Sofi Bank in Minnesota vs the state
8.3%Denial rate-5.30 pts vs state
19.9%Decision denial rate+3.51 pts vs state
32.8%Origination rate-33.57 pts vs state
7.62%Median rate+1.00 pts vs state
1.73Rate spread (pts)+1.48 pts vs state
$131kMedian applicant income
328Loans originated
83Denied
Trend in Minnesota
| Year | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| 2023 | 110 | 47 | 15.5% | 6.88% | #174 |
| 2024 | 276 | 114 | 15.9% | 6.63% | #103 |
| 2025 | 1,000 | 328 | 8.3% | 7.62% | #44 |
What Sofi Bank lends in Minnesota
By loan purpose
By loan type
Why it denied Minnesota applicants
Where in Minnesota
Counties with the most Sofi Bank applications in 2025.
| County | Applications | Originated | Denied | Denial rate |
|---|---|---|---|---|
| Hennepin County | 234 | 80 | 19 | 8.1% |
| Dakota County | 90 | 28 | 3 | 3.3% |
| Anoka County | 88 | 33 | 7 | 8.0% |
| Ramsey County | 79 | 24 | 4 | 5.1% |
| Washington County | 71 | 24 | 9 | 12.7% |
| Carver County | 38 | 9 | 3 | 7.9% |
| Olmsted County | 30 | 10 | 3 | 10.0% |
| St. Louis County | 29 | 11 | 3 | 10.3% |
| Scott County | 28 | 15 | 1 | 3.6% |
| Wright County | 25 | 7 | 3 | 12.0% |
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: 1,000 applications in 2025, of which 328 were originated and 83 denied.
8.3% of all applications, or 19.9% of the applications it actually decided on. The Minnesota statewide average across all lenders was 13.6%.
The median rate on loans Sofi Bank originated in Minnesota in 2025 was 7.62%, against a statewide median of 6.63%.
About this data. Figures are Sofi 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