Largest mortgage lenders in South Dakota
By applications received in 2025. Grade is the lender's national grade.
| # | Lender | Grade | Applications | Originated | Denial rate | Median rate |
|---|---|---|---|---|---|---|
| 1 | Plains Commerce Bank | B | 2,280 | 1,570 | 5.5% | 6.25% |
| 2 | First PREMIER Bank | C | 1,389 | 942 | 11.7% | 6.88% |
| 3 | First Bank & Trust | C | 1,320 | 972 | 11.2% | 6.63% |
| 4 | Black Hills Federal Credit Union | D | 1,223 | 738 | 23.0% | 7.75% |
| 5 | Rocket Mortgage | C | 1,027 | 753 | 16.9% | 6.75% |
| 6 | CMG Mortgage | A | 919 | 689 | 2.3% | 6.38% |
| 7 | Bankwest | F | 786 | 494 | 14.0% | 7.25% |
| 8 | First Dakota National Bank | A | 690 | 576 | 4.6% | 6.50% |
| 9 | Levo Federal Credit Union | B | 644 | 541 | 6.8% | 7.50% |
| 10 | U.S. Bank | D | 637 | 392 | 24.0% | 6.99% |
| 11 | First Interstate Bank | D | 615 | 364 | 26.2% | 8.25% |
| 12 | American Bank & Trust | C | 613 | 417 | 11.9% | 6.63% |
| 13 | First International Bank & Trust | B | 610 | 503 | 4.1% | 6.50% |
| 14 | Mortgage Research Center | C | 593 | 298 | 16.7% | 6.25% |
| 15 | United Shore Financial Services | B | 563 | 426 | 9.4% | 6.13% |
| 16 | Dacotah Bank | B | 512 | 433 | 5.9% | 6.63% |
| 17 | Fairway Independent Mortgage | B | 490 | 375 | 2.2% | 6.25% |
| 18 | Central Bank | A | 394 | 304 | 5.1% | 6.50% |
| 19 | Newrez | D | 347 | 148 | 19.3% | 6.25% |
| 20 | Pennymac Loan Services | C | 345 | 187 | 9.6% | 6.63% |
| 21 | Freedom Mortgage | B | 343 | 162 | 7.6% | 6.00% |
| 22 | CorTrust Bank | B | 313 | 270 | 6.7% | — |
| 23 | Granite Bank | B | 309 | 229 | 8.4% | 6.25% |
| 24 | Cortrust Mortgage | B | 298 | 229 | 5.4% | 6.13% |
| 25 | Guaranteed Rate | B | 280 | 173 | 8.9% | 6.38% |
Best approval odds in South Dakota
Lowest decision denial rate among lenders that decided at least 300 South Dakota applications in 2025.
| # | Lender | Decided | Decision denial rate | Median rate |
|---|---|---|---|---|
| 1 | CMG Mortgage | 772 | 2.7% | 6.38% |
| 2 | Fairway Independent Mortgage | 388 | 2.8% | 6.25% |
| 3 | First International Bank & Trust | 531 | 4.7% | 6.50% |
| 4 | First Dakota National Bank | 611 | 5.2% | 6.50% |
| 5 | Central Bank | 325 | 6.2% | 6.50% |
| 6 | Dacotah Bank | 465 | 6.5% | 6.63% |
| 7 | Plains Commerce Bank | 1,696 | 7.4% | 6.25% |
| 8 | Levo Federal Credit Union | 588 | 7.5% | 7.50% |
| 9 | United Shore Financial Services | 491 | 10.8% | 6.13% |
| 10 | First Bank & Trust | 1,127 | 13.1% | 6.63% |
Lowest median rates in South Dakota
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 | Freedom Mortgage | 162 | 6.00% | 7.6% |
| 2 | CU Mortgage Direct | 169 | 6.13% | 7.6% |
| 3 | Cortrust Mortgage | 229 | 6.13% | 5.4% |
| 4 | United Shore Financial Services | 426 | 6.13% | 9.4% |
| 5 | Gateway First Bank | 132 | 6.25% | 4.5% |
| 6 | Granite Bank | 193 | 6.25% | 8.4% |
| 7 | Newrez | 148 | 6.25% | 19.3% |
| 8 | Fairway Independent Mortgage | 375 | 6.25% | 2.2% |
| 9 | Mortgage Research Center | 298 | 6.25% | 16.7% |
| 10 | Plains Commerce Bank | 1,570 | 6.25% | 5.5% |
What South Dakota borrowers applied for
By loan purpose
By loan type
Denial rate by applicant income
Why South Dakota applications were denied
South Dakota mortgage market by year
| Year | Applications | Originated | Denial rate | Median rate | Median loan | Lenders |
|---|---|---|---|---|---|---|
| 2023 | 22,126 | 15,010 | 12.6% | 6.87% | $185,000 | 374 |
| 2024 | 24,091 | 15,896 | 14.0% | 6.75% | $205,000 | 359 |
| 2025 | 25,910 | 17,111 | 12.8% | 6.50% | $225,000 | 386 |
South Dakota counties
Counties with at least 200 applications in 2025, most active first.
Frequently asked questions
12.8% of mortgage applications in South Dakota were denied in 2025 (15.7% of applications that reached a decision). Nationally the rate was 18.0%.
Plains Commerce Bank handled the most applications in South Dakota in 2025: 2,280, with a denial rate of 5.5%.
Among lenders that decided at least 300 applications in South Dakota, CMG Mortgage had the lowest decision denial rate at 2.7%.
The median interest rate on loans originated in South Dakota in 2025 was 6.50%. That is the rate borrowers actually received, reported by lenders under HMDA, not an advertised rate.