Railroad Rehabilitation and Financing Innovation Act This bill revises and reauthorizes through FY2025 the Railroad Rehabilitation and Improvement Financing (RRIF) loan program of the Department of Transportation (DOT). The bill revises the program to direct DOT to provide direct loans and loan guarantees to private entities with controlling ownership in one or more freight railroads other than Class 1 carriers. The bill provides DOT with flexibility in evaluating the types of collateral an applicant or infrastructure partner may propose under the program. The bill also establishes an expedited application review process under the program for loans meeting certain financial and operational criteria. DOT must provide applicants with regular updates on the status of their applications.