Residential Mortgage Network Rates, Fees & Info

CORALVILLE, IA

LEI: 549300NTQ8BOK9455W21

Tax ID: 42-1295369

5 stars - Updated: 11/17/24 - out of 5 stars, based on 19 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Residential Mortgage Network is a smaller mortgage company specializing in Home Purchase loans. Residential Mortgage Network has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Iowa City, Cedar Rapids, Des Moines, Muscatine, and Davenport among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Residential Mortgage Network 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. Residential Mortgage Network 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 relatively high 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.53% 11/17/24
    30 Year Conventional Refi 6.35% 11/17/24
    30 Year Cash-out Refi 6.57% 11/17/24
    30 Year FHA Purchase 7.14% 11/17/24
    30 Year FHA Refi 6.68% 11/17/24
    30 Year VA Purchase 6.04% 11/17/24
    30 Year VA Refi 5.67% 11/17/24
    30 Year USDA Purchase 6.54% 11/17/24
    30 Year USDA Refi 6.78% 11/17/24
    15 Year Conventional Purchase 5.71% 11/17/24
    15 Year Conventional Refi 6.10% 11/17/24
    15 Year Cash-out Refi 6.10% 11/17/24
    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.

    Residential Mortgage Network Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Residential Mortgage Network. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    369

    Origination Dollar Volume (All Markets)

    $80,265,000
    Show all (17) awards

    Relative Rate

    Residential Mortgage Network's average 30 year fixed mortgage rate was 6.42%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -0.06%.

    Relative Fees (Closing Costs)

    Residential Mortgage Network's average total fees/closing costs for a 30 year fixed rate mortgage were $4,008.

    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 $9,089.

    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
    IOWA CITY, IA (FHA|USDA|VA) 161 $41,095,000 $255,248 $3,714 6.49%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 101 $20,025,000 $198,267 $3,940 6.44%
    Outside of Metro Areas 69 $12,055,000 $174,710 $4,241 6.43%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 13 $2,445,000 $188,077 $4,562 6.31%
    Muscatine, IA (FHA|USDA|VA) 7 $1,525,000 $217,857 $4,479 6.77%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 4 $890,000 $222,500 $4,562 6.66%
    Oskaloosa, IA (FHA|USDA|VA) 4 $750,000 $187,500 $2,840 7.00%
    DUBUQUE, IA (FHA|USDA|VA) 2 $350,000 $175,000 $2,119 6.19%
    Burlington, IA-IL (FHA|USDA|VA) 2 $300,000 $150,000 $5,216 7.25%
    Ottumwa, IA (FHA|USDA|VA) 2 $280,000 $140,000 $3,950 5.63%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 1 $145,000 $145,000 $250 8.50%
    Clinton, IA (FHA|USDA|VA) 1 $145,000 $145,000 $2,219 6.13%
    Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 1 $135,000 $135,000 $575 6.50%
    Fort Dodge, IA (FHA|USDA|VA) 1 $125,000 $125,000 $3,353 5.25%
    Residential Mortgage Network's top markets include Iowa City, Cedar Rapids, Des Moines, Muscatine, and Davenport among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against RESIDENTIAL MORTGAGE NETWORK based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Bank
    Similarity Rank: 26
    FINANCIAL PLUS Credit Union
    Similarity Rank: 60
    FIRST
    Similarity Rank: 112
    LINN AREA
    Similarity Rank: 128
    GREATER IOWA CREDIT UNION
    Similarity Rank: 168
    BankIowa of Cedar Rapids
    Similarity Rank: 170
    Raccoon Valley Bank
    Similarity Rank: 175
    Fidelity Bank & Trust
    Similarity Rank: 182
    COMMUNITY 1ST CREDIT UNION
    Similarity Rank: 272
    Hills Bank and Trust Company
    Similarity Rank: 300

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 136 $29,010,000 $213,309 $2,373 6.80%
    VA 94 $24,550,000 $261,170 $4,101 6.18%
    FHA 78 $16,190,000 $207,564 $6,139 6.43%
    USDA 61 $10,515,000 $172,377 $4,110 6.25%

    For 2023, Residential Mortgage Network's most frequently originated type of loan was Conventional, with 136 originations. Their 2nd most popular type was VA, with 94 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 351 $77,895,000 $221,923 $4,022 6.41%
    Other 13 $1,445,000 $111,154 $520 7.96%
    Cash Out Refi 3 $645,000 $215,000 $5,284 6.58%
    Refi 2 $280,000 $140,000 $1,716 7.44%

    For 2023, Residential Mortgage Network's most frequently cited loan purpose was Home Purchase, with 351 originations. The 2nd most popular reason was Other, with 13 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 358 $79,140,000 $221,061 $4,008 6.42%
    1 Year 11 $1,125,000 $102,273 $255 8.09%

    For 2023, Residential Mortgage Network's most frequently cited loan duration was 30 Year, with 358 originations. The 2nd most popular length was 1 Year, with 11 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 231 $53,875,000 $233,225
    $1k-2k 90 $14,870,000 $165,222
    $2k-3k 44 $10,360,000 $235,455
    $3k-4k 3 $865,000 $288,333
    $5k+ 1 $295,000 $295,000

    Residential Mortgage Network's average total fees were $4,008, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 231 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 196 $43,050,000 $219,643
    5-6% 110 $25,360,000 $230,545
    7-8% 60 $11,470,000 $191,167
    Over 8% 3 $385,000 $128,333

    During 2023, Residential Mortgage Network's average interest rate for loans was 6.42%, while their most frequently originated rate bucket for loans was 6-7%, with 196 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 162 $44,350,000 $273,765 $4,460 6.40%
    $100k-200k 161 $24,505,000 $152,205 $3,633 6.52%
    $100,000 or less 28 $2,070,000 $73,929 $2,280 6.78%
    $400k-600k 14 $6,770,000 $483,571 $4,218 6.20%
    $600k-1MM 4 $2,570,000 $642,500 $1,881 6.22%

    2023 saw Residential Mortgage Network place emphasis on $200k-400k loans with 162 originations, totaling $44,350,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 121 $21,615,000 $178,636 $4,054 6.45%
    $100k-150k 80 $23,050,000 $288,125 $4,129 6.46%
    $75k-100k 76 $16,520,000 $217,368 $4,286 6.42%
    $50k or less 61 $7,265,000 $119,098 $2,831 6.63%
    $150k-250k 28 $10,430,000 $372,500 $3,809 6.34%
    $250k+ 3 $1,385,000 $461,667 $3,937 7.08%

    Residential Mortgage Network lent most frequently to those with incomes in the $50k-75k range, with 121 originations. The second most popular income band? $100k-150k, with 80 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 80 $15,560,000 $194,500 $3,800 6.34%
    20-30% 55 $10,835,000 $197,000 $3,762 6.41%
    43% 22 $5,550,000 $252,273 $3,555 6.50%
    38% 21 $5,105,000 $243,095 $3,923 6.61%
    <20% 19 $2,465,000 $129,737 $1,308 7.40%
    37% 18 $3,580,000 $198,889 $3,541 6.59%
    41% 18 $4,810,000 $267,222 $4,116 6.67%
    50-60% 17 $4,415,000 $259,706 $4,772 6.35%
    48% 17 $4,115,000 $242,059 $3,453 6.54%
    44% 14 $2,940,000 $210,000 $4,348 6.16%
    40% 14 $3,370,000 $240,714 $5,421 6.24%
    46% 13 $2,795,000 $215,000 $4,638 6.30%
    39% 13 $2,845,000 $218,846 $4,973 6.56%
    36% 12 $2,920,000 $243,333 $3,463 6.29%
    49% 11 $3,085,000 $280,455 $4,018 6.39%
    42% 10 $2,550,000 $255,000 $4,010 6.50%
    47% 10 $2,420,000 $242,000 $4,611 6.44%
    45% 5 $905,000 $181,000 $6,031 6.40%

    Residential Mortgage Network lent most frequently to those with DTI ratios of 30-36%, with 80 originations. The next most common DTI ratio? 20-30%, with 55 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 334 $72,150,000 $216,018 $3,900 6.46%
    Black 14 $3,630,000 $259,286 $4,751 6.45%
    Not provided 15 $3,055,000 $203,667 $3,602 6.63%
    American Indian 4 $740,000 $185,000 $2,953 6.91%
    Asian 2 $690,000 $345,000 $1,452 6.19%

    Approval Rates

    Total approvals of all applications
    98.78%

    Residential Mortgage Network has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    90.24%

    Residential Mortgage Network has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 369 $80,265,000 $217,520

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    369 $80,265,000 $217,520

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $510,000 $127,500 $2,063 6.78%
    40-60% 8 $1,230,000 $153,750 $2,404 6.42%
    60-80% 40 $8,850,000 $221,250 $2,616 6.65%
    80-100% 307 $67,225,000 $218,974 $3,945 6.46%
    Over 100% 10 $2,450,000 $245,000 $9,469 6.08%