Minnesota Mortgage Lending in 2025
Explore residential mortgage lending activity in Minnesota using official HMDA public records. Review underwriting credit decisions, borrower demographics, regional metro markets, and the most active lenders.
Credit Decision Outcomes (2025)
Outcomes for 86,487 actionable applications (Actions 1, 2, and 3).
How Minnesota Compares
Key metrics: Minnesota vs. U.S. (2025)
| Metric | Minnesota | U.S. |
|---|---|---|
| Actionable Apps | 86,487 | 5,197,320 |
| Approval Rate | 87.78% | 82.12% |
| Denial Rate | 12.22% | 17.88% |
| Originations | 73,371 | 4,052,301 |
| Originated Volume | $24.55 Billion | $1.58 Trillion |
| Median Loan | $305,000 | $325,000 |
Lending Trends in Minnesota
Year-over-year shifts: 2025 vs. 2024
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Consumer Universe | 92,997 | 106,285 | +14.29% |
| Actionable Apps | 76,755 | 86,487 | +12.68% |
| Originations | 65,326 | 73,371 | +12.32% |
| Approval Rate | 87.82% | 87.78% | -0.04 pp |
| Denial Rate | 12.18% | 12.22% | +0.04 pp |
| Median Loan | $285,000 | $305,000 | +7.02% |
| Dollar Volume | $20.87 Billion | $24.55 Billion | +17.63% |
Applications by Borrower Income (Minnesota)
Approval and denial rates across gross annual income tiers (2025)
| Income Bracket | Apps | Approval % | Denial % |
|---|---|---|---|
| $100k–$149,999 | 20,677 | 91.50% | 8.50% |
| $150k+ | 22,087 | 94.38% | 5.62% |
| $50k–$99,999 | 33,111 | 86.96% | 13.04% |
| <$50k | 6,956 | 61.30% | 38.70% |
| Income unavailable/entity | 3,656 | 84.60% | 15.40% |
Metropolitan Areas in Minnesota
Top metropolitan areas ranked by total actionable applications
| Metropolitan Area | Apps | Originations | Approval % |
|---|---|---|---|
| Minneapolis-St. Paul-Bloomington | 59,715 | 51,468 | 89.10% |
| Sioux Falls | 5,073 | 4,417 | 88.27% |
| Duluth | 4,199 | 3,431 | 85.66% |
| Fargo | 3,614 | 3,180 | 90.01% |
| Rochester | 3,403 | 2,919 | 88.33% |
| St. Cloud | 2,900 | 2,422 | 87.21% |
| La Crosse-Onalaska | 2,110 | 1,829 | 89.53% |
| Mankato | 1,217 | 995 | 85.70% |
| Grand Forks | 1,153 | 1,017 | 89.51% |
Top Mortgage Lenders by Action 1 Originations
Institutions ranked strictly by total originated loans in Minnesota (2025)
| Rank | Lending Institution | Originations | Approval % |
|---|---|---|---|
| 1 | United Wholesale Mortgage | 6,231 | 88.61% |
| 2 | Bell Bank | 4,730 | 96.82% |
| 3 | ROCKET MORTGAGE | 4,113 | 82.88% |
| 4 | CROSSCOUNTRY MORTGAGE, LLC | 2,863 | 98.23% |
| 5 | FAIRWAY INDEPENDENT MORT CORP | 2,221 | 96.76% |
| 6 | US BANK, N.A. | 1,768 | 91.25% |
| 7 | PROSPERITY HOME MORTGAGE, LLC | 1,581 | 96.01% |
| 8 | NEW AMERICAN FUNDING, LLC. | 1,575 | 93.99% |
| 9 | PENNYMAC LOAN SERVICES LLC | 1,534 | 86.43% |
| 10 | GUARANTEED RATE, INC. | 1,313 | 94.18% |
Methodology
Learn how HMDA credit outcomes, action codes, and consumer filters are computed.
Read Methodology →State Directory
Compare mortgage lending patterns and approval rates across the 54 reporting states and territories.
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