Meet Amy Hodge, Mortgage Lender at Canopy Mortgage in Phoenix

What are some of the benefits of using you and Canopy Mortgage?

I like to refer to the four A's in my business: Accessibility, Affability, Affordability and Advocacy. Accessibility is crucial as time is of the essence in our industry. I am available for you 24/7 whether it's on the weekends, holidays, evenings etc. Being able to get in touch with your lender is critical in order to get your offer accepted. Listing agents want to be able to talk to your lender to get more information. If you are always accessible, this makes your offer stand out from the crowd. Affability or Friendliness. I’m going to talk to you and treat you like you’re my friend sitting in my living room. I will advise you the same way I advise my own family members. I don't treat you as a transaction or just another "number" in my file. Buying a house is one of the most important decisions one can make in their life so it is my goal to make the process as smooth as possible.
Affordability – Flat processing fee – NOT a percentage – Canopy Mortgage has the lowest rates I’ve seen. I used Canopy for my mortgage transactions before joining the team so I know first hand.
Advocacy, meaning I will do all that I can to support my clients’ best interests – from calling that listing agent after an offer is submitted to reinforce your pre-approval to tailoring your loan to suit your current and future needs

What is the difference between a mortgage broker and a lender?

Brokers – Do not represent a single company and they work as a middle-man for several companies.
Lenders – Represent and employed by a single company
Pros of being a lender, I am able to control timing
There is no possibility of charging broker fee

In your opinion, where is the industry heading in the next 6-12 months?

Higher rates have slowed the housing market and inflation is a key driver in mortgage rates. Inflation Peaked at 9.1% in June of 2022 and we are currently sitting at 8.5% inflation. It is predicted that at the end of 2022 inflation will be 8% and at the end of 2023 inflation will be 3%. How do we combat inflation? By raising the federal funds rate. Fed funds rate does not directly impact mortgage rates. Commonly unknown – When you get a mortgage, it is packaged up with other similar loans which are then sold to investors as Mortgage Backed Securities. When fed funds rate is increased, investor confidence is increased. Fed will continue raising Fed funds rate well into next year. Fed chair Jerome Powell sentiments - “Less risky to raise rates for too long than to start easing too early.” The idea is for the economy to slow down and allow supply to catch up with demand. We are already starting to see some commodities futures (agreements for purchase of certain quantity of raw material) come down – such as lumber, copper soy and corn. The labor market is playing a role – increased wages in many sectors due to employment shortage – 2M Americans that would otherwise be in the workforce but are not for whatever reason. Inventory remains low - Household formations are reaching peak numbers for millennials. It’s important to discern between sensational headlines and real data. News outlets primary job is to drive traffic to their sites/channels.

What loans do you offer? Any special programs you want to highlight?

Standard: Conventional, FHA, VA, USDA, Jumbo, Renovation (Licensed in Arizona, California and Washington)
Non-QM: Bank statement for self-employed claiming deductions, 1099 independent contractor, Asset qualifier for borrowers who have little to no income, but plenty of assets, DSCR – qualify off the property’s expected income, not the borrower’s (Not limited to my licensed states, however all programs may not be available in all areas)