BMO Bank in Minnesota vs the state
34.2%Denial rate+20.63 pts vs state
41.4%Decision denial rate+25.04 pts vs state
46.6%Origination rate-19.81 pts vs state
8.48%Median rate+1.86 pts vs state
1.24Rate spread (pts)+0.99 pts vs state
$97kMedian applicant income
487Loans originated
358Denied
Trend in Minnesota
| Year | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| 2023 | 846 | 392 | 32.7% | 8.33% | #43 |
| 2024 | 1,039 | 522 | 26.5% | 8.80% | #38 |
| 2025 | 1,046 | 487 | 34.2% | 8.48% | #42 |
What BMO Bank lends in Minnesota
By loan purpose
By loan type
Why it denied Minnesota applicants
Where in Minnesota
Counties with the most BMO Bank applications in 2025.
| County | Applications | Originated | Denied | Denial rate |
|---|---|---|---|---|
| Hennepin County | 311 | 147 | 105 | 33.8% |
| Dakota County | 93 | 46 | 33 | 35.5% |
| Anoka County | 82 | 34 | 29 | 35.4% |
| Ramsey County | 62 | 28 | 21 | 33.9% |
| Otter Tail County | 42 | 29 | 6 | 14.3% |
| Washington County | 40 | 15 | 16 | 40.0% |
| Wright County | 35 | 17 | 10 | 28.6% |
| Scott County | 28 | 17 | 9 | 32.1% |
| Lyon County | 27 | 13 | 8 | 29.6% |
| Carver County | 24 | 10 | 6 | 25.0% |
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: 1,046 applications in 2025, of which 487 were originated and 358 denied.
34.2% of all applications, or 41.4% of the applications it actually decided on. The Minnesota statewide average across all lenders was 13.6%.
The median rate on loans BMO Bank originated in Minnesota in 2025 was 8.48%, against a statewide median of 6.63%.
About this data. Figures are BMO Bank'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