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2024 data HMDA 2024 disclosure official source

Dakota County

16,306 mortgage applications, 13.8% denial rate. Verify FIPS 27037 with U.S. Census Bureau →

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Minnesota · FIPS 27037

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.

FIPS 27037 · CFPB HMDA 2024 Snapshot National Loan-Level Dataset. See our disclaimer before acting on this data.

16,306
Applications
9,603
Originated
13.8%
Denial Rate
58.9%
Approval Rate
$265,055
Avg Loan Amount
6.99%
Avg Interest Rate
$38K
Avg Applicant Income
7.0x
Loan-to-Income Ratio

Nearby Lenders in Dakota County

Top HMDA-reporting lenders active in this county. Compare any two side-by-side for rates, denial rates, and loan mix.

# 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%
Compare Bell Bank vs Trustone Financial Credit Union →

Frequently Asked Questions

How many mortgage applications were filed in Dakota County?
In the 2024 HMDA reporting year, 16,306 mortgage applications were filed in Dakota County, Minnesota. Of these, 9,603 were originated (approved and funded), while 2,254 were denied, resulting in a denial rate of 13.8%.
What is the mortgage denial rate in Dakota County?
The mortgage denial rate in Dakota County is 13.8%. The approval (origination) rate is 58.9%, reflecting originated loans as a share of all applications.
What is the average mortgage loan amount in Dakota County?
The average mortgage loan amount in Dakota County is $265,055. The average interest rate is 6.991%. The average applicant income is $38K.
What is the loan-to-income ratio in Dakota County?
The average loan-to-income ratio in Dakota County is 7.0x, meaning borrowers took on loans averaging 7.0 times their annual income. This reflects average borrower profiles for mortgages processed in this county.
Who are the top mortgage lenders in Dakota County?
The top mortgage lenders in Dakota County by origination volume are Bell Bank, Trustone Financial Credit Union, Wings Financial Credit Union. In total, 359 lenders reported mortgage activity in this county.
Where does this mortgage data come from?
This data comes from the CFPB HMDA 2024 Snapshot National Loan-Level Dataset, a mandatory federal disclosure dataset covering all mortgage applications filed with HMDA-reporting institutions. County boundaries are identified by FIPS codes.

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.

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 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.