Residential Mortgage Network

What Residential Mortgage Network does

Residential Mortgage Network, Inc. (RMN) is a privately held, independent mortgage bank founded in 1987 by Rick House and headquartered at 2507 Highlander Place, Iowa City, Iowa. The company operates exclusively within the State of Iowa, with a second office at 1921 51st Street NE in Cedar Rapids, and currently has a new Iowa City office under construction near the planned Bohemian Hotel. RMN originates residential mortgage loans — VA, USDA Rural Development, FHA, Conventional, and new construction — and is distinguished as a mortgage bank (not a broker), performing all processing, underwriting, approval, and closing functions in-house. This integrated workflow enables loan closings in approximately two weeks, materially faster than the 30-45 day industry standard.

The company's technology stack is centered on the BeSmartee loan origination system (SOC2 Type II compliant with 256-bit encryption), supplemented by a self-service application portal at apply.rmniowa.com that supports a roughly 20-minute application, document upload, and progress tracking, with sensitive borrower data hosted on AWS infrastructure. RMN augments its core loan products with state-administered programs — including Iowa Finance Authority offerings (FirstHome $2,500 grant, Homes for Iowans $2,500 grant, and a 5%-of-purchase-price Second Loan), the federal Mortgage Credit Certificate program providing up to $2,000/year in tax credits, the Home Ready 3%-down conventional product, and fixed-rate condo financing across VA, USDA RD, and Conventional channels. The company was recognized in 2017 as a Top Rural Development Home Loan Lender in Iowa by USDA Rural Development.

RMN operates a sales-led, direct-lender go-to-market with loan officers engaging customers through in-person consultations, phone calls, email/text, and the online application portal. Revenue is generated through transaction-based origination fees, VA funding fees (1.25%-3.30% of loan amount), USDA RD guarantee fees, and interest income on loans held on balance sheet. The customer base consists entirely of individual Iowa residential homebuyers, with primary segments including first-time buyers, veterans and active-duty military, USDA Rural Development borrowers in eligible rural communities (populations of 20,000 or less), and condo purchasers. Marketing channels combine an educational blog, social media presence (Facebook, LinkedIn, YouTube, Instagram), realtor referral partnerships, and the self-service digital portal. RMN has operated continuously under the same founder for over 37 years with no evidence of external funding, M&A, or structural change.

Name

Residential Mortgage Network

Legal name

Residential Mortgage Network, Inc.

Website

https://rmniowa.com

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

11–50 employees

Short description

Residential Mortgage Network is a privately held, Iowa-only independent mortgage bank founded in 1987 that originates VA, USDA Rural Development, FHA, and Conventional residential loans for individual Iowa homebuyers using in-house processing, underwriting, and closing.

Ownership category

akta.pro rank

Product category

Residential Mortgage Lending

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Government-Insured Mortgage Origination (FHA/VA/USDA) (FSALAAAI)

akta.pro secondary industry

Affordable Housing / Down Payment Assistance (DPA) Mortgage Origination (FSALAAAM)

Keywords

• Residential mortgage lending
• Home loan origination
• VA loan programs
• USDA rural development loans
• FHA mortgage lending

Headquarters

HQ city

Iowa City

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Mortgage Loan Origination: RMN originates mortgage loans (VA, USDA Rural Development, Conventional, FHA, and new construction) and earns revenue through interest income on held loans as a mortgage bank, as well as origination fees, funding fees (for VA loans), and guarantee fees (for RD loans).

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Residential Mortgage Network is an Iowa-only mortgage bank that originates residential home loans through in-house processing, underwriting, and closing. It offers VA, USDA Rural Development, Conventional, FHA, and new construction loans, along with Iowa Finance Authority programs, the Mortgage Credit Certificate, Home Ready, and fixed-rate condo financing, delivering closings in approximately two weeks.

Product overview

Residential Mortgage Network, Inc. is a locally owned mortgage bank (not a broker) operating since 1987, providing home loans to borrowers throughout Iowa. The company offers a portfolio of four core loan programs: VA Loans for eligible veterans with 100% financing and no mortgage insurance; Rural Development (USDA) Loans for rural communities with no down payment required; Conventional Loans with as little as 3% down; and FHA Loans with 3.5% down and flexible credit standards. Supporting these core products, RMN offers Iowa Finance Authority Programs (FirstHome, Homes for Iowans grants, and second loans), the Mortgage Credit Certificate (MCC) Program providing up to $2,000 annual tax credits, the Home Ready 3%-down conventional program, and Fixed Rate Condo Financing across multiple loan types. The company performs all processing, underwriting, and closing in-house, enabling two-week loan closings.

Differentiator

Problem solved

Functional benefit

Products and services

• VA Loans Veterans Affairs home loans for eligible U.S. military veterans and service members offering 100% financing with no down payment, competitive interest rates typically 0.25% to 0.5% lower than conventional loans, no monthly mortgage insurance, and options including IRRRL streamline refinance and cash-out refinance.
• Rural Development (USDA) Loans USDA Rural Development loans for home purchases in eligible rural Iowa communities with populations of 20,000 or less, offering 100% financing with no down payment, 30-year fixed rates typically lower than conventional financing, and household income limits that vary by county.
• Conventional Loans Fixed-rate conventional mortgage financing with down payments as low as 3%, available for avoiding PMI with 20% or more down, and PMI termination options once 20% equity is reached.
• FHA Loans Federal Housing Administration loans requiring as little as 3.5% down payment with more lenient credit standards, fixed below-market interest rates, and no restrictions on property location; allows pairing with Iowa Finance Authority programs.
• Iowa Finance Authority Programs

Quantifiable outcome

• 2-week loan closings compared to industry standard 30-45 days
• +3 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature3 records

Scale indicators3 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Rocket Mortgage: Largest U.S. mortgage lender by volume, offering a fully digital direct-to-consumer experience across conventional and government loan programs. Competes for Iowa homebuyers primarily through digital channels; represents the national-scale pressure on small regional lenders like RMN.
• Caliber Home Loans: National mortgage banker with retail and correspondent channels emphasizing purchase-volume relationships and government-loan programs. Comparable product mix to RMN and competes for the same veteran, rural, and first-time buyer segments.
• loanDepot: Large national mortgage lender with retail, wholesale, and direct-to-consumer channels covering conventional and government loans. Active in Iowa via retail branches and digital channels; competes for the same homebuyer pool as RMN.
• Guild Mortgage: Large national retail mortgage lender offering VA, FHA, USDA, and conventional products across the U.S. with strong government-loan division. Operates in Iowa and competes for the same government-program borrowers RMN serves, though at significantly larger scale.

Direct peers

• PrimeLending: Plano-based national mortgage banker with a heavy retail branch network emphasizing government loans (VA, FHA, USDA) and in-house processing. Comparable multi-channel retail model with government-loan emphasis analogous to RMN's Iowa strategy.
• Fairway Independent Mortgage Corporation: Mid-size independent mortgage banker operating a decentralized branch model with strong government-loan (VA, USDA, FHA) expertise across rural and mid-size markets. Highly comparable to RMN's government-program specialization and community-rooted branch structure.
• Veterans United Home Loans: Largest VA-focused mortgage lender in the U.S., specializing in government-backed home loans for veterans and service members. Directly comparable to RMN's VA loan emphasis and Iowa-government-program positioning, though at much greater scale.

Others

• Iowa Finance Authority: State agency administering Iowa-specific affordable housing programs (FirstHome, Homes for Iowans, MCC) that RMN integrates into its product offering. An enabling/ecosystem partner rather than a direct competitor, but central to RMN's first-time-buyer value proposition.

Regional players

• Town & Country Bank (Iowa): Iowa-based community bank offering residential mortgage products including conventional and government loan programs across Iowa. Comparable local market presence and government-loan offerings but competes via depository balance sheet rather than dedicated mortgage-bank specialization.
• Hills Bank and Trust Company: Iowa-headquartered community bank with residential mortgage lending operations across eastern Iowa including the Iowa City-Cedar Rapids Corridor. Overlaps directly with RMN's primary geography as a competing Iowa mortgage provider.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCWZV5qpLvCoRKXRHSjXH8QQ
• Facebookfacebook.com/residentialmortgagenetwork
• LinkedInlinkedin.com/company/residentialmortgagenetwork
• Instagraminstagram.com/jessicaloveslending

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Residential Mortgage Network