Residential Mortgage Network Rates, Fees & Info

CORALVILLE, IA

LEI: 549300NTQ8BOK9455W21

Tax ID: 42-1295369

5 stars - out of 5 stars, based on 26 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

654

Origination Dollar Volume (All Markets)

$142,390,000
Show all (27) awards

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 applications
98.26%

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 origination
91.19%

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%