Compare Mortgage Lenders
Select two lenders to compare side by side using 2023 HMDA federal data: approval rates, denial rates, loan sizes, loan types, and geographic reach.
Key Metrics
| Metric | Merchants Bank, National | ALERUS FINANCIAL NA |
|---|---|---|
| Total Applications | 1,743 | 2,632 ▲ |
| Loans Originated | 1,480 | 2,038 |
| Approval Rate (higher is better) | 84.9% ✓ | 77.4% |
| Denial Rate (lower is better) | 4.8% ✓ | 6.6% |
| Avg Loan Amount | $194,495 | $304,666 |
| Avg Interest Rate (lower is better) | 6.388% ✓ | 7.193% |
| Avg Applicant Income | $34,000 | $35,000 |
| Applications Denied | 84 | 173 |
| Applications Withdrawn | 140 | 285 |
✓ Better indicates the more favorable value for borrowers. Data: CFPB HMDA 2023.
Loan Type Mix
| Loan Type | Merchants Bank, National | ALERUS FINANCIAL NA |
|---|---|---|
| Conventional | 1,704 (97.8%) | 2,509 (95.3%) |
| FHA | 25 (1.4%) | 90 (3.4%) |
| VA | 8 (0.5%) | 25 (0.9%) |
| USDA | 6 (0.3%) | 8 (0.3%) |
Loan Purpose Breakdown
| Purpose | Merchants Bank, National | ALERUS FINANCIAL NA |
|---|---|---|
| Home Purchase | 900 | 1,636 |
| Refinancing | 331 | 371 |
| Other | 232 | 275 |
| Home Improvement | 185 | 264 |
| Cash-out Refinancing | 95 | 86 |
Top States by Loan Volume
No state data available.
| State | Originated | Rank |
|---|---|---|
| Minnesota | 1,527 | #16 |
| North Dakota | 217 | #17 |
Summary
- 1,743 total applications · 1,480 originated
- Approval rate: 84.9%
- Denial rate: 4.8%
- Avg loan: $194,495
- Avg rate: 6.388%
- HQ: Winona, MN
- 2,632 total applications · 2,038 originated
- Approval rate: 77.4%
- Denial rate: 6.6%
- Avg loan: $304,666
- Avg rate: 7.193%
- HQ: GRAND FORKS, ND
Methodology
Comparisons are drawn from the CFPB 2024 HMDA Snapshot National Loan-Level Dataset, published by the Consumer Financial Protection Bureau and distributed via the FFIEC. Every figure on this page comes from lenders' mandatory HMDA filings — not voluntary marketing claims.
Approval (origination) rate = originated ÷ total applications. Denial rate = denied ÷ total applications. Rates do not sum to 100% because HMDA also records withdrawn, incomplete, and approved-but-not-accepted outcomes. Denial rates reflect a lender's applicant mix as much as its underwriting stance; compare alongside loan-type mix and geography before drawing conclusions.
Side-by-side comparisons are informational only and do not constitute financial, legal, or mortgage advice. Always obtain and compare written Loan Estimates before applying.