Bay Equity in Minnesota vs the state
2.8%Denial rate-10.81 pts vs state
3.2%Decision denial rate-13.12 pts vs state
82.7%Origination rate+16.31 pts vs state
6.93%Median rate+0.31 pts vs state
0.49Rate spread (pts)+0.24 pts vs state
$108kMedian applicant income
148Loans originated
5Denied
Trend in Minnesota
| Year | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| 2023 | 825 | 678 | 3.9% | 6.63% | #44 |
| 2024 | 583 | 482 | 3.3% | 6.75% | #67 |
| 2025 | 179 | 148 | 2.8% | 6.93% | #143 |
What Bay Equity lends in Minnesota
By loan purpose
By loan type
Why it denied Minnesota applicants
Where in Minnesota
Counties with the most Bay Equity applications in 2025.
| County | Applications | Originated | Denied | Denial rate |
|---|---|---|---|---|
| Hennepin County | 42 | 33 | 2 | 4.8% |
| Anoka County | 24 | 20 | 0 | 0.0% |
| Dakota County | 23 | 20 | 0 | 0.0% |
| Ramsey County | 19 | 17 | 1 | 5.3% |
| Washington County | 14 | 12 | 0 | 0.0% |
| Steele County | 7 | 6 | 0 | 0.0% |
| Carver County | 7 | 4 | 0 | 0.0% |
| Sherburne County | 7 | 6 | 0 | 0.0% |
| Olmsted County | 6 | 6 | 0 | 0.0% |
| Scott County | 6 | 4 | 0 | 0.0% |
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: 179 applications in 2025, of which 148 were originated and 5 denied.
2.8% of all applications, or 3.2% of the applications it actually decided on. The Minnesota statewide average across all lenders was 13.6%.
The median rate on loans Bay Equity originated in Minnesota in 2025 was 6.93%, against a statewide median of 6.63%.
About this data. Figures are Bay Equity'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