Novation Credit Union in Minnesota vs the state
18.6%Denial rate+5.00 pts vs state
20.0%Decision denial rate+3.65 pts vs state
74.4%Origination rate+8.05 pts vs state
6.49%Median rate-0.13 pts vs state
0.48Rate spread (pts)+0.23 pts vs state
$112kMedian applicant income
96Loans originated
24Denied
Trend in Minnesota
| Year | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| 2023 | 90 | 80 | 3.3% | 6.49% | #194 |
| 2024 | 126 | 118 | 0.8% | 6.75% | #167 |
| 2025 | 129 | 96 | 18.6% | 6.49% | #177 |
What Novation Credit Union lends in Minnesota
By loan purpose
By loan type
Why it denied Minnesota applicants
Where in Minnesota
Counties with the most Novation Credit Union applications in 2025.
| County | Applications | Originated | Denied | Denial rate |
|---|---|---|---|---|
| McLeod County | 34 | 30 | 4 | 11.8% |
| Washington County | 20 | 19 | 1 | 5.0% |
| Ramsey County | 8 | 8 | 0 | 0.0% |
| Dakota County | 6 | 6 | 0 | 0.0% |
| Meeker County | 6 | 5 | 0 | 0.0% |
| Goodhue County | 4 | 4 | 0 | 0.0% |
| Hennepin County | 4 | 4 | 0 | 0.0% |
| Pine County | 3 | 3 | 0 | 0.0% |
| Renville County | 3 | 2 | 1 | 33.3% |
| Carver County | 2 | 2 | 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: 129 applications in 2025, of which 96 were originated and 24 denied.
18.6% of all applications, or 20.0% of the applications it actually decided on. The Minnesota statewide average across all lenders was 13.6%.
The median rate on loans Novation Credit Union originated in Minnesota in 2025 was 6.49%, against a statewide median of 6.63%.
About this data. Figures are Novation Credit Union'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