Northwoods at a glance, 2025
Every figure is from the lender's own HMDA filing. "vs national" compares with all lenders combined.
How the D grade breaks down
Each component is a percentile rank among 1,883 small mortgage lenders. Higher is better. Components the lender does not report are left out and the weights redistributed.
Approval oddsdecision denial rate, weight 45%
12th25.1% deniedPricingmedian rate spread over APOR, weight 30%
3rd1.82 ptsProcesswithdrawn + incomplete share, weight 15%
88th2.5%Closing coststotal loan costs ÷ loan amount, weight 10%
89th0.79% of loanTrend, 2023–2025
| Year | Applications | Originated | Denial rate | Decision denial | Median rate | Volume |
|---|---|---|---|---|---|---|
| 2023 | 177 | 88 | 35.0% | 36.9% | 8.50% | $6.1M |
| 2024 | 180 | 88 | 33.3% | 35.1% | 9.00% | $8.0M |
| 2025 | 204 | 131 | 24.5% | 25.1% | 7.75% | $11M |
What Northwoods lends
Applications by purpose and loan type in 2025, with the denial rate for each. A lender's mix explains a lot of its headline rate: HELOCs and FHA loans are denied far more often than conventional purchase loans.
By loan purpose
By loan type
Also: 0 home-equity lines, 0 reverse mortgages, 28 manufactured homes, 2 investment properties.
Why Northwoods denies applications
Primary reason reported for each of the 50 denials in 2025. Lenders can cite up to four reasons; this is the first one listed.
Who gets approved at Northwoods
Decision denial rate by applicant profile. Groups with fewer than 20 applications are omitted.
| Applicant income | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under $50k | 32 | 21 | 28.1% |
| $50k – $100k | 100 | 60 | 29.9% |
| $100k – $150k | 44 | 32 | 11.4% |
| $150k – $250k | 25 | 17 | 25.0% |
| Applicant age | Applications | Originated | Decision denial rate |
|---|---|---|---|
| 25–34 | 34 | 12 | 50.0% |
| 35–44 | 63 | 41 | 29.0% |
| 45–54 | 39 | 24 | 21.6% |
| 55–64 | 35 | 28 | 11.4% |
| 65–74 | 26 | 22 | 7.7% |
Where Northwoods lends
3 states and 9 counties in 2025. Click a state for the lender's full record there.
| State | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| Minnesota | 184 | 131 | 16.3% | 7.75% | #141 |
Frequently asked questions
Northwoods denied 25.1% of the applications it decided on in 2025. The national figure across all lenders was 22.6%. On approval odds it ranks in the 12th percentile of small mortgage lenders.
The most common reason Northwoods gave in 2025 was "credit history", cited on 44.0% of its denials. Lenders report up to four reasons per denial to the CFPB; the full breakdown is on this page.
The median interest rate on loans Northwoods originated in 2025 was 7.75%, and its median rate spread over the average prime offer rate was 1.82 points. Rates on this page are what borrowers actually got, not advertised rates.
In 2025, 24% of its applications were for home purchases, 32% for refinancing (including cash-out), and 44% for home improvement or other purposes. By loan type: 100% conventional, 0% FHA, 0% VA.
Every figure on this page comes from the Home Mortgage Disclosure Act (HMDA) Loan/Application Register published by the CFPB, which lenders are required by federal law to file. We add the grade and the comparisons; we do not add facts.