Residential Mortgage Network Rates, Fees & Info

CORALVILLE, IA

LEI: 549300NTQ8BOK9455W21

Tax ID: 42-1295369

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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 Home Purchase loans. They have an average proportion of FHA loans. Residential Mortgage Network has an average proportion of conventional loans. Their top markets by origination volume include: Iowa City, Cedar Rapids, Des Moines, Muscatine, and Marshalltown among others. We have data for 12 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% 12/16/24
    30 Year Conventional Refi 6.35% 12/16/24
    30 Year Cash-out Refi 6.57% 12/16/24
    30 Year FHA Purchase 7.14% 12/16/24
    30 Year FHA Refi 6.68% 12/16/24
    30 Year VA Purchase 6.04% 12/16/24
    30 Year VA Refi 5.67% 12/16/24
    30 Year USDA Purchase 6.54% 12/16/24
    30 Year USDA Refi 6.78% 12/16/24
    15 Year Conventional Purchase 5.71% 12/16/24
    15 Year Conventional Refi 6.10% 12/16/24
    15 Year Cash-out Refi 6.10% 12/16/24
    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

    311

    Origination Dollar Volume (All Markets)

    $51,105,000
    Show all (19) awards

    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) 150 $29,360,000 $195,733 $3,357 4.34%
    Outside of Metro Areas 79 $10,515,000 $133,101 $3,147 4.44%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 43 $6,375,000 $148,256 $3,953 4.38%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 24 $3,060,000 $127,500 $3,177 4.59%
    Muscatine, IA (FHA|USDA|VA) 4 $520,000 $130,000 $3,187 4.53%
    Marshalltown, IA (FHA|USDA|VA) 3 $305,000 $101,667 $2,967 4.92%
    DUBUQUE, IA (FHA|USDA|VA) 1 $255,000 $255,000 $9,728 4.25%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 2 $200,000 $100,000 $1,983 4.75%
    Fairfield, IA (FHA|USDA|VA) 2 $190,000 $95,000 $2,519 4.50%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 1 $175,000 $175,000 $7,113 3.50%
    AMES, IA (FHA|USDA|VA) 1 $85,000 $85,000 $1,988 4.50%
    Spencer, IA (FHA|USDA|VA) 1 $65,000 $65,000 $2,601 4.75%
    Residential Mortgage Network's top markets include Iowa City, Cedar Rapids, Des Moines, Muscatine, and Marshalltown 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.

    Charter Bank
    Similarity Rank: 36
    Citizens State Bank
    Similarity Rank: 68
    Farmers Savings Bank & Trust
    Similarity Rank: 76
    Raccoon Valley Bank
    Similarity Rank: 96
    FIRST
    Similarity Rank: 117
    Guthrie County State Bank
    Similarity Rank: 166
    Hills Bank and Trust Company
    Similarity Rank: 182
    Community Choice Credit Union
    Similarity Rank: 187
    CBI Bank & Trust
    Similarity Rank: 285
    GREATER IOWA CREDIT UNION
    Similarity Rank: 286

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    USDA 98 $12,710,000 $129,694 $3,254 4.40%
    VA 80 $17,080,000 $213,500 $3,658 4.18%
    FHA 69 $10,975,000 $159,058 $4,621 4.41%
    Conventional 64 $10,340,000 $161,563 $1,876 4.68%

    For 2018, Residential Mortgage Network's most frequently originated type of loan was USDA, with 98 originations. Their 2nd most popular type was VA, with 80 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 290 $47,830,000 $164,931 $3,455 4.39%
    Cash Out Refi 9 $1,795,000 $199,444 $3,299 4.44%
    Refi 8 $1,310,000 $163,750 $2,200 4.31%
    Other 4 $170,000 $42,500 $300 5.25%

    For 2018, Residential Mortgage Network's most frequently cited loan purpose was Home Purchase, with 290 originations. The 2nd most popular reason was Cash Out Refi, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 294 $48,760,000 $165,850 $3,474 4.40%
    15 Year 10 $1,490,000 $149,000 $2,318 4.10%
    1 Year 4 $170,000 $42,500 $300 5.25%
    20 Year 3 $685,000 $228,333 $1,541 4.50%

    For 2018, Residential Mortgage Network's most frequently cited loan duration was 30 Year, with 294 originations. The 2nd most popular length was 15 Year, with 10 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 295 $48,325,000 $163,814
    $1k-2k 12 $2,040,000 $170,000
    $2k-3k 2 $220,000 $110,000
    $3k-4k 2 $520,000 $260,000

    Residential Mortgage Network's average total fees were $3,474, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 295 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 245 $39,825,000 $162,551
    3-4% 48 $9,690,000 $201,875
    5-6% 18 $1,590,000 $88,333

    During 2018, Residential Mortgage Network's average interest rate for loans was 4.40%, while their most frequently originated rate bucket for loans was 4-5%, with 245 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 164 $24,210,000 $147,622 $3,350 4.40%
    $200k-400k 75 $19,885,000 $265,133 $4,077 4.18%
    $100,000 or less 68 $5,220,000 $76,765 $2,532 4.67%
    $400k-600k 4 $1,790,000 $447,500 $5,787 4.13%

    2018 saw Residential Mortgage Network place emphasis on $100k-200k loans with 164 originations, totaling $24,210,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 113 $12,745,000 $112,788 $3,056 4.51%
    $50k-75k 107 $16,985,000 $158,738 $3,272 4.37%
    $75k-100k 54 $10,930,000 $202,407 $4,210 4.39%
    $100k-150k 30 $8,460,000 $282,000 $3,488 4.18%
    $150k-250k 5 $1,615,000 $323,000 $3,922 4.10%
    $250k+ 2 $370,000 $185,000 $1,732 4.31%

    Residential Mortgage Network lent most frequently to those with incomes in the $50k or less range, with 113 originations. The second most popular income band? $50k-75k, with 107 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 73 $12,945,000 $177,329 $3,185 4.36%
    20-30% 49 $6,935,000 $141,531 $3,062 4.43%
    42% 21 $3,425,000 $163,095 $3,100 4.38%
    40% 21 $3,175,000 $151,190 $3,126 4.47%
    39% 18 $2,840,000 $157,778 $3,426 4.60%
    45% 17 $2,805,000 $165,000 $2,628 4.35%
    50-60% 14 $2,450,000 $175,000 $4,929 4.39%
    44% 14 $2,290,000 $163,571 $3,825 4.36%
    38% 12 $1,990,000 $165,833 $4,498 4.40%
    43% 12 $2,180,000 $181,667 $3,684 4.40%
    <20% 9 $1,135,000 $126,111 $1,527 4.69%
    49% 9 $1,485,000 $165,000 $3,696 4.43%
    37% 9 $1,605,000 $178,333 $2,921 4.31%
    41% 7 $1,245,000 $177,857 $2,508 4.21%
    36% 7 $1,125,000 $160,714 $4,162 4.25%
    47% 7 $1,345,000 $192,143 $4,726 4.29%
    48% 7 $1,185,000 $169,286 $4,681 4.38%
    46% 5 $945,000 $189,000 $4,864 4.43%

    Residential Mortgage Network lent most frequently to those with DTI ratios of 30-36%, with 73 originations. The next most common DTI ratio? 20-30%, with 49 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 288 $46,690,000 $162,118 $3,327 4.40%
    Black 15 $2,985,000 $199,000 $4,507 4.42%
    Not provided 4 $750,000 $187,500 $3,550 4.28%
    Asian 3 $545,000 $181,667 $2,058 4.33%
    American Indian 1 $135,000 $135,000 $4,289 4.25%

    Approval Rates

    Total approvals of all applications
    97.21%

    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
    88.42%

    Residential Mortgage Network has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 311 $51,105,000 $164,325

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 311 $51,105,000 $164,325

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $95,000 $95,000 $2,864 4.25%
    40-60% 8 $740,000 $92,500 $2,015 4.70%
    60-80% 25 $4,035,000 $161,400 $2,053 4.54%
    80-100% 259 $43,085,000 $166,351 $3,410 4.39%
    Over 100% 15 $3,045,000 $203,000 $6,441 4.18%
    Under 20% 3 $105,000 $35,000 $153 5.17%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    RESIDENTIAL MORTGAGE CORP VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%