Some business models are here to stay and growing, like subscriptions. But others are meant to change. At a time when the mortgage industry is down, Canopy Mortgage is one of Inc's Fastest Growing Companies in America. They are on pace to close $7 billion in loan volume by 2025. The simplified version of their story is lower rates and better tech but there's more to it.
They built their own loan technology, Nano, that helps power loan officers everywhere. And while it's become 275% more expensive over the past decade to prepare and produce a loan, they are still over 100 basis points lower than their peers. That equals out to 1% which is a big difference when we are talking loan percentages.
It's helped them recruit and retain solo loan officers all over the country that have built and grown their own practices free of large overhead. Rocket, UWM and others spend a lot on marketing to attract consumers but that cost gets passed down.
Canopy offers user-friendly technology that makes the loan process as simple as possible for everyone involved. Applicants can upload essential documents from mobile phones, tablets, or computers. They can see their loan progress 24 hours a day, seven days a week, to ensure they're always in the loop about what is happening.
Once that information is in the system, it can be tracked as easily. Because everything is so straightforward and is easily shared securely, this also frees up the valuable time of loan officers. This way, they can focus on those matters that truly need their attention. All this, and they have a highly competitive structure that allows them to offer great rates and low fees.
The growth has been phenomenal in adding loan officers with an annual growth rate of 98.7%. When a company is consistently nearly doubling in size year over year there's no wonder why Inc, Entrepreneur, Forbes and others are taking notice recently.
