Residential Mortgage Network Rates, Fees & Info
CORALVILLE, IALEI: 549300NTQ8BOK9455W21
Tax ID: 42-1295369
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Residential Mortgage Network is a smaller mortgage company specializing in Home Purchase and Refi loans. Residential Mortgage Network has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Iowa City, Cedar Rapids, Des Moines, Muscatine, and Davenport among others. Residential Mortgage Network has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Residential Mortgage Network is typically a low fee lendor.Originations
654Origination Dollar Volume (All Markets)
$142,390,000Awards
RESIDENTIAL MORTGAGE NETWORK - 2021
RESIDENTIAL MORTGAGE NETWORK is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Residential Mortgage Network 's average 30 year fixed rate mortgage of loans were
2.74%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.41%.
Relative Fees
Residential Mortgage Network 's average total fees for a 30 year fixed rate
mortgage are $3,251.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| IOWA CITY, IA (FHA|USDA|VA) | 380 | $90,120,000 | $237,158 | $3,015 | 2.73% |
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 114 | $23,860,000 | $209,298 | $3,568 | 2.77% |
| Outside of Metro Areas | 94 | $16,480,000 | $175,319 | $3,346 | 2.75% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 34 | $5,770,000 | $169,706 | $3,088 | 2.74% |
| Muscatine, IA (FHA|USDA|VA) | 14 | $2,820,000 | $201,429 | $3,136 | 2.80% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 5 | $805,000 | $161,000 | $2,215 | 2.65% |
| AMES, IA (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $3,468 | 2.38% |
| Burlington, IA-IL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $1,916 | 2.75% |
| DUBUQUE, IA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $1,067 | 2.25% |
| Pella, IA (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $3,094 | 2.81% |
| Fairfield, IA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $5,864 | 2.75% |
| Clinton, IA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,210 | 2.50% |
| Oskaloosa, IA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,559 | 2.75% |
| Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $5,726 | 2.38% |
| Marshalltown, IA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,789 | 2.50% |
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $7,028 | 2.63% |
| Ottumwa, IA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,253 | 3.00% |
Residential Mortgage Network 's top markets include Iowa City, Cedar Rapids, Des Moines, Muscatine, and Davenport among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 232 | $50,940,000 | $219,569 | $1,751 | 2.93% |
| VA | 190 | $49,160,000 | $258,737 | $3,651 | 2.52% |
| USDA | 156 | $27,710,000 | $177,628 | $3,669 | 2.71% |
| FHA | 76 | $14,580,000 | $191,842 | $5,305 | 2.77% |
For the 2021 period, Residential Mortgage Network 's most frequently originated loan type of loans were Conventional, with 232 originations. Their 2nd most popular type is VA, with 190 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Purchase | 464 | $103,340,000 | $222,716 | $3,776 | 2.75% |
| Refi | 149 | $31,585,000 | $211,980 | $1,706 | 2.53% |
| Cash Out Refi | 29 | $6,525,000 | $225,000 | $2,196 | 2.89% |
| Other | 12 | $940,000 | $78,333 | $456 | 4.61% |
For the 2021, Residential Mortgage Network 's most frequently cited loan purpose of loans were Home Purchase, with 464 originations. The 2nd most popular reason of loans were Refi, with 149 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 622 | $136,820,000 | $219,968 | $3,251 | 2.74% |
| 15 Year | 26 | $4,830,000 | $185,769 | $1,909 | 2.39% |
| 1 Year | 4 | $280,000 | $70,000 | $250 | 5.00% |
| 20 Year | 2 | $460,000 | $230,000 | $1,387 | 2.63% |
For the 2021, Residential Mortgage Network 's most frequently cited loan length of loans were 30 Year, with 622 originations. The 2nd most popular length of loans were 15 Year, with 26 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 643 | $140,505,000 | $218,515 |
| $1k-2k | 9 | $1,455,000 | $161,667 |
| $2k-3k | 2 | $430,000 | $215,000 |
$3,251 of loans were Residential Mortgage Network 's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 643 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 378 | $81,670,000 | $216,058 |
| <2.5% | 213 | $50,445,000 | $236,831 |
| 3-4% | 53 | $9,675,000 | $182,547 |
| 4-5% | 10 | $600,000 | $60,000 |
During 2021, Residential Mortgage Network 's average interest rate of loans were 2.74%, while their most frequently originated rate bucket of loans were 2.5-3%, with 378 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 307 | $83,095,000 | $270,668 | $3,324 | 2.67% |
| $100k-200k | 273 | $42,335,000 | $155,073 | $3,128 | 2.74% |
| $100,000 or less | 45 | $3,435,000 | $76,333 | $1,920 | 3.30% |
| $400k-600k | 27 | $12,045,000 | $446,111 | $3,438 | 2.60% |
| $600k-1MM | 2 | $1,480,000 | $740,000 | $10,858 | 2.88% |
2021 saw Residential Mortgage Network place emphasis on $200k-400k loans with 307 originations, totaling $83,095,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k or less | 222 | $37,020,000 | $166,757 | $2,680 | 2.75% |
| $50k-75k | 203 | $39,695,000 | $195,542 | $3,377 | 2.76% |
| $75k-100k | 102 | $24,860,000 | $243,725 | $3,355 | 2.74% |
| $100k-150k | 95 | $29,395,000 | $309,421 | $3,726 | 2.70% |
| $150k-250k | 28 | $9,550,000 | $341,071 | $2,660 | 2.71% |
| $250k+ | 4 | $1,870,000 | $467,500 | $6,100 | 2.47% |
Residential Mortgage Network lent most frequently to those with incomes in the $50k or less range, with 222 originations. The second most popular income band? $50k-75k, with 203 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30-36% | 129 | $28,155,000 | $218,256 | $3,313 | 2.73% |
| 20-30% | 116 | $24,160,000 | $208,276 | $2,630 | 2.73% |
| <20% | 108 | $21,790,000 | $201,759 | $1,770 | 2.71% |
| 39% | 39 | $9,285,000 | $238,077 | $3,504 | 2.79% |
| 40% | 33 | $6,625,000 | $200,758 | $3,651 | 2.80% |
| 43% | 28 | $6,430,000 | $229,643 | $4,087 | 2.89% |
| 42% | 27 | $5,975,000 | $221,296 | $3,432 | 2.71% |
| 36% | 23 | $4,505,000 | $195,870 | $3,889 | 2.77% |
| 37% | 23 | $5,705,000 | $248,043 | $3,518 | 2.72% |
| 41% | 21 | $4,065,000 | $193,571 | $3,362 | 2.67% |
| 38% | 18 | $3,650,000 | $202,778 | $2,850 | 2.85% |
| 45% | 18 | $4,660,000 | $258,889 | $3,282 | 2.72% |
| 50-60% | 16 | $3,700,000 | $231,250 | $5,274 | 2.70% |
| 47% | 14 | $3,650,000 | $260,714 | $4,254 | 2.79% |
| 44% | 13 | $2,485,000 | $191,154 | $3,637 | 2.61% |
| 48% | 11 | $3,315,000 | $301,364 | $4,655 | 2.67% |
| 49% | 10 | $2,530,000 | $253,000 | $4,963 | 2.84% |
| 46% | 7 | $1,705,000 | $243,571 | $6,316 | 2.64% |
Residential Mortgage Network lent most frequently to those with DTI ratios of 30-36%, with 129 originations. The next most common DTI ratio? 20-30%, with 116 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 588 | $127,650,000 | $217,092 | $3,179 | 2.74% |
| Not provided | 43 | $9,745,000 | $226,628 | $2,706 | 2.76% |
| Black | 16 | $3,580,000 | $223,750 | $4,207 | 2.72% |
| Asian | 5 | $1,095,000 | $219,000 | $2,957 | 2.95% |
| Native Hawaiian | 1 | $205,000 | $205,000 | $3,862 | 2.75% |
| American Indian | 1 | $115,000 | $115,000 | $4,067 | 2.75% |
Approval Rates
Total approvals of all applications98.26%
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 origination91.19%
Residential Mortgage Network has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 654 | $142,390,000 | $217,722 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 654 | $142,390,000 | $217,722 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 2 | $190,000 | $95,000 | $1,109 | 3.75% |
| 40-60% | 22 | $3,640,000 | $165,455 | $1,730 | 2.51% |
| 60-80% | 100 | $19,890,000 | $198,900 | $1,856 | 2.79% |
| 80-100% | 507 | $113,195,000 | $223,264 | $3,358 | 2.73% |
| Over 100% | 19 | $5,215,000 | $274,474 | $7,608 | 2.65% |
| Under 20% | 4 | $260,000 | $65,000 | $668 | 4.38% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Residential Home Mortgage Corporation | Conventional home mortgage | Trouble during payment process | 1 | 100.0% |
