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Clay County, Minnesota
Mortgage lending record for properties in the county, calendar year 2024.
HMDA data alone cannot be used to determine whether a lender is complying with fair lending laws. The data do not include some legitimate credit risk considerations for loan approval and loan pricing decisions. Cells under 25 applications are withheld.
Clay County, Minnesota, saw 1,889 HMDA-reported applications and 1,357 originations ($289m) in 2024.
That is 51.3 originations per 1,000 households, against 48.8 for Minnesota and 48.0 nationally.
The county's denial rate was 14.3%, below the state rate of 16.9%. The median rate spread on originated loans was 0.4 percentage points and 14.4% of originations were 1.5 points or more above the average prime offer rate.
15 lenders reached 25 applications in the county; the most active by originations were Gate City Bank (231), Bell Bank (213) and Town and Country Credit Union (65).
Originations were up 8% on 2023.
Most active lenders
| # | Lender | Applications | Originations | Amount | Denial rate | Median spread |
|---|---|---|---|---|---|---|
| 1 | Gate City Bank | 303 | 231 | $34m | 10.3% | — |
| 2 | Bell Bank | 253 | 213 | $30m | 8.8% | — |
| 3 | Town and Country Credit Union | 90 | 65 | $13m | 7.1% | — |
| 4 | United Wholesale Mortgage | 69 | 60 | $15m | 3.1% | — |
| 5 | Valley Mortgage, Inc. | 65 | 52 | $14m | 1.9% | — |
| 6 | Rocket Mortgage | 53 | 39 | $8.6m | 16.0% | — |
| 7 | First International Bank & Trust | 45 | 38 | $7.8m | 2.6% | — |
| 8 | Us Bank, N.A. | 85 | 37 | $5.0m | 50.7% | — |
| 9 | Affinity Plus Federal Credit Union | 49 | 37 | $2.8m | 13.6% | — |
| 10 | Fairway Independent Mort Corp | 42 | 32 | $6.5m | 0.0% | — |
| 11 | Bremer Bank NA | 39 | 28 | $6.7m | 20.0% | — |
| 12 | First Community Credit Union | 33 | 27 | $5.6m | 6.9% | — |
| 13 | Midwest Bank | 30 | 27 | $12m | 6.9% | — |
| 14 | Alerus Financial NA | 26 | 21 | $4.2m | 15.4% | — |
| 15 | Discover Bank | 35 | 5 | $355k | 80.8% | — |
Lenders with at least 25 applications in the county, by originations; up to 40 shown of 15. Denial rate is denials over decided applications in this county.
Compared with Minnesota and the nation
| Measure | This county | Minnesota | United States |
|---|---|---|---|
| Denial rate | 14.3% | 16.9% | 24.3% |
| Median rate spread, pp | 0.4 | 0.4 | 0.3 |
| Originations with spread of 1.5 pp or more | 14.4% | 13.2% | 15.6% |
| Average originated loan | $213k | $269k | $329k |
| Originations per 1,000 households | 51.3 | 48.8 | 48.0 |
| Home purchase share of originations | 59.5% | 60.9% | 57.0% |
| FHA-insured share | 10.7% | 7.9% | 13.4% |
| VA-guaranteed share | 6.3% | 4.6% | 7.9% |
Rate spread distribution
Share of 1,164 originated loans with a reported rate spread, by spread over the average prime offer rate (outlined bar: Minnesota). Loans at 1.5 points or more on a first lien are what Regulation C calls higher-priced.
Loan purpose and loan type
By purpose
Home purchase 60% (807)Home improvement 12% (168)Refinancing 11% (144)Cash-out refinancing 6% (88)Other purpose 11% (149)
By type
Conventional 83% (1,124)FHA 11% (145)VA 6% (86)USDA 0% (2)
Trend by year
ApplicationsOriginations
This countyMinnesota
Questions and answers
Which lenders are most active in Clay County, MN?
By 2024 originations: Gate City Bank (231), Bell Bank (213), Town and Country Credit Union (65), United Wholesale Mortgage (60), Valley Mortgage, Inc. (52). 15 lenders had at least 25 applications in the county.
What is the mortgage denial rate in Clay County?
14.3% of decided applications were denied in 2024, against 16.9% across Minnesota and 24.3% nationally.
How many mortgages were originated in Clay County in 2024?
1,357 loans totalling $289m, from 1,889 applications; 51.3 originations per 1,000 households.
Where does this data come from?
From the 2024 public HMDA loan/application register (FFIEC and CFPB), by property county; households from the Census Bureau American Community Survey 2024 five-year estimates.
Provenance
Source: HMDA public loan/application register 2022, 2023, 2024 (FFIEC and CFPB, public domain), records with a property in county FIPS 27027; households and population from the U.S. Census Bureau (ACS 2024 five-year estimates; Vintage 2024 population estimates). Built 30 Sep 2026; data through 1 Aug 2026. See methodology and corrections.