Alerus Financial in Iowa vs the state
31.2%Denial rate+18.31 pts vs state
35.8%Decision denial rate+20.51 pts vs state
53.3%Origination rate-15.21 pts vs state
6.75%Median rate+0.25 pts vs state
0.49Rate spread (pts)+0.30 pts vs state
$70kMedian applicant income
41Loans originated
24Denied
Trend in Iowa
| Year | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| 2024 | 50 | 41 | 2.0% | 6.50% | #212 |
| 2025 | 77 | 41 | 31.2% | 6.75% | #172 |
What Alerus Financial lends in Iowa
By loan purpose
By loan type
Why it denied Iowa applicants
Where in Iowa
Counties with the most Alerus Financial applications in 2025.
| County | Applications | Originated | Denied | Denial rate |
|---|---|---|---|---|
| Marshall County | 41 | 28 | 9 | 22.0% |
| Hardin County | 4 | 3 | 1 | 25.0% |
| Mitchell County | 2 | 1 | 1 | 50.0% |
| Grundy County | 2 | 2 | 0 | 0.0% |
| Tama County | 2 | 0 | 1 | 50.0% |
| Polk County | 2 | 2 | 0 | 0.0% |
| Story County | 2 | 2 | 0 | 0.0% |
| Linn County | 2 | 0 | 1 | 50.0% |
| Hamilton County | 1 | 1 | 0 | 0.0% |
| Muscatine County | 1 | 1 | 0 | 0.0% |
Other large lenders in Iowa
| Lender | Grade | Applications | Denial rate | Median rate |
|---|---|---|---|---|
| GREENSTATE Credit Union | B | 13,829 | 5.9% | 6.50% |
| Veridian Credit Union | B | 8,725 | 8.9% | 6.49% |
| Rocket Mortgage | C | 3,761 | 22.7% | 6.63% |
| Hills Bank and Trust | A | 3,434 | 6.1% | 6.25% |
| U.S. Bank | D | 2,720 | 25.7% | 7.00% |
| Dupaco Community | A | 2,669 | 16.1% | 7.00% |
| Community Choice Credit Union | B | 2,653 | 11.8% | 6.13% |
| Iowa Bankers Mortgage | B | 2,423 | 15.4% | 6.50% |
| Broker Solutions | D | 2,386 | 6.4% | 6.75% |
| Northwest Bank | A | 2,181 | 5.7% | 6.38% |
Frequently asked questions
Iowa: 77 applications in 2025, of which 41 were originated and 24 denied.
31.2% of all applications, or 35.8% of the applications it actually decided on. The Iowa statewide average across all lenders was 12.9%.
The median rate on loans Alerus Financial originated in Iowa in 2025 was 6.75%, against a statewide median of 6.50%.
About this data. Figures are Alerus Financial's own HMDA filing for properties located in Iowa, 2025. The grade is national; state-level figures are shown for context and are not separately graded. Methodology