Applications / Mortgage Analytics / Lenders / Utah / Canopy Mortgage
Lindon, UT · Independent non-bank lender · CFPB · 8,559 loans in 2025
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8,559
loans originated, 2025
13,413
applications, 2025
47
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Canopy Mortgage is a purchase lender that leans on government-backed loans, and it grew 32% in 2025, faster than about seven in ten similar lenders.
Canopy Mortgage made 8,559 loans in 2025, up from 6,489, against growth of 13% for similar lenders (independent non-bank lenders making between half and twice as many loans) and 10% for the whole market. It remains below the 12,211 it made in 2021. Purchases were 87.9% of its lending.
Loans guaranteed by the Department of Veterans Affairs (VA) were 14.1% of its lending, about double the 7.8% at similar lenders. FHA loans (insured by the Federal Housing Administration) were 30.3% against 24.9%, and RHS loans (guaranteed by the Department of Agriculture's Rural Housing Service) 1.8% against 0.7%. Five years ago 87.6% of its loans were conventional; now 53.8% are.
It turned down 2.2% of first-lien purchase applications on owner-occupied homes, against 5.3% at similar lenders, lower than almost nine in ten of them. Its typical rate was 6.38%, lower than about four in five similar lenders, and 1.7% of its loans were higher-priced (a rate well above the average for similar loans), against 3.5%.
It ranked 13 of 440 lenders in Huntsville, AL, where its share eased from 2.3% to 2.2%, and 12 of 346 in Spokane-Spokane Valley, WA, where it rose from 2.0% to 2.1%.
Questions the data can answer next
Similar lenders: same lender type, originations between half and twice the lender's in the data year. Written from the 2025 HMDA data and checked figure by figure against it.
FIG. 1 — LOANS ORIGINATED, 2018–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Canopy Mortgage took 13,413 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 87.9% · Refinance 12.1% · Other 0.0%
Conventional 53.8% · FHA 30.3% · VA 14.1% · USDA (RHS or FSA) 1.8% · of 8,559 loans. Purchase: buying a home. Refinance: replacing an existing mortgage, including cash-out. FHA: insured by the Federal Housing Administration. VA: guaranteed by the Department of Veterans Affairs. Conventional: neither.
SOURCE: FFIEC HMDA 2025, LOANS ORIGINATED
Where it lends, 2025
| State | Loans | Share |
|---|---|---|
| Georgia | 1,431 | 16.7% |
| Alabama | 1,135 | 13.3% |
| Washington | 886 | 10.4% |
| Texas | 724 | 8.5% |
| Utah | 506 | 5.9% |
| Idaho | 413 | 4.8% |
| Oklahoma | 337 | 3.9% |
| Tennessee | 330 | 3.9% |
| North Carolina | 313 | 3.7% |
| Nevada | 293 | 3.4% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Atlanta-Sandy Springs-Roswell | 553 |
| Huntsville | 346 |
| Columbus | 341 |
| Spokane-Spokane Valley | 321 |
| Phoenix-Mesa-Chandler | 234 |
| Idaho Falls | 208 |
| Marietta | 205 |
| Birmingham | 180 |
| Tulsa | 176 |
| Las Vegas-Henderson-North Las Vegas | 175 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300ZWNETGFXTBBY03 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 5023705 | 2016–2023 |
| Respondent ID (the HMDA filer code before 2018) | 7473632618 |
Established 7 April 2015. Reported under HMDA 2015-2025.
Mergers, name changes, data editions and corrections: Canopy Mortgage's data.
Canopy Mortgage's data
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