Alerus Financial in North Dakota vs the state
9.4%Denial rate-2.04 pts vs state
10.3%Decision denial rate-3.46 pts vs state
78.9%Origination rate+9.17 pts vs state
7.00%Median rate+0.50 pts vs state
0.30Rate spread (pts)+0.06 pts vs state
$122kMedian applicant income
235Loans originated
28Denied
Trend in North Dakota
| Year | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| 2023 | 303 | 270 | 4.6% | 7.30% | #16 |
| 2024 | 266 | 217 | 7.1% | 7.75% | #20 |
| 2025 | 298 | 235 | 9.4% | 7.00% | #15 |
What Alerus Financial lends in North Dakota
By loan purpose
By loan type
Why it denied North Dakota applicants
Where in North Dakota
Counties with the most Alerus Financial applications in 2025.
| County | Applications | Originated | Denied | Denial rate |
|---|---|---|---|---|
| Cass County | 135 | 106 | 15 | 11.1% |
| Grand Forks County | 123 | 99 | 7 | 5.7% |
| Walsh County | 16 | 13 | 3 | 18.8% |
| Traill County | 5 | 5 | 0 | 0.0% |
| Richland County | 3 | 2 | 1 | 33.3% |
| Pembina County | 2 | 2 | 0 | 0.0% |
| Nelson County | 2 | 2 | 0 | 0.0% |
| LaMoure County | 1 | 0 | 0 | 0.0% |
| Ramsey County | 1 | 1 | 0 | 0.0% |
| Ward County | 1 | 1 | 0 | 0.0% |
Other large lenders in North Dakota
| Lender | Grade | Applications | Denial rate | Median rate |
|---|---|---|---|---|
| Gate City Bank | C | 3,106 | 11.3% | 6.65% |
| First International Bank & Trust | B | 1,112 | 4.0% | 6.63% |
| United Shore Financial Services | B | 881 | 7.5% | 6.25% |
| Rocket Mortgage | C | 827 | 21.6% | 6.63% |
| Bell Bank | A | 806 | 7.7% | 6.99% |
| First Community Credit Union | B | 675 | 7.1% | 6.49% |
| Capital | C | 646 | 3.7% | 7.00% |
| TOWN AND COUNTRY Credit Union | B | 571 | 2.1% | 6.25% |
| Mortgage Research Center | C | 500 | 13.6% | 6.25% |
| Fairway Independent Mortgage | B | 497 | 3.0% | 6.40% |
Frequently asked questions
North Dakota: 298 applications in 2025, of which 235 were originated and 28 denied.
9.4% of all applications, or 10.3% of the applications it actually decided on. The North Dakota statewide average across all lenders was 11.4%.
The median rate on loans Alerus Financial originated in North Dakota in 2025 was 7.00%, against a statewide median of 6.50%.
About this data. Figures are Alerus Financial's own HMDA filing for properties located in North Dakota, 2025. The grade is national; state-level figures are shown for context and are not separately graded. Methodology