States › Minnesota
Minnesota mortgage lending
Every HMDA reporter's applications, originations and denial rate for properties in Minnesota, with all 87 counties.
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. Record year 2024.
Minnesota had 168,219 HMDA-reported mortgage applications and 112,643 originations ($30bn) in 2024, from 365 lenders with at least 25 applications in the state.
The statewide denial rate was 16.9% (national 24.3%) and the median rate spread 0.4 percentage points (national 0.3). Originations ran at 48.8 per 1,000 households, against 48.0 nationally.
Originations in the state went from 154,214 in 2018 to 112,643 in 2024; the denial rate moved from 16.7% to 16.9%.
The most active lenders by originations were Bell Bank (6,342), United Wholesale Mortgage (5,603) and Rocket Mortgage (4,597).
Most active lenders in Minnesota
| # | Lender | Applications | Originations | Amount | Denial rate | Median spread |
|---|---|---|---|---|---|---|
| 1 | Bell Bank | 7,482 | 6,342 | $1.8bn | 5.2% | 0.4 |
| 2 | United Wholesale Mortgage | 7,042 | 5,603 | $1.7bn | 10.3% | 0.2 |
| 3 | Rocket Mortgage | 5,956 | 4,597 | $1.1bn | 15.3% | 0.5 |
| 4 | Trustone Financial Credit Union | 6,743 | 4,221 | $654m | 23.5% | 0.3 |
| 5 | Us Bank, N.A. | 7,815 | 4,028 | $917m | 39.6% | 1.3 |
| 6 | Affinity Plus Federal Credit Union | 5,030 | 3,468 | $337m | 17.4% | 0.3 |
| 7 | Crosscountry Mortgage, LLC | 3,621 | 2,878 | $928m | 1.9% | 0.4 |
| 8 | Fairway Independent Mort Corp | 3,478 | 2,812 | $676m | 4.0% | 0.6 |
| 9 | Wings Financial Credit Union | 3,688 | 2,218 | $418m | 20.7% | 0.1 |
| 10 | Blaze Credit Union | 3,345 | 2,209 | $277m | 16.1% | 0.6 |
| 11 | Royal Credit Union | 2,827 | 2,133 | $442m | 8.8% | 0.2 |
| 12 | New American Funding, LLC. | 3,030 | 1,895 | $508m | 7.6% | 0.5 |
| 13 | Huntington National Bank | 3,119 | 1,667 | $487m | 34.3% | 0.5 |
| 14 | Prosperity Home Mortgage, LLC | 2,006 | 1,654 | $496m | 5.7% | 0.3 |
| 15 | Luminate Home Loans, Inc. | 1,993 | 1,574 | $464m | 2.5% | 0.4 |
| 16 | Alerus Financial NA | 1,905 | 1,527 | $467m | 7.1% | 0.4 |
| 17 | Lennar Mortgage, LLC | 1,827 | 1,450 | $567m | 6.2% | -0.3 |
| 18 | Bremer Bank NA | 1,845 | 1,434 | $412m | 12.2% | 0.3 |
| 19 | Pennymac Loan Services LLC | 2,317 | 1,394 | $446m | 16.0% | 0.2 |
| 20 | Loandepot.com, LLC | 2,076 | 1,339 | $297m | 19.4% | 0.4 |
| 21 | Guaranteed Rate, Inc. | 1,718 | 1,290 | $331m | 5.4% | 0.3 |
| 22 | Wells Fargo Bank NA | 2,341 | 1,270 | $475m | 24.9% | 0.0 |
| 23 | Merchants Bank, National Association | 1,392 | 1,208 | $223m | 4.9% | -0.4 |
| 24 | Everett Financial, Inc. | 1,157 | 999 | $244m | 2.2% | 0.8 |
| 25 | Tradition Mortgage, LLC | 1,008 | 927 | $366m | 0.7% | 0.2 |
| 26 | Guaranteed Rate Affinity, LLC | 1,247 | 913 | $245m | 6.8% | 0.4 |
| 27 | Newrez LLC | 1,825 | 887 | $255m | 25.1% | 0.4 |
| 28 | Frandsen Bank & Trust | 1,168 | 882 | $199m | 8.9% | 0.2 |
| 29 | Mortgage Research Center | 1,711 | 878 | $257m | 22.7% | -0.1 |
| 30 | Magnifi Financial Credit Union | 1,263 | 854 | $161m | 11.7% | 0.3 |
| 31 | Summit Mortgage Corporation | 1,051 | 839 | $188m | 3.3% | 0.4 |
| 32 | Movement Mortgage, LLC | 1,048 | 828 | $157m | 3.8% | 0.7 |
| 33 | Deerwood Bank | 948 | 799 | $139m | 4.3% | 0.2 |
| 34 | DHI Mortgage Company, LTD. | 933 | 795 | $328m | 3.4% | -1.1 |
| 35 | Old National Bank | 1,176 | 792 | $253m | 23.9% | -0.4 |
| 36 | Think Mutual Bank | 957 | 704 | $162m | 13.7% | 0.3 |
| 37 | Gate City Bank | 881 | 680 | $129m | 12.1% | 0.2 |
| 38 | Flagstar Bank NA | 973 | 665 | $190m | 24.7% | 0.3 |
| 39 | Plaza Home Mortgage, Inc | 855 | 647 | $180m | 15.6% | 0.1 |
| 40 | Granite Bank | 847 | 646 | $168m | 7.0% | 0.4 |
| 41 | CMG Mortgage Inc | 922 | 642 | $164m | 4.9% | 0.2 |
| 42 | Topline Financial Credit Union | 877 | 637 | $95m | 16.9% | -0.3 |
| 43 | Freedom Mortgage Corporation | 1,323 | 635 | $188m | 19.3% | 0.4 |
| 44 | M/I Financial. LLC | 682 | 586 | $210m | 0.8% | -0.5 |
| 45 | Nationstar Mortgage | 878 | 583 | $98m | 18.4% | 2.2 |
| 46 | Discover Bank | 3,180 | 568 | $48m | 72.1% | 2.5 |
| 47 | North Shore Bank of Commerce | 625 | 549 | $155m | 4.9% | 0.3 |
| 48 | Servion | 663 | 539 | $123m | 4.9% | 0.2 |
| 49 | BMO Harris Bank NA | 1,039 | 522 | $106m | 34.0% | 0.8 |
| 50 | Guild Mortgage Company | 645 | 519 | $181m | 2.3% | 0.4 |
| 51 | Altra Federal Credit Union | 633 | 506 | $86m | 9.0% | 0.2 |
| 52 | Associated Bank NA | 821 | 496 | $222m | 31.4% | 0.1 |
| 53 | Ideal Credit Union | 738 | 493 | $68m | 19.1% | 0.3 |
| 54 | Plains Commerce Bank | 797 | 492 | $131m | 6.6% | 0.7 |
| 55 | Bay Equity LLC | 583 | 482 | $141m | 3.8% | 0.4 |
| 56 | Figure Lending LLC | 992 | 472 | $31m | 27.9% | 3.8 |
| 57 | Bank of America NA | 1,089 | 468 | $122m | 40.5% | 0.3 |
| 58 | JPMorgan Chase Bank, NA | 726 | 468 | $353m | 10.3% | 0.1 |
| 59 | Homeowners Financial Group, LLC | 566 | 459 | $75m | 5.6% | 0.6 |
| 60 | American Neighborhood Mortgage Acceptance Company | 573 | 457 | $134m | 1.5% | 0.6 |
Top 60 of 365 lenders with at least 25 applications in the state, by originations. 188 lenders have 100 or more applications here and link to a state-specific page.
Compared with the nation
| Measure | Minnesota | United States |
|---|---|---|
| Denial rate | 16.9% | 24.3% |
| Median rate spread, pp | 0.4 | 0.3 |
| Originations with spread of 1.5 pp or more | 13.2% | 15.6% |
| Average originated loan | $269k | $329k |
| Originations per 1,000 households | 48.8 | 48.0 |
| Home purchase share of originations | 60.9% | 57.0% |
| FHA-insured share | 7.9% | 13.4% |
| VA-guaranteed share | 4.6% | 7.9% |
Trend, 2018–2024
ApplicationsOriginations
MinnesotaUnited States
FHA share of originationsVA share
| Year | Applications | Originations | Amount | Denial rate | FHA | VA | Refinance share |
|---|---|---|---|---|---|---|---|
| 2018 | 222,918 | 154,214 | $34bn | 16.7% | 9.5% | 4.8% | 28.5% |
| 2019 | 273,709 | 191,155 | $45bn | 14.5% | 9.3% | 5.6% | 39.4% |
| 2020 | 442,813 | 315,517 | $80bn | 11.1% | 6.3% | 5.7% | 62.7% |
| 2021 | 414,802 | 297,648 | $77bn | 11.1% | 6.3% | 5.0% | 59.1% |
| 2022 | 221,054 | 149,344 | $41bn | 15.5% | 7.1% | 3.9% | 28.3% |
| 2023 | 157,095 | 105,522 | $27bn | 17.0% | 8.4% | 3.6% | 15.0% |
| 2024 | 168,219 | 112,643 | $30bn | 16.9% | 7.9% | 4.6% | 18.3% |
Yearly figures from the HMDA Data Browser aggregations for the state (all reporters).
Loan purpose and loan type, 2024
By purpose
Home purchase 61% (68,577)Home improvement 11% (12,030)Refinancing 10% (10,815)Cash-out refinancing 9% (9,838)Other purpose 10% (11,367)
By type
Conventional 87% (98,042)FHA 8% (8,884)VA 5% (5,155)USDA 0% (562)
Counties
| County | Applications | Originations | Per 1,000 households | Denial rate | Median spread | Lenders |
|---|---|---|---|---|---|---|
| Hennepin County | 35,650 | 23,662 | 43.9 | 16.6% | 0.3 | 143 |
| Dakota County | 14,574 | 9,612 | 55.1 | 18.3% | 0.3 | 91 |
| Ramsey County | 13,561 | 8,954 | 40.5 | 17.2% | 0.4 | 86 |
| Anoka County | 12,834 | 8,291 | 60.3 | 18.8% | 0.4 | 88 |
| Washington County | 9,833 | 6,608 | 62.6 | 16.3% | 0.3 | 76 |
| Wright County | 5,996 | 3,997 | 74.0 | 17.6% | 0.4 | 63 |
| St. Louis County | 5,446 | 3,673 | 42.2 | 17.3% | 0.4 | 51 |
| Scott County | 5,179 | 3,477 | 63.3 | 17.0% | 0.3 | 56 |
| Olmsted County | 4,628 | 3,303 | 49.4 | 13.0% | 0.3 | 39 |
| Stearns County | 4,081 | 2,935 | 47.8 | 13.8% | 0.4 | 41 |
| Carver County | 3,755 | 2,686 | 65.2 | 13.3% | 0.2 | 38 |
| Sherburne County | 3,734 | 2,480 | 69.8 | 17.0% | 0.5 | 37 |
| Crow Wing County | 2,309 | 1,634 | 55.6 | 14.5% | 0.3 | 26 |
| Chisago County | 2,346 | 1,510 | 70.7 | 19.6% | 0.5 | 27 |
| Clay County | 1,889 | 1,357 | 51.3 | 14.3% | 0.4 | 15 |
| Otter Tail County | 1,696 | 1,198 | 47.6 | 14.2% | 0.4 | 16 |
| Rice County | 1,596 | 1,165 | 49.6 | 13.2% | 0.4 | 19 |
| Isanti County | 1,730 | 1,102 | 67.6 | 19.9% | 0.5 | 16 |
| Blue Earth County | 1,512 | 1,001 | 36.3 | 18.0% | 0.4 | 17 |
| Winona County | 1,241 | 964 | 47.6 | 10.6% | -0.0 | 8 |
| Itasca County | 1,406 | 957 | 51.6 | 15.3% | 0.5 | 14 |
| Goodhue County | 1,213 | 828 | 42.0 | 16.5% | 0.3 | 12 |
| Benton County | 1,193 | 819 | 49.0 | 18.3% | 0.5 | 14 |
| Carlton County | 1,204 | 787 | 55.9 | 17.3% | 0.6 | 14 |
| Becker County | 1,049 | 736 | 51.1 | 14.4% | 0.3 | 8 |
| Douglas County | 1,006 | 728 | 41.6 | 13.0% | 0.3 | 10 |
| Mille Lacs County | 1,084 | 702 | 65.8 | 21.3% | 0.6 | 10 |
| Mower County | 1,053 | 692 | 44.0 | 18.2% | 0.6 | 11 |
| Cass County | 1,033 | 675 | 52.4 | 17.8% | 0.4 | 7 |
| Pine County | 1,121 | 670 | 54.4 | 21.1% | 0.6 | 10 |
| McLeod County | 969 | 652 | 42.9 | 16.3% | 0.4 | 8 |
| Le Sueur County | 911 | 641 | 55.0 | 15.9% | 0.4 | 8 |
| Kandiyohi County | 893 | 632 | 35.9 | 13.1% | 0.4 | 7 |
| Steele County | 903 | 606 | 40.0 | 18.4% | 0.5 | 8 |
| Nicollet County | 789 | 575 | 44.2 | 13.3% | 0.4 | 6 |
| Morrison County | 875 | 543 | 38.6 | 20.6% | 0.4 | 9 |
| Beltrami County | 780 | 517 | 28.5 | 19.5% | 0.3 | 7 |
| Polk County | 709 | 517 | 41.8 | 15.1% | 0.5 | 7 |
| Dodge County | 717 | 513 | 63.5 | 16.2% | 0.4 | 7 |
| Freeborn County | 740 | 464 | 36.1 | 18.1% | 0.7 | 7 |
| Aitkin County | 665 | 450 | 62.3 | 16.8% | 0.6 | 4 |
| Todd County | 594 | 416 | 40.7 | 13.9% | 0.5 | 2 |
| Wabasha County | 591 | 410 | 44.8 | 16.6% | 0.3 | 4 |
| Meeker County | 591 | 402 | 43.0 | 12.3% | 0.5 | 4 |
| Brown County | 554 | 400 | 36.3 | 11.7% | 0.5 | 3 |
| Fillmore County | 565 | 390 | 44.7 | 16.4% | 0.3 | 4 |
| Kanabec County | 653 | 387 | 59.0 | 25.1% | 0.7 | 4 |
| Houston County | 502 | 354 | 43.5 | 11.4% | 0.2 | 3 |
| Hubbard County | 521 | 339 | 37.8 | 15.2% | 0.4 | 3 |
| Lake County | 439 | 335 | 67.8 | 13.6% | 0.4 | 4 |
| Lyon County | 489 | 322 | 31.9 | 18.5% | 0.5 | 7 |
| Waseca County | 439 | 307 | 41.1 | 15.1% | 0.5 | 3 |
| Martin County | 440 | 287 | 32.5 | 18.4% | 0.6 | 5 |
| Sibley County | 399 | 272 | 45.9 | 14.2% | 0.3 | 1 |
| Nobles County | 355 | 253 | 33.0 | 16.4% | 0.8 | 2 |
| Renville County | 354 | 228 | 37.6 | 18.8% | 0.6 | 1 |
| Redwood County | 306 | 219 | 34.8 | 13.7% | 0.6 | 3 |
| Wadena County | 300 | 195 | 32.1 | 13.4% | 0.5 | 0 |
| Faribault County | 287 | 191 | 31.4 | 16.5% | 0.7 | 1 |
| Roseau County | 269 | 188 | 29.9 | 14.6% | 0.5 | 2 |
| Pennington County | 257 | 187 | 30.1 | 14.7% | 0.5 | 1 |
| Pope County | 272 | 178 | 35.9 | 18.4% | 0.6 | 1 |
| Pipestone County | 263 | 173 | 43.6 | 17.0% | 0.5 | 1 |
| Rock County | 259 | 171 | 42.4 | 18.9% | 0.6 | 1 |
| Watonwan County | 247 | 169 | 40.0 | 15.9% | 0.5 | 0 |
| Koochiching County | 269 | 167 | 28.4 | 21.8% | 0.3 | 1 |
| Chippewa County | 238 | 157 | 30.6 | 20.0% | 0.6 | 0 |
| Jackson County | 238 | 146 | 33.3 | 20.5% | 0.4 | 0 |
| Cook County | 198 | 142 | 52.4 | 11.2% | 0.4 | 1 |
| Swift County | 207 | 137 | 33.2 | 13.9% | 0.5 | 0 |
| Stevens County | 183 | 136 | 35.0 | 16.0% | 0.6 | 1 |
| Cottonwood County | 210 | 123 | 26.6 | 21.8% | 0.8 | 0 |
| Wilkin County | 183 | 120 | 45.2 | 15.5% | 0.4 | 1 |
| Clearwater County | 170 | 108 | 32.3 | 20.3% | 0.6 | 1 |
| Grant County | 147 | 102 | 41.0 | 17.2% | 0.6 | 0 |
| Big Stone County | 135 | 101 | 47.3 | 10.4% | 0.8 | 1 |
| Murray County | 167 | 100 | 27.7 | 21.6% | 0.8 | 0 |
| Norman County | 148 | 98 | 36.3 | 17.5% | 0.5 | 0 |
| Yellow Medicine County | 145 | 91 | 22.4 | 20.2% | 0.8 | 0 |
| Marshall County | 152 | 89 | 23.5 | 26.6% | 0.6 | 0 |
| Lake of the Woods County | 118 | 80 | 44.0 | 15.0% | 0.4 | 0 |
| Lac qui Parle County | 123 | 79 | 27.0 | 23.6% | 0.6 | 0 |
| Lincoln County | 118 | 76 | 31.1 | 22.2% | 0.8 | 0 |
| Kittson County | 82 | 63 | 35.5 | 10.8% | 0.6 | 0 |
| Mahnomen County | 93 | 55 | 29.2 | 26.9% | 0.5 | 0 |
| Traverse County | 67 | 45 | 34.3 | 16.4% | 0.5 | 0 |
| Red Lake County | 53 | 31 | 18.6 | 23.4% | — | 0 |
By originations. Lenders: those with at least 25 applications in the county.
VA-guaranteed loans by month
VA publishes lender volume nationally, not by state; see the Aug 2026 VA lender table and the monthly series. The VA-guaranteed share of Minnesota originations by year is charted above from HMDA.
Questions and answers
Which mortgage lenders are most active in Minnesota?
By 2024 originations: Bell Bank (6,342), United Wholesale Mortgage (5,603), Rocket Mortgage (4,597), Trustone Financial Credit Union (4,221), Us Bank, N.A. (4,028). 365 lenders had at least 25 applications in the state.
What is the mortgage denial rate in Minnesota?
16.9% of decided applications were denied in 2024, against 24.3% nationally. HMDA data alone cannot be used to determine whether a lender is complying with fair lending laws.
How has mortgage lending in Minnesota changed since 2018?
Originations went from 154,214 in 2018 to 112,643 in 2024; the denial rate moved from 16.7% to 16.9%.
Where does this data come from?
From the public HMDA loan/application register (FFIEC and CFPB) for 2024, the HMDA Data Browser aggregations for 2018–2024, and Census Bureau household estimates.
Provenance
Source: HMDA public loan/application register 2022, 2023, 2024 and Data Browser aggregations 2018–2024 (FFIEC and CFPB, public domain); households from the Census Bureau ACS 2024 five-year estimates. Built 30 Sep 2026; data through 1 Aug 2026.