Largest mortgage lenders in Minnesota
By applications received in 2025. Grade is the lender's national grade.
| # | Lender | Grade | Applications | Originated | Denial rate | Median rate |
|---|---|---|---|---|---|---|
| 1 | United Shore Financial Services | B | 8,694 | 6,703 | 10.6% | 6.38% |
| 2 | U.S. Bank | D | 8,624 | 4,538 | 30.4% | 7.88% |
| 3 | Bell Bank | A | 7,987 | 6,525 | 5.3% | 6.63% |
| 4 | Rocket Mortgage | C | 7,630 | 5,672 | 16.3% | 6.63% |
| 5 | Trustone Financial Credit Union | C | 6,066 | 4,135 | 20.0% | 7.25% |
| 6 | Affinity Plus | C | 5,438 | 3,656 | 14.6% | 6.63% |
| 7 | Blaze Credit Union | B | 4,074 | 2,694 | 12.3% | 6.38% |
| 8 | Wings Financial Credit Union | A | 3,960 | 2,594 | 16.4% | 7.25% |
| 9 | Crosscountry Mortgage | B | 3,942 | 3,129 | 2.1% | 6.63% |
| 10 | Fairway Independent Mortgage | B | 3,327 | 2,657 | 3.2% | 6.75% |
| 11 | Broker Solutions | D | 3,246 | 1,842 | 5.5% | 6.75% |
| 12 | The Huntington National Bank | D | 3,033 | 1,707 | 27.6% | 7.25% |
| 13 | Pennymac Loan Services | C | 2,758 | 1,705 | 9.9% | 6.25% |
| 14 | Old National Bank | B | 2,617 | 1,877 | 14.4% | 6.38% |
| 15 | Wells Fargo Bank | B | 2,449 | 1,496 | 13.0% | 6.38% |
| 16 | Newrez | D | 2,419 | 1,057 | 16.9% | 6.63% |
| 17 | Guaranteed Rate | B | 2,417 | 1,552 | 5.5% | 6.58% |
| 18 | Royal Credit Union | B | 2,342 | 1,772 | 11.0% | 6.75% |
| 19 | Mortgage Research Center | C | 2,262 | 1,143 | 17.7% | 6.25% |
| 20 | Prosperity Home Mortgage | A | 2,141 | 1,746 | 3.6% | 6.63% |
| 21 | Loandepot.Com | D | 2,104 | 1,400 | 17.6% | 6.75% |
| 22 | Freedom Mortgage | B | 1,878 | 765 | 9.0% | 6.25% |
| 23 | Alerus Financial | B | 1,815 | 1,505 | 5.5% | 6.63% |
| 24 | Luminate Bank | B | 1,809 | 1,356 | 2.3% | 6.63% |
| 25 | Granite Bank | B | 1,738 | 1,395 | 4.0% | 6.63% |
Best approval odds in Minnesota
Lowest decision denial rate among lenders that decided at least 300 Minnesota applications in 2025.
| # | Lender | Decided | Decision denial rate | Median rate |
|---|---|---|---|---|
| 1 | Tradition Mortgage | 1,104 | 0.2% | 6.63% |
| 2 | American Neighborhood Mortgage Acceptance Company | 333 | 0.9% | 6.75% |
| 3 | M/i Financial | 640 | 0.9% | 5.88% |
| 4 | Coastal Community Bank | 1,291 | 2.2% | 10.49% |
| 5 | Everett Financial | 944 | 2.2% | 6.88% |
| 6 | Mason Mcduffie Mortgage | 322 | 2.5% | 6.62% |
| 7 | Crosscountry Mortgage | 3,248 | 2.6% | 6.63% |
| 8 | Servion | 646 | 2.8% | 6.38% |
| 9 | Movement Mortgage | 554 | 2.9% | 6.75% |
| 10 | Luminate Bank | 1,408 | 2.9% | 6.63% |
Lowest median rates in Minnesota
Among lenders reporting rates on at least 100 originated loans. Product mix matters: a VA specialist will show a lower median than a jumbo lender.
| # | Lender | Priced loans | Median rate | Denial rate |
|---|---|---|---|---|
| 1 | IDEAL Credit Union | 616 | 4.49% | 20.4% |
| 2 | Dhi Mortgage Company | 658 | 5.50% | 5.7% |
| 3 | Sfmc | 100 | 5.75% | 7.8% |
| 4 | M/i Financial | 571 | 5.88% | 0.9% |
| 5 | Lennar Mortgage | 1,364 | 5.88% | 3.3% |
| 6 | MidWestOne Bank | 229 | 5.99% | 22.3% |
| 7 | Topline Financial Credit Union | 715 | 5.99% | 17.0% |
| 8 | Morgan Stanley Private Bank | 119 | 6.00% | 5.0% |
| 9 | LENOX FINANCIAL MORTGAGE CORPORATION, Sage Home Loans | 122 | 6.00% | 9.0% |
| 10 | St. Cloud Financial | 314 | 6.00% | 9.2% |
What Minnesota borrowers applied for
By loan purpose
By loan type
Denial rate by applicant income
Why Minnesota applications were denied
Minnesota mortgage market by year
| Year | Applications | Originated | Denial rate | Median rate | Median loan | Lenders |
|---|---|---|---|---|---|---|
| 2023 | 157,095 | 105,522 | 14.3% | 6.88% | $185,000 | 851 |
| 2024 | 168,219 | 112,643 | 14.2% | 6.90% | $195,000 | 848 |
| 2025 | 185,012 | 122,789 | 13.6% | 6.63% | $215,000 | 870 |
Minnesota counties
Counties with at least 200 applications in 2025, most active first.
Frequently asked questions
13.6% of mortgage applications in Minnesota were denied in 2025 (16.4% of applications that reached a decision). Nationally the rate was 18.0%.
United Shore Financial Services handled the most applications in Minnesota in 2025: 8,694, with a denial rate of 10.6%.
Among lenders that decided at least 300 applications in Minnesota, Tradition Mortgage had the lowest decision denial rate at 0.2%.
The median interest rate on loans originated in Minnesota in 2025 was 6.63%. That is the rate borrowers actually received, reported by lenders under HMDA, not an advertised rate.