Applications / Mortgage Analytics / Lenders / Iowa / Contract Exchange
Cedar Rapids, IA · Non-bank or government lender · CFPB · 39 loans in 2025
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39
loans originated, 2025
47
applications, 2025
1
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Contract Exchange, a Cedar Rapids lender working only in Iowa, makes small home-purchase loans, and more than half of them go to poorer neighborhoods.
Its typical loan was $125,000, against $395,000 at similar lenders, non-bank lenders making between half and twice as many loans. That is smaller than at nearly all of them. So its 39 loans came to just $5.0 million, while the typical peer lent $21.6 million on 41.
57.9% of its loans went to low- and moderate-income (LMI) neighborhoods, against 18.2% at peers, the highest share among them. LMI borrowers took 47.2% of its loans, against 27.3% at peers, higher than at about four in five of them.
Home purchases made up 79.5% of its loans, and all were conventional, with no government-backed or manufactured-home loans. It lends in 5 Iowa metros and 12 counties. In Des Moines, its largest market, where GreenState Credit Union leads, its share slipped to 0.1% from 0.2% as its loans fell.
It first reported in 2018 with 24 loans, rose to 59 in 2022 and made 39 in 2025. Its count fell 26% in 2025, while similar lenders fell 6% and the whole market grew 10%. On so small a base, a handful of loans makes a large change.
Similar lenders: same lender type, originations between half and twice the lender's in the data year. Written from the 2025 HMDA data and checked figure by figure against it.
FIG. 1 — LOANS ORIGINATED, 2018–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Contract Exchange took 47 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 79.5% · Refinance 20.5%
Conventional 100.0% · of 39 loans. Purchase: buying a home. Refinance: replacing an existing mortgage, including cash-out. FHA: insured by the Federal Housing Administration. VA: guaranteed by the Department of Veterans Affairs. Conventional: neither.
SOURCE: FFIEC HMDA 2025, LOANS ORIGINATED
Where it lends, 2025
| State | Loans | Share |
|---|---|---|
| Iowa | 38 | 97.4% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Des Moines-West Des Moines | 27 |
| Cedar Rapids | 2 |
| Ames | 1 |
| Dubuque | 1 |
| Waterloo-Cedar Falls | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 254900WRTMJD6GMNS670 | 2018–2025 |
Established 21 April 1981. Reported under HMDA 2018-2025.
Mergers, name changes, data editions and corrections: Contract Exchange's data.
Contract Exchange's data
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Contract Exchange and its peers, 2018–2025: every application in the HMDA data, cleaned and corrected, as Parquet files, with the Jenner programs that made these pages.
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