Alerus Financial at a glance, 2025
Every figure is from the lender's own HMDA filing. "vs national" compares with all lenders combined.
How the B grade breaks down
Each component is a percentile rank among 581 mid-size mortgage lenders. Higher is better. Components the lender does not report are left out and the weights redistributed.
Approval oddsdecision denial rate, weight 45%
50th10.1% deniedPricingmedian rate spread over APOR, weight 30%
70th0.15 ptsProcesswithdrawn + incomplete share, weight 15%
64th14.1%Closing coststotal loan costs ÷ loan amount, weight 10%
76th1.61% of loanTrend, 2023–2025
| Year | Applications | Originated | Denial rate | Decision denial | Median rate | Volume |
|---|---|---|---|---|---|---|
| 2023 | 1,959 | 1,649 | 4.7% | 5.1% | 7.00% | $699M |
| 2024 | 2,631 | 2,038 | 6.6% | 7.6% | 7.13% | $635M |
| 2025 | 2,860 | 2,118 | 8.7% | 10.1% | 6.63% | $758M |
What Alerus Financial lends
Applications by purpose and loan type in 2025, with the denial rate for each. A lender's mix explains a lot of its headline rate: HELOCs and FHA loans are denied far more often than conventional purchase loans.
By loan purpose
By loan type
Also: 946 home-equity lines, 0 reverse mortgages, 0 manufactured homes, 139 investment properties.
Why Alerus Financial denies applications
Primary reason reported for each of the 248 denials in 2025. Lenders can cite up to four reasons; this is the first one listed.
Who gets approved at Alerus Financial
Decision denial rate by applicant profile. Groups with fewer than 20 applications are omitted.
| Applicant income | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under $50k | 182 | 86 | 36.8% |
| $50k – $100k | 792 | 521 | 16.7% |
| $100k – $150k | 511 | 389 | 8.6% |
| $150k – $250k | 573 | 474 | 3.7% |
| Over $250k | 684 | 564 | 3.0% |
| Applicant age | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under 25 | 120 | 80 | 15.5% |
| 25–34 | 654 | 487 | 7.8% |
| 35–44 | 734 | 545 | 10.5% |
| 45–54 | 568 | 420 | 9.9% |
| 55–64 | 433 | 337 | 9.4% |
| 65–74 | 247 | 174 | 12.4% |
| Over 74 | 69 | 46 | 16.7% |
Where Alerus Financial lends
35 states and 197 counties in 2025. Click a state for the lender's full record there.
| State | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| Minnesota | 1,815 | 1,505 | 5.5% | 6.63% | #23 |
| North Dakota | 298 | 235 | 9.4% | 7.00% | #15 |
| Arizona | 182 | 148 | 7.7% | 6.00% | #181 |
| Wisconsin | 158 | 119 | 6.3% | 6.63% | #185 |
| Iowa | 77 | 41 | 31.2% | 6.75% | #172 |
| Florida | 16 | 11 | 12.5% | 6.50% | #808 |
| Colorado | 15 | 11 | 0.0% | 6.25% | #454 |
| California | 12 | 10 | 8.3% | 5.94% | #707 |
| Texas | 6 | 6 | 0.0% | 6.38% | #1,050 |
Frequently asked questions
Alerus Financial denied 10.1% of the applications it decided on in 2025. The national figure across all lenders was 22.6%. On approval odds it ranks in the 50th percentile of mid-size mortgage lenders.
The most common reason Alerus Financial gave in 2025 was "debt-to-income ratio", cited on 44.0% of its denials. Lenders report up to four reasons per denial to the CFPB; the full breakdown is on this page.
The median interest rate on loans Alerus Financial originated in 2025 was 6.63%, and its median rate spread over the average prime offer rate was 0.15 points. Rates on this page are what borrowers actually got, not advertised rates.
In 2025, 56% of its applications were for home purchases, 22% for refinancing (including cash-out), and 22% for home improvement or other purposes. By loan type: 94% conventional, 4% FHA, 2% VA.
Every figure on this page comes from the Home Mortgage Disclosure Act (HMDA) Loan/Application Register published by the CFPB, which lenders are required by federal law to file. We add the grade and the comparisons; we do not add facts.