Largest lenders in Olmsted County
| # | Lender | Grade | Applications | Originated | Denial rate | Median rate |
|---|---|---|---|---|---|---|
| 1 | Think Mutual Bank | C | 541 | 398 | 8.0% | 6.69% |
| 2 | United Shore Financial Services | B | 398 | 335 | 7.8% | 6.40% |
| 3 | U.S. Bank | D | 260 | 144 | 26.5% | 6.63% |
| 4 | Mayo Employees Federal Credit Union | C | 212 | 153 | 15.1% | 6.59% |
| 5 | Alerus Financial | B | 203 | 164 | 7.4% | 6.50% |
| 6 | First Alliance Credit Union | D | 187 | 114 | 16.6% | 7.00% |
| 7 | Bell Bank | A | 166 | 139 | 6.0% | 6.49% |
| 8 | ALTRA Federal Credit Union | B | 156 | 120 | 9.6% | 6.51% |
| 9 | Merchants Bank | A | 151 | 128 | 7.3% | 6.15% |
| 10 | Rocket Mortgage | C | 141 | 100 | 18.4% | 6.50% |
| 11 | Affinity Plus | C | 131 | 87 | 15.3% | 6.49% |
| 12 | Guaranteed Rate | B | 113 | 78 | 1.8% | 6.75% |
| 13 | Old National Bank | B | 96 | 69 | 8.3% | 6.38% |
| 14 | Fairway Independent Mortgage | B | 87 | 71 | 0.0% | 6.63% |
| 15 | Loandepot.Com | D | 79 | 58 | 6.3% | 6.88% |
| 16 | Prosperity Home Mortgage | A | 77 | 69 | 1.3% | 6.56% |
| 17 | Guaranteed Rate Affinity | A | 71 | 57 | 4.2% | 6.75% |
| 18 | Associated Bank | B | 69 | 47 | 24.6% | 6.75% |
| 19 | Coastal Community Bank | C | 69 | 18 | 1.5% | 9.12% |
| 20 | Servion | B | 64 | 59 | 1.6% | 6.13% |
| 21 | Foresight Bank | B | 60 | 52 | 6.7% | — |
| 22 | Pennymac Loan Services | C | 57 | 38 | 5.3% | 6.12% |
| 23 | Frandsen Bank & Trust | B | 57 | 50 | 1.8% | 7.07% |
| 24 | Mortgage Research Center | C | 53 | 27 | 13.2% | 6.25% |
| 25 | Newrez | D | 47 | 15 | 12.8% | 6.50% |
Best approval odds in Olmsted County
Lowest decision denial rate among lenders that decided at least 50 applications here in 2025.
| # | Lender | Decided | Decision denial rate |
|---|---|---|---|
| 1 | Fairway Independent Mortgage | 71 | 0.0% |
| 2 | Prosperity Home Mortgage | 70 | 1.4% |
| 3 | Servion | 61 | 1.6% |
| 4 | Coastal Community Bank | 54 | 1.9% |
| 5 | Frandsen Bank & Trust | 52 | 1.9% |
| 6 | Guaranteed Rate | 81 | 2.5% |
| 7 | Guaranteed Rate Affinity | 60 | 5.0% |
| 8 | Foresight Bank | 60 | 6.7% |
| 9 | Bell Bank | 149 | 6.7% |
| 10 | Merchants Bank | 142 | 7.8% |
What Olmsted County borrowers applied for
By loan purpose
By loan type
Why applications were denied
Olmsted County by year
| Year | Applications | Originated | Denial rate | Median rate | Median loan |
|---|---|---|---|---|---|
| 2023 | 4,576 | 3,298 | 12.9% | 6.63% | $185,000 |
| 2024 | 4,628 | 3,303 | 11.0% | 6.75% | $205,000 |
| 2025 | 5,173 | 3,563 | 12.0% | 6.50% | $225,000 |
Frequently asked questions
12.0% of applications in Olmsted County were denied in 2025, against 13.6% statewide in Minnesota.
Think Mutual Bank, with 541 applications in 2025 and a denial rate of 8.0%.
The median mortgage application in Olmsted County in 2025 was for $225,000; the median property value on originated loans was $355,000.