We use machine learning to identify the top lenders compared against CANOPY MORTGAGE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 96
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Similarity Rank: 275
Product Mix
For 2019, Canopy Mortgage's most frequently originated type of loan was Conventional, with 2,581 originations. Their 2nd most popular type was FHA, with 402 originations.
Loan Reason
For 2019, Canopy Mortgage's most frequently cited loan purpose was Home Purchase, with 1,501 originations. The 2nd most popular reason was Refi, with 945 originations.
Loan Duration/Length
For 2019, Canopy Mortgage's most frequently cited loan duration was 30 Year, with 2,856 originations. The 2nd most popular length was 15 Year, with 214 originations.
Origination Fees/Closing Costs
Canopy Mortgage's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,085 originations.
Interest Rates
During 2019, Canopy Mortgage's average interest rate for loans was 3.97%, while their most frequently originated rate bucket for loans was 3-4%, with 2,116 originations.
Loan Sizing
2019 saw Canopy Mortgage place emphasis on $200k-400k loans with 1,966 originations, totaling $557,810,000 in origination value.
Applicant Income
Canopy Mortgage lent most frequently to those with incomes in the $100k-150k range, with 814 originations. The second most popular income band? $50k-75k, with 780 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| <20% | 3,133 | $828,025,000 | $264,291 | $0 | 3.97% |
Canopy Mortgage lent most frequently to those with DTI ratios of <20%, with 3,133 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.78%
Canopy Mortgage has an average approval rate.
Pick Rate
Approvals leading to origination45.12%
Canopy Mortgage 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 | 3,229 | $856,165,000 | $265,149 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 38 | $6,840,000 | $180,000 |
| Single Family (1-4 Units):Site-Built | 3,191 | $849,325,000 | $266,163 |