Merchants Bank in Minnesota vs the state
5.1%Denial rate-8.51 pts vs state
5.5%Decision denial rate-10.84 pts vs state
86.3%Origination rate+19.90 pts vs state
6.25%Median rate-0.38 pts vs state
-0.18Rate spread (pts)-0.43 pts vs state
$106kMedian applicant income
1,238Loans originated
73Denied
Trend in Minnesota
| Year | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| 2023 | 1,361 | 1,185 | 4.0% | 6.03% | #25 |
| 2024 | 1,392 | 1,208 | 4.5% | 6.03% | #27 |
| 2025 | 1,435 | 1,238 | 5.1% | 6.25% | #28 |
What Merchants Bank lends in Minnesota
By loan purpose
By loan type
Why it denied Minnesota applicants
Where in Minnesota
Counties with the most Merchants Bank applications in 2025.
| County | Applications | Originated | Denied | Denial rate |
|---|---|---|---|---|
| Winona County | 421 | 383 | 12 | 2.9% |
| Olmsted County | 151 | 128 | 11 | 7.3% |
| Dakota County | 138 | 115 | 6 | 4.3% |
| Goodhue County | 102 | 89 | 5 | 4.9% |
| Fillmore County | 80 | 63 | 4 | 5.0% |
| Houston County | 64 | 59 | 3 | 4.7% |
| Rice County | 63 | 53 | 6 | 9.5% |
| Hennepin County | 59 | 48 | 4 | 6.8% |
| Washington County | 28 | 26 | 0 | 0.0% |
| Otter Tail County | 26 | 18 | 3 | 11.5% |
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: 1,435 applications in 2025, of which 1,238 were originated and 73 denied.
5.1% of all applications, or 5.5% of the applications it actually decided on. The Minnesota statewide average across all lenders was 13.6%.
The median rate on loans Merchants Bank originated in Minnesota in 2025 was 6.25%, against a statewide median of 6.63%.
About this data. Figures are Merchants 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