Dakota County
Minnesota · FIPS 27037
According to CFPB HMDA 2024 application volume among U.S. counties, Dakota County ranks #171 of 3,210, and #2 of 87 in Minnesota.
Mortgage lending activity in Dakota County, Minnesota based on lender filings under the Home Mortgage Disclosure Act (HMDA). Data covers all applications received by HMDA-reporting institutions operating in this county during 2024. Why mortgages get denied walks the denial-reason codes that appear in books like this one.
Local mortgage market. Dakota County, Minnesota saw 16,306 HMDA-reported mortgage applications in 2024. Lenders originated 9,603 of those loans and denied 2,254, producing a denial rate of 13.8% and an approval (origination) rate of 58.9%. The average loan amount was $265,055 at an average note rate of 6.99%, with applicants self-reporting average annual income of $38K. 359 distinct institutions reported mortgage activity in this county.
Borrower leverage and affordability signal. The loan-to-income ratio averages 7.0x, meaning typical borrowers took on mortgages of about 7.0 times their annual income. That ratio is a rough affordability signal: higher multiples imply tighter monthly budgets and greater exposure to rate or income shocks. See our methodology for how to read the denial rate against a local applicant pool. This page is informational data reporting, not financial, legal, or mortgage advice.
Lender concentration in Dakota County
In Dakota County, lead originator Bell Bank funded only 6.1% of 9,603 originated loans, below the county fleet's lower tercile (~10.9% top-1 share). The top three reporters together hold 15.9% of the book, so shopping across channels still meets many active filers.
Counties With Similar Application Volume
Nationwide counties nearest to Dakota County's 16,306 HMDA applications.
Counties With a Similar Average Loan
Nationwide counties nearest to Dakota County's $265,055 average loan (deduped against volume peers).
Lenders active in Dakota County
Bell Bank funded 585 of the 9,603 loans originated in Dakota County, 6.1% of the county. 359 lenders reported activity here.
| # | Lender | Originated | Market Share |
|---|---|---|---|
| 1 | Bell Bank | 585 | 6.1% |
| 2 | Trustone Financial Credit Union | 499 | 5.2% |
| 3 | Wings Financial Credit Union | 442 | 4.6% |
| 4 | United Wholesale Mortgage | 413 | 4.3% |
| 5 | Us Bank, N.A. | 388 | 4.0% |
Source: Consumer Financial Protection Bureau (CFPB), Home Mortgage Disclosure Act (HMDA) 2024. County FIPS codes per U.S. Census Bureau standards.
Data from FFIEC / CFPB HMDA Snapshot National Loan-Level Dataset (2024). Provided for informational purposes only; does not constitute financial advice for Dakota County borrowers.
Read our methodology - how this data is sourced, computed, and verified.
Every figure on PlainLender is rendered directly from CFPB HMDA federal source data, no number is typed in by an editor. This Dakota County page draws directly on CFPB HMDA federal source data, no figure is typed in by an editor. See our editorial standards & corrections policy, the methodology behind these numbers, or report a data error. Data current as of 2026-08-10. HMDA figures are lender-filed application outcomes for a published reporting year - not creditworthiness scores, rate quotes, Loan Estimates, underwriting decisions, or mortgage advice.