Residential Mortgage Network Rates, Fees & Info

CORALVILLE, IA

LEI: 549300NTQ8BOK9455W21

Tax ID: 42-1295369

5 stars - out of 5 stars, based on 19 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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 loans. Residential Mortgage Network has an average 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 Ottumwa among others. We have data for 15 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 a below 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 about average 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% 3/23/23
    30 Year Conventional Refi 6.35% 3/23/23
    30 Year Cash-out Refi 6.57% 3/23/23
    30 Year FHA Purchase 7.14% 3/23/23
    30 Year FHA Refi 6.68% 3/23/23
    30 Year VA Purchase 6.04% 3/23/23
    30 Year VA Refi 5.67% 3/23/23
    30 Year USDA Purchase 6.54% 3/23/23
    30 Year USDA Refi 6.78% 3/23/23
    15 Year Conventional Purchase 5.71% 3/23/23
    15 Year Conventional Refi 6.10% 3/23/23
    15 Year Cash-out Refi 6.10% 3/23/23
    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.


    Originations

    379

    Origination Dollar Volume (All Markets)

    $80,035,000
    Show all (27) awards

    Relative Rate

    Residential Mortgage Network's average 30 year fixed mortgage rate was 4.73%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.03%.

    Relative Fees (Closing Costs)

    Residential Mortgage Network's average total fees/closing costs for a 30 year fixed rate mortgage were $4,225.

    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 $4,750.

    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) 199 $47,165,000 $237,010 $4,105 4.75%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 77 $13,995,000 $181,753 $3,971 4.89%
    Outside of Metro Areas 51 $8,925,000 $175,000 $3,591 4.61%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 19 $3,415,000 $179,737 $4,416 4.72%
    Muscatine, IA (FHA|USDA|VA) 13 $2,835,000 $218,077 $3,732 4.79%
    Ottumwa, IA (FHA|USDA|VA) 5 $705,000 $141,000 $4,658 4.63%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 3 $605,000 $201,667 $4,815 6.08%
    Clinton, IA (FHA|USDA|VA) 1 $595,000 $595,000 $2,177 5.00%
    Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 3 $455,000 $151,667 $2,876 4.71%
    Marshalltown, IA (FHA|USDA|VA) 2 $440,000 $220,000 $2,402 4.56%
    Oskaloosa, IA (FHA|USDA|VA) 2 $340,000 $170,000 $1,815 4.69%
    AMES, IA (FHA|USDA|VA) 1 $245,000 $245,000 $11,961 4.75%
    Burlington, IA-IL (FHA|USDA|VA) 1 $135,000 $135,000 $5,075 5.13%
    Pella, IA (FHA|USDA|VA) 1 $115,000 $115,000 $3,960 3.25%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $65,000 $65,000 $2,713 6.00%
    Residential Mortgage Network's top markets include Iowa City, Cedar Rapids, Des Moines, Muscatine, and Ottumwa 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.

    BankIowa of Cedar Rapids
    Similarity Rank: 75
    Bank
    Similarity Rank: 82
    VisionBank of Iowa
    Similarity Rank: 85
    Farmers & Merchants Savings Bank
    Similarity Rank: 128
    Community Savings Bank
    Similarity Rank: 210
    FIRST
    Similarity Rank: 336
    Hills Bank and Trust Company
    Similarity Rank: 361
    GREATER IOWA CREDIT UNION
    Similarity Rank: 420
    Fidelity Bank & Trust
    Similarity Rank: 450
    DuTrac Community Credit Union
    Similarity Rank: 470

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 124 $23,830,000 $192,177 $2,049 5.05%
    VA 111 $29,645,000 $267,072 $5,192 4.56%
    USDA 73 $12,665,000 $173,493 $3,884 4.67%
    FHA 71 $13,895,000 $195,704 $5,704 4.71%

    For 2022, Residential Mortgage Network's most frequently originated type of loan was Conventional, with 124 originations. Their 2nd most popular type was VA, with 111 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 345 $75,795,000 $219,696 $4,246 4.78%
    Other 19 $1,225,000 $64,474 $250 5.60%
    Refi 9 $1,645,000 $182,778 $2,388 2.90%
    Cash Out Refi 6 $1,370,000 $228,333 $4,646 4.10%

    For 2022, Residential Mortgage Network's most frequently cited loan purpose was Home Purchase, with 345 originations. The 2nd most popular reason was Other, with 19 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 357 $78,165,000 $218,950 $4,225 4.73%
    1 Year 19 $1,225,000 $64,474 $250 5.60%
    15 Year 3 $645,000 $215,000 $1,973 3.54%

    For 2022, Residential Mortgage Network's most frequently cited loan duration was 30 Year, with 357 originations. The 2nd most popular length was 1 Year, with 19 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 296 $65,150,000 $220,101
    $1k-2k 63 $10,195,000 $161,825
    $2k-3k 15 $3,345,000 $223,000
    $3k-4k 3 $815,000 $271,667
    $4k-5k 2 $530,000 $265,000

    Residential Mortgage Network's average total fees were $4,225, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 296 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 114 $21,050,000 $184,649
    4-5% 111 $25,705,000 $231,577
    3-4% 74 $16,200,000 $218,919
    6-7% 44 $9,090,000 $206,591
    2.5-3% 27 $6,105,000 $226,111
    <2.5% 6 $1,550,000 $258,333
    7-8% 3 $335,000 $111,667

    During 2022, Residential Mortgage Network's average interest rate for loans was 4.73%, while their most frequently originated rate bucket for loans was 5-6%, with 114 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 166 $45,200,000 $272,289 $4,738 4.60%
    $100k-200k 158 $24,290,000 $153,734 $3,632 4.81%
    $100,000 or less 39 $2,575,000 $66,026 $1,867 5.37%
    $400k-600k 15 $7,355,000 $490,333 $4,659 4.60%
    $600k-1MM 1 $615,000 $615,000 $15,860 4.25%

    2022 saw Residential Mortgage Network place emphasis on $200k-400k loans with 166 originations, totaling $45,200,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 149 $28,205,000 $189,295 $4,118 4.77%
    $50k or less 92 $12,040,000 $130,870 $3,163 4.65%
    $100k-150k 59 $16,885,000 $286,186 $4,329 4.73%
    $75k-100k 53 $12,895,000 $243,302 $4,749 5.15%
    $150k-250k 23 $8,695,000 $378,043 $4,318 4.57%
    $250k+ 3 $1,315,000 $438,333 $2,618 3.96%

    Residential Mortgage Network lent most frequently to those with incomes in the $50k-75k range, with 149 originations. The second most popular income band? $50k or less, with 92 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 69 $14,655,000 $212,391 $3,788 4.69%
    20-30% 56 $10,910,000 $194,821 $3,240 4.69%
    <20% 29 $3,295,000 $113,621 $1,025 4.84%
    39% 22 $4,570,000 $207,727 $3,853 5.26%
    43% 22 $4,290,000 $195,000 $4,308 4.88%
    40% 21 $3,955,000 $188,333 $3,491 4.63%
    42% 19 $4,435,000 $233,421 $5,345 4.42%
    44% 17 $3,875,000 $227,941 $5,379 4.53%
    38% 17 $3,205,000 $188,529 $4,512 4.85%
    45% 16 $3,870,000 $241,875 $4,118 5.33%
    37% 15 $3,545,000 $236,333 $4,545 4.58%
    46% 13 $3,165,000 $243,462 $5,632 4.43%
    49% 12 $2,700,000 $225,000 $4,400 5.32%
    41% 12 $2,730,000 $227,500 $4,104 4.63%
    50-60% 11 $3,765,000 $342,273 $6,213 4.67%
    47% 11 $3,235,000 $294,091 $4,643 4.68%
    36% 11 $2,435,000 $221,364 $5,465 4.65%
    48% 6 $1,400,000 $233,333 $5,823 5.23%

    Residential Mortgage Network lent most frequently to those with DTI ratios of 30-36%, with 69 originations. The next most common DTI ratio? 20-30%, with 56 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 352 $73,530,000 $208,892 $3,953 4.79%
    Black 15 $3,835,000 $255,667 $5,469 4.94%
    Not provided 9 $2,005,000 $222,778 $3,775 3.68%
    Asian 1 $265,000 $265,000 $644 3.50%
    Other Asian 1 $225,000 $225,000 $5,638 5.25%
    American Indian 1 $175,000 $175,000 $5,139 5.63%

    Approval Rates

    Total approvals of all applications
    99.08%

    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
    86.54%

    Residential Mortgage Network has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 379 $80,035,000 $211,174

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    379 $80,035,000 $211,174

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $280,000 $70,000 $2,007 4.53%
    40-60% 10 $1,980,000 $198,000 $1,954 4.66%
    60-80% 34 $6,670,000 $196,176 $2,989 4.92%
    80-100% 306 $64,800,000 $211,765 $3,871 4.79%
    Over 100% 22 $6,210,000 $282,273 $9,294 4.20%
    Under 20% 3 $95,000 $31,667 $250 5.67%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    Rocket Mortgage, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 4 30.8%
    Rocket Mortgage, LLC Conventional home mortgage Closing on a mortgage 1 7.7%
    Rocket Mortgage, LLC Conventional home mortgage Struggling to pay mortgage 1 7.7%
    Rocket Mortgage, LLC Conventional home mortgage Trouble during payment process 3 23.1%
    Rocket Mortgage, LLC Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 15.4%
    Rocket Mortgage, LLC Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 7.7%
    Rocket Mortgage, LLC VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 7.7%