Minnehaha County, SD: mortgage lenders, denial rate and originations, 2024

States › South Dakota › Minnehaha County

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.

Minnehaha County, South Dakota, saw 6,717 HMDA-reported applications and 4,549 originations ($1.2bn) in 2024.

That is 53.6 originations per 1,000 households, against 43.5 for South Dakota and 48.0 nationally.

The county's denial rate was 15.9%, close to the state rate of 17.0%. The median rate spread on originated loans was 0.2 percentage points and 12.8% of originations were 1.5 points or more above the average prime offer rate.

43 lenders reached 25 applications in the county; the most active by originations were Plains Commerce Bank (867), First Premier Bank (454) and Levo Federal Credit Union (344).

Originations were up 6% on 2023.

6,717applications, 2024

4,549loans originated$1.2bn

15.9%denial rateSD 17.0% · US 24.3%

53.6originations per 1,000 householdsSD 43.5 · US 48.0

Most active lenders

#	Lender	Applications	Originations	Amount	Denial rate	Median spread
1	Plains Commerce Bank	1,163	867	$242m	5.7%	—
2	First Premier Bank	714	454	$102m	18.7%	—
3	Levo Federal Credit Union	421	344	$50m	8.3%	—
4	First Bank & Trust	435	300	$76m	13.9%	—
5	First Dakota National Bak	214	179	$78m	2.2%	—
6	First International Bank & Trust	228	176	$50m	8.7%	—
7	Fairway Independent Mort Corp	184	158	$45m	4.8%	—
8	Rocket Mortgage	155	115	$21m	17.6%	—
9	Us Bank, N.A.	196	111	$20m	35.0%	—
10	The First National Bank in Sioux Falls	132	111	$28m	5.1%	—
11	Service First Federal Credit Union	128	104	$26m	8.8%	—
12	Central Bank	99	83	$21m	4.5%	—
13	Reliabank Dakota	95	78	$21m	4.9%	—
14	Cortrust Bank NA	82	77	$13m	1.3%	—
15	First National Bank of Omaha	113	73	$21m	13.6%	—
16	Black Hills Federal Credit Union	121	72	$11m	29.6%	—
17	American Bank & Trust	108	65	$16m	20.5%	—
18	United Wholesale Mortgage	86	64	$20m	19.0%	—
19	Crosscountry Mortgage, LLC	84	62	$18m	0.0%	—
20	First Interstate Bank	102	61	$7.1m	32.3%	—
21	Cortrust Mortgage, Inc.	68	59	$17m	0.0%	—
22	CU Mortgage Direct, LLC	69	49	$12m	12.5%	—
23	Wells Fargo Bank NA	79	47	$15m	15.8%	—
24	Guaranteed Rate, Inc.	55	45	$14m	8.0%	—
25	Bluestone Federal Credit Union	54	43	$3.7m	10.4%	—
26	Mortgage Research Center	77	38	$12m	19.6%	—
27	Voyage Federal Credit Union	64	37	$2.7m	37.3%	—
28	Dacotah Bank	40	34	$7.7m	10.0%	—
29	Frontier Bank	37	32	$6.9m	11.1%	—
30	Bankwest, Inc.	48	28	$3.3m	30.0%	—
31	Pennymac Loan Services LLC	48	25	$5.8m	27.0%	—
32	Freedom Mortgage Corporation	43	22	$7.4m	—	—
33	Newrez LLC	60	20	$5.9m	40.0%	—
34	Loandepot.com, LLC	29	20	$3.0m	23.1%	—
35	Discover Bank	121	18	$1.4m	77.8%	—
36	21st Mortgage	80	17	$1.3m	70.2%	—
37	Mission Loans, LLC	48	16	$1.4m	—	—
38	CBNA Year to Date	26	12	$2.7m	—	—
39	Amerisave Mortgage Company	59	10	$1.1m	80.0%	—
40	Navy Federal Credit Union	33	10	$2.0m	—	—

Lenders with at least 25 applications in the county, by originations; up to 40 shown of 43. Denial rate is denials over decided applications in this county.

Compared with South Dakota and the nation

Measure	This county	South Dakota	United States
Denial rate	15.9%	17.0%	24.3%
Median rate spread, pp	0.2	0.2	0.3
Originations with spread of 1.5 pp or more	12.8%	13.0%	15.6%
Average originated loan	$264k	$256k	$329k
Originations per 1,000 households	53.6	43.5	48.0
Home purchase share of originations	60.8%	60.0%	57.0%
FHA-insured share	14.3%	13.0%	13.4%
VA-guaranteed share	6.6%	9.5%	7.9%

Rate spread distribution

Below 0 pp36.4%

0 to 0.5 pp30.8%

0.5 to 1 pp11.5%

1 to 1.5 pp8.4%

1.5 to 3 pp8.2%

3 or more pp4.6%

Share of 3,779 originated loans with a reported rate spread, by spread over the average prime offer rate (outlined bar: South Dakota). 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 61% (2,768)Home improvement 8% (349)Refinancing 12% (530)Cash-out refinancing 13% (600)Other purpose 7% (302)

By type

Conventional 79% (3,590)FHA 14% (652)VA 7% (301)USDA 0% (6)

Trend by year

ApplicationsOriginations

Applications and originations in Minnehaha County, 2022–2024

This countySouth Dakota

Denial rate by year, state rate dashed

Questions and answers

Which lenders are most active in Minnehaha County, SD?

By 2024 originations: Plains Commerce Bank (867), First Premier Bank (454), Levo Federal Credit Union (344), First Bank & Trust (300), First Dakota National Bak (179). 43 lenders had at least 25 applications in the county.

What is the mortgage denial rate in Minnehaha County?

15.9% of decided applications were denied in 2024, against 17.0% across South Dakota and 24.3% nationally.

How many mortgages were originated in Minnehaha County in 2024?

4,549 loans totalling $1.2bn, from 6,717 applications; 53.6 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 46099; 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.