Alerus Financial in Minnesota vs the state
5.5%Denial rate-8.09 pts vs state
6.0%Decision denial rate-10.33 pts vs state
82.9%Origination rate+16.55 pts vs state
6.63%Median rate0.00 pts vs state
0.15Rate spread (pts)-0.10 pts vs state
$137kMedian applicant income
1,505Loans originated
100Denied
Trend in Minnesota
| Year | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| 2023 | 1,365 | 1,228 | 3.8% | 7.00% | #24 |
| 2024 | 1,905 | 1,527 | 6.4% | 7.13% | #20 |
| 2025 | 1,815 | 1,505 | 5.5% | 6.63% | #23 |
What Alerus Financial lends in Minnesota
By loan purpose
By loan type
Why it denied Minnesota applicants
Where in Minnesota
Counties with the most Alerus Financial applications in 2025.
| County | Applications | Originated | Denied | Denial rate |
|---|---|---|---|---|
| Hennepin County | 552 | 470 | 25 | 4.5% |
| Olmsted County | 203 | 164 | 15 | 7.4% |
| Ramsey County | 196 | 174 | 4 | 2.0% |
| Dakota County | 95 | 84 | 4 | 4.2% |
| Freeborn County | 84 | 60 | 9 | 10.7% |
| Washington County | 83 | 64 | 6 | 7.2% |
| Anoka County | 83 | 72 | 2 | 2.4% |
| Mower County | 57 | 38 | 11 | 19.3% |
| Scott County | 46 | 41 | 2 | 4.3% |
| Carver County | 41 | 40 | 1 | 2.4% |
Other large lenders in Minnesota
| Lender | Grade | Applications | Denial rate | Median rate |
|---|---|---|---|---|
| United Shore Financial Services | B | 8,694 | 10.6% | 6.38% |
| U.S. Bank | D | 8,624 | 30.4% | 7.88% |
| Bell Bank | A | 7,987 | 5.3% | 6.63% |
| Rocket Mortgage | C | 7,630 | 16.3% | 6.63% |
| Trustone Financial Credit Union | C | 6,066 | 20.0% | 7.25% |
| Affinity Plus | C | 5,438 | 14.6% | 6.63% |
| Blaze Credit Union | B | 4,074 | 12.3% | 6.38% |
| Wings Financial Credit Union | A | 3,960 | 16.4% | 7.25% |
| Crosscountry Mortgage | B | 3,942 | 2.1% | 6.63% |
| Fairway Independent Mortgage | B | 3,327 | 3.2% | 6.75% |
Frequently asked questions
Minnesota: 1,815 applications in 2025, of which 1,505 were originated and 100 denied.
5.5% of all applications, or 6.0% of the applications it actually decided on. The Minnesota statewide average across all lenders was 13.6%.
The median rate on loans Alerus Financial originated in Minnesota in 2025 was 6.63%, against a statewide median of 6.63%.
About this data. Figures are Alerus Financial's own HMDA filing for properties located in Minnesota, 2025. The grade is national; state-level figures are shown for context and are not separately graded. Methodology